For longer horizons, assuming no dividend distributions, models for discounted stock prices in balanced markets are formulated as conditional expectations of nontrivial terminal random variables defined at infinity. Observing that extant models fail to have this property, new models are proposed. The new concept of a balanced market proposed here permits a distinction between such markets and unduly optimistic or pessimistic ones. A tractable example is developed and termed the discounted variance gamma model. Calibrations to market data provide empirical support. Additionally, procedures are presented for the valuation of path dependent stochastic perpetuities. Evidence is provided for long dated equity linked claims paying coupon for time spent by equity above a lower barrier, being underpriced by extant models relative to the new discounted ones. Given the popularity of such claims, the resulting mispricing could possibly take some corrections. Furthermore for these new discounted models, implied volatility curves do not flatten out at the larger maturities. 相似文献
The rapid and sustained growth of several Asian economies led researchers, policymakers, and decision‐makers in the world of international business to search for a plausible Asian model of growth. Numerous explanations of the dynamic growth in Asia have been put forward, including the ‘new structuralist’ approach proposed by Lin (2012). This paper examines the various explanations of what these countries did to unleash their growth potential. Industrial policy and market intervention are two such explanations. While the dynamic Asian economies did not flout the Washington Consensus, they adapted it in different ways. The policies that they followed under the Beijing Consensus allowed them to proactively follow pro‐business policies. They also exploited the concepts of economic statism or state capitalism, which became an integral part of what became known as the ‘Asia model’. 相似文献
The paper, based on India Human Development Survey (IHDS) data, tries to address the question- how unequal is India in terms of income distribution? Accordingly, the paper examines the trends, levels, sources and factors of income inequality in India between 2005 and 2012. Three important results stemmed from our analysis. First, in this paper we use Gini as a measure of inequality and find that income inequality in rural India has increased from 0.50 to 0.54 between 2005 and 2012, whereas, in urban India income inequality has increased from 0.48 to 0.49 during the same period. Next and most importantly, we decompose income inequality by income sources and find that amongst different sources of income inequality; the contribution of farm income in total inequality has decreased from 35 percent in 2005 to 21 percent in 2012 in rural India. On the other hand, the contribution of salaried income in total inequality has plummeted drastically from 65 percent in 2005 to 16 percent in 2012 in urban India. Finally, we use Theil’s T index from the class of Generalized Entropy (GE) inequality measures, while decomposing income by four most important factors; namely, place of residence, social, educational and occupational groups. It is irrespective of these factors; the relative share of within-group inequality is not only much higher than that of between-group inequality, also its share has increased between these two periods. Thus, our paper suggests that these mutually reinforcing inequalities, in the long run, if not addressed effectively, will create a hard-hitting division between the privileged and the rest in Indian society.
Recent research on the base of the pyramid (BoP) has called on firms to initiate market‐driven interventions directed at the BoP population with the objective of identifying and pursuing mutually profitable means of attaining meaningful poverty alleviation outcomes. In response, firms as well as scholars have engaged at length with the creation of new products and services for the BoP consumer but paid far less attention to the BoP producer—a member of the BoP population who creates value by producing goods and services for sale in nonlocal markets. Additionally, extant studies have largely focused on snapshot views of BoP interventions by firms, thereby limiting our understanding of the emergence of meaningful poverty‐alleviating outcomes over time from these interventions. This paper seeks to redirect attention toward the dynamic of the long‐term engagement between the firm and the BoP producer. Using rich qualitative data from Fabindia—an Indian handloom retailer—this paper examines how the engagement between Fabindia and communities of handloom artisans in India has persisted over a period of five decades. We found that, even as it encountered changes in the external environment and pursued newer organizational goals, Fabindia repeatedly renewed its engagement with handloom artisans and facilitated progression in poverty‐alleviation outcomes. Building on the insights from the case study, this paper presents a process model that highlights the role of innovative management practices in sustaining engagements between firms and BoP producers over time. Additionally, this paper proposes the concept of the “bridging enterprise”—a business enterprise that originates at the intersection of specific BoP communities and the corresponding nonlocal markets—as an interpreter and innovator reconciling the interests of stakeholders across the pyramid. 相似文献
Review of Quantitative Finance and Accounting - Using 13F filings from 1996 to 2011, we document that hedge fund holdings are negatively associated with the subsequent frequency of portfolio... 相似文献
In this article, we define a new construct for urban economic and investment analysis, which revisits the conventional wisdom that investment in real estate development is riskier than investment in stabilized property assets. This new construct, referred as a “development asset value index” (DAVI), is a value index for newly developed properties (only) in a given geographical property market. It tracks longitudinal changes in the highest and best use (HBU) value of locations, and it reveals developer and landowner behavior taking advantage of the optionality inherent in land ownership. In particular, the DAVI reflects developers' use of flexibility in the exercise of the call option to (re)develop the property to any legal use and density. We empirically estimate a DAVI for commercial property (i.e., central locations) and compare it with a corresponding traditional transaction‐price‐based property asset price index (PAPI) corrected for depreciation. We believe that the difference primarily reflects the realized value of flexibility in land development. We find that the DAVIs display greater value growth and are smoother over time and less cyclical than their corresponding PAPIs for the same locations. This suggests that developers successfully use flexibility, and that development may be riskier than stabilized property investment due primarily only to leverage effects (construction costs). Practical implications are also discussed. 相似文献
Owing to the growing academic and practitioner’s interest in the field of Corporate Social Responsibility, there is a need
to do a comprehensive assessment and synthesis of research activities. This article addresses this need and examines the academic
literature on Corporate Social Responsibility and Performance using a paradigmatic and methodological lens. The objective
of this article is fourfold. First, it examines the status of CSR research from its beginning especially after 1970 to year
2008 in leading academic journals and reports to assess the focus areas of research on CSR so far. Second, it analyzes the
research paradigms adopted in these research articles using the Operations Research Paradigm framework. Third, it compares
and contrasts various kinds of research articles, methodologies, and research designs used in various researches in literature.
Finally, it uncovers the implications of this study and directions for future research. 相似文献
Zika virus is a mosquito-borne disease that spreads very quickly in different parts of the world. In this article, we proposed a system to prevent and control the spread of Zika virus disease using integration of Fog computing, cloud computing, mobile phones and the Internet of things (IoT)-based sensor devices. Fog computing is used as an intermediary layer between the cloud and end users to reduce the latency time and extra communication cost that is usually found high in cloud-based systems. A fuzzy k-nearest neighbour is used to diagnose the possibly infected users, and Google map web service is used to provide the geographic positioning system (GPS)-based risk assessment to prevent the outbreak. It is used to represent each Zika virus (ZikaV)-infected user, mosquito-dense sites and breeding sites on the Google map that help the government healthcare authorities to control such risk-prone areas effectively and efficiently. The proposed system is deployed on Amazon EC2 cloud to evaluate its performance and accuracy using data set for 2 million users. Our system provides high accuracy of 94.5% for initial diagnosis of different users according to their symptoms and appropriate GPS-based risk assessment. 相似文献
Sustainability research highlights new challenges and opportunities for businesses. This paper reviews the literature to understand the ability of sustainable green initiatives when practiced as a corporate culture to individually create new opportunities for operations, management and marketing. According to current research, business opportunities exclusively available to different functions of a firm can drive its performance. The role of marketing in the achievement of superior performance by virtue of sustainability practices is also explained by the existing literature. Branding literature, however, fails to explain the influence of a brand on sustainability-driven opportunities available to a firm for superior performance. The objective of this study is to explore if a brand can strengthen the ability of sustainability-based green initiatives of managers to drive opportunities available to a firm for superior performance. A conceptual framework grounded in the triple bottom line theory is presented based on the assumption that brand as a stimulating factor can accelerate the conversion of opportunities available to a business into superior performance. Academic and managerial perspectives have been used to draw upon the implications of the model. Both practitioners and academic researchers will benefit from future research on this topic. 相似文献