In evaluating the performance of electronic marketplaces, research has focussed on the impact of factors such as IT, marketplace process design and competition. However, such research has neglected the impact of ownership upon electronic marketplace performance. This paper explores the issue of electronic marketplace ownership and contributes to the literature by revealing four distinct aspects...

We analyze the problem of an investor who needs to unwind a portfolio in the face of recurring and uncertain liquidity needs, with a model that accounts for both permanent and temporary price impact of trading. We first show that a risk-neutral investor who myopically deleverages his position to meet an immediate need for cash always prefers to sell more liquid assets. If the investor faces the...

Theories from traditional finance (e.g. agency theory) are not suitable for impression management research as they are based on fundamental assumptions of manager and investor rationality. For the assumption that impression management results in capital misallocations to hold true requires alternative theoretical perspectives. This paper develops theoretical perspectives on corporate narrative ...

The question about whether investor sentiment correlates with their corporate investment is often examined in the literature. Thus, based on behavioral finance theory, this paper aims to investigate whether investor sentiment in stock market has an impact on corporate investment in listed Chinese firms, where the mutual fund flows is taken as the proxy variable of investor sentiment for stocks....

a r t i c l e i n f o Based on the underestimation model in bear markets and the overestimation model in bull markets, we propose two types of sentiment asset pricing models to study the effects of investor sentiment on stock prices and limit of arbitrage. The two sentiment asset pricing models demonstrate that investor sentiment has a systematic and significant impact on stock prices; furtherm...

This paper investigates continuous-time optimal portfolio and consumption problems under loss aversion in an infinite horizon. The investor’s goal is to choose optimal portfolio and consumption policies to maximize total discounted S-shaped utility from consumption. The consumption rate process is subject to a downside constraint. The optimal consumption and portfolio policies are obtained thro...

Investor decision making has always been affected by two factors: risk and returns. Considering risk, the investor expects an acceptable return on the investment decision horizon. Accordingly, defining goals and constraints for each investor can have unique prioritization. This paper develops several approaches to multi criteria portfolio optimization. The maximization of stock returns, the pow...

CONTEXT The proportion of health maintenance organization (HMO) members enrolled in investor-owned plans has increased sharply, yet little is known about the quality of these plans compared with not-for-profit HMOs. OBJECTIVE To compare quality-of-care measures for investor-owned and not-for-profit HMOs. DESIGN, SETTING, AND PARTICIPANTS Analysis of the Health Plan Employer Data and Informa...

We solve a portfolio selection problem of an investor with a deterministic savings plan who aims to have a target wealth value at retirement. The investor is an expected power utility-maximizer. The target wealth value is the maximum wealth that the investor can have at retirement. By constraining the investor to have no more than the target wealth at retirement, we find that the lower quantile...

Quality problems have long plagued the nursing home industry. While two-thirds of U.S. nursing homes are investor-owned, few studies have examined the impact of investor-ownership on the quality of care. The authors analyzed 1998 data from inspections of 13,693 nursing facilities representing virtually all U.S. nursing homes. They grouped deficiency citations issued by inspectors into three cat...