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Family Firms 总被引:7,自引:0,他引:7
We present a model of succession in a firm owned and managed by its founder. The founder decides between hiring a professional manager or leaving management to his heir, as well as on what fraction of the company to float on the stock exchange. We assume that a professional is a better manager than the heir, and describe how the founder's decision is shaped by the legal environment. This theory of separation of ownership from management includes the Anglo‐Saxon and the Continental European patterns of corporate governance as special cases, and generates additional empirical predictions consistent with cross‐country evidence. 相似文献
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The majority of researches on luxury focus on the behaviour and opinions of consumers and let drop the important role that advertising produces on them, as is done in this work and shown with a relational model. In addition to their commercial message, some remarkable and artistic advertisings convey the identitary values of luxury (IVL) characterizing luxury parent Houses. We list and analyze these IVL: craft production, raw materials, respect of craftsmen, their knowledge, know-how, gestures and traits of artistic genius. A semiotic and rhetoric analysis of two selected advertisings (Louis Vuitton, Hermès) allow to identify the semic richness of discursive content of symbolic images and identitary narratives of each luxury brand (“griffe”), revealing the implicit IVL. We conclude that strength and power of major luxury Houses lie in the global coherence they apply everywhere (creation, products, narratives and advertisings), reinforcing their brand image and attracting more loyal consumers. 相似文献
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Alessandra Cretarola Fausto Gozzi Huyên Pham Peter Tankov 《Finance and Stochastics》2011,15(1):85-115
We investigate optimal consumption policies in the liquidity risk model introduced by Pham and Tankov (Math. Finance 18:613–627,
2008). Our main result is to derive smoothness C
1 results for the value functions of the portfolio/consumption choice problem. As an important consequence, we can prove the
existence of the optimal control (portfolio/consumption strategy) which we characterize both in feedback form in terms of
the derivatives of the value functions and as the solution of a second-order ODE. Finally, numerical illustrations of the
behavior of optimal consumption strategies between two trading dates are given. 相似文献
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Decisions in Economics and Finance - In this paper, we study a class of markets, among which we can mention agricultural and energy markets, characterized by seasonality, i.e., in which demand... 相似文献
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The dynamic programming approach for a family of optimal investment models with vintage capital is here developed. The problem falls into the class of infinite horizon optimal control problems of PDE’s with age structure that have been studied in various papers (12, 11, 33 and 35) either in cases when explicit solutions can be found or using Maximum Principle techniques. 相似文献
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In this paper, we give a sufficient and almost necessary condition for the existence of optimal strategies in linear multisector models when time is continuous. 相似文献
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In this paper we study an optimal control problem with mixed constraints related to a multisector linear model with endogenous growth. The main aim is to establish a set of necessary and a set of sufficient conditions which are the basis for studying the qualitative properties of optimal trajectories. The presence of possibly degenerate mixed constraints, the unboundedness and non-strict convexity of the Hamiltonian, make the problem difficult to deal with. We develop first the dynamic programming approach, proving that the value function is a bilateral viscosity solution to the associated Hamilton–Jacobi–Bellman (HJB) equation. Then, using our results, we give a set of sufficient and a set of necessary optimality conditions which involve so-called co-state inclusion: this can be interpreted as the existence of a dual path of prices supporting the optimal path. 相似文献
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Annalina Sarra Lara Fontanella Fausto D’Egidio Paolo Frattone 《Quality and Quantity》2014,48(6):3025-3036
Drug abuse results from a series of different factors, such as social and family issues. Subjects more vulnerable to develop an addiction are, for instance, people living in high-stress environments who may resort to addiction in order to cope with their circumstances, such as demanding jobs, family crisis or other situations or people living in low-income households where violence occurs, who may be triggered into addiction as a way to escape negative emotions or ignore any underlying problems or issues. Psychometric research in the field of drug dependence has focused on identifying certain personality characteristics. It is now generally agreed that personality may influence, precipitate or perpetuate substance abuse. The aim of this paper is to perform a dimensional assessment of personality in a sample of drug addicts. To better understand the complexity of addictive behaviours of substance-using individuals, the Cloninger’s temperament and character inventory test is employed while the item response data analysis is performed by mixed-effects Rasch models. These models combine the advantages both of Rasch measurement framework for latent variables and of models with hierarchical data. To evaluate the differences in dimensions of temperament and character inventory test in subjects with drug addiction, we fit and compare a sequence of mixed-effects Rasch models. Results from models fitting are compared and discussed for a data set of 84 participants. 相似文献
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We present a model of capital accumulation and technology adoption in a vintage-capital framework. The model is an infinite-horizon/infinite-dimensional optimal control model: the firm employs a continuum of technologies (a continuum of heterogeneous capital goods). Capital goods are technology specific, their technology is related to vintage and technology progress. The entrepreneur maximizes the profits obtained by employing a continuum of technologies under the assumption of constant returns to scale and bearing adjustment costs for gross investments. The diffusion of a new technology is established by allowing the entrepreneur to invest in vintage capital goods. 相似文献