This paper derives a key monotonicity property common to all dividend signalling models: the greater the rate that dividend income is taxed relative to capital gains income, the greater the value of information revealed by a given dividend, and hence the greater the associated excess return. This monotonicity condition is tested with robust non-parametric techniques. No evidence is found to sup...

The integration of telecommunications and data networks enables Internet Service Providers (ISPs) to develop increasingly services to attract customers. Designing rational pricing plans is very important for ISPs to reflect actual cost and to promote different services. In this paper, we discuss the applicability of the duration-based pricing scheme for charging Internet services that constantl...

This paper develops an eigenfunction expansion approach to pricing options on scalar diffusion processes. All derivative securities are unbundled into portfolios of primitive securities termed eigensecurities. Eigensecurities are eigenvectors of the pricing operator (present value operator). Pricing is then immediate by the linearity property of the pricing operator and the eigenvector property...

This paper analyzes the welfare effects of monopoly differential pricing in the important but largely neglected case where costs of service differ across consumer groups. Cost-based differential pricing is shown to increase total welfare and consumer welfare relative to uniform pricing for broad classes of demand functions, even though total output can still fall or the output allocation betwee...

Costs associated with traffic externalities such as congestion, air pollution, noise, safety, etcetera are becoming unbearable. The Braess paradox shows that combating congestion by adding infrastructure may not improve traffic conditions, and geographical and/or financial constraints may not allow infrastructure expansion. Road pricing presents an alternative to combat traffic externalities. T...

One of the key issues for implementing congestion pricing is the pricing granularity (i.e. pricing interval or timescale). The Internet traffic is highly variant and hard to control without a mechanism that operates on very low time-scales, i.e. on the order of round-trip-times (RTTs). However, pricing naturally operates on very large timescales because of human involvement. Moreover, structure...

In a QoS-Enabled network environment, there are two major concerns from both user’s and provider’s points of views: are there enough resources available for a particular traffic flow and what’s the price for this flow? These two questions are exactly what admission control and pricing try to answer. An architecture that integrates pricing and admission control seems very promising. In this pape...

We have designed an inventory model for seasonal products in which deterioration can be controlled by item preservation technology investment. Demand for the product is considered price sensitive and decreases linearly. This study has shown that the profit is a concave function of optimal selling price, replenishment time and preservation cost parameter. We simultaneously determined the optimal...

Increased concern for the environment has increased the number of investment opportunities in mutual funds specialized in promoting responsible environmental attitudes. This paper examines the performance and risk sensitivities of US green mutual funds vis-à-vis their conventional peers. We also analyze and compare this performance relative to other Socially Responsible Investing (SRI) mutual f...