Most research in customer asset management has focused on specific aspects of the value of the customer to the company. The purpose of this article is to propose an integrated framework, called CUSAMS (customer asset management of services), that enables service organizations (1) to make a comprehensive assessment of the value of their customer assets and (2) to understand the influence of mark...

Predictability of Asset Returns and the Efficient Market Hypothesis This paper is concerned with empirical and theoretical basis of the Efficient Market Hypothesis (EMH). The paper begins with an overview of the statistical properties of asset returns at different frequencies (daily, weekly and monthly), and considers the evidence on return predictability, risk aversion and market efficiency. T...

This paper investigates the impact of asset liquidity on the valuation of corporate securities and the firm’s financing decisions. I show that asset liquidity increases debt capacity only when bond covenants restrict the disposition of assets. By contrast, I demonstrate that, with unsecured debt, greater liquidity increases credit spreads on corporate debt and reduces optimal leverage. The mode...

M any analysts view personal saving behavior, summarized by statistics such as the personal saving rate or household debt acquisition, as a key determinant of real economic activity. Some blame the recent sluggishness of output and employment growth on low personal saving in recent years. The low rate of personal saving leaves consumers unprepared for their customary role of pulling the economy...

Authors' A Oncology, Netherland Medicine Pharmaceu Correspon icine, Radb HB Nijmeg 3618942. E

A perpetual youth overlapping generations model is presented in which the presence of financial frictions can create the crowd-in effect of asset bubbles that promotes capital accumulation. The existence of asset bubbles increases the equilibrium interest rate. Although the increased interest rate excludes less productive agents from production activity, these agents benefit from the liquidity ...

The relation between a firm’s stock return and its intangible investment ratio and asset tangibility is derived under the intangible-asset-augemnted (IAA) q-theory framework. Using firm level data and the Generalized Method of Moments (GMM), we estimate the model and three main results emerge. First, the IAA q-theory captures the value premium and the relation between R&D intensity and stock re...

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companies must publish financial reports on time. when market information is more important and this information is used to shape more effective decision-making. although most companies, financial reports required by the authorities at intervals determined speak but at the same time, it can be claimed that the delay in publishing the financial reports of a company to another company, the differ...

Asset forfeiture laws allow the seizure of assets used in the commission of a crime. This paper examines the impact of such laws on deterrence by incorporating the possibility of asset forfeiture into the standard economic model of crime. When punishment is by a fine that can be optimally chosen, forfeiture is never optimal because of the deadweight loss it imposes in the capital market. When t...