共查询到5条相似文献,搜索用时 0 毫秒
1.
Eduardo L. Giménez 《Annals of Finance》2007,3(4):455-469
This paper is concerned with the pricing of money in a framework with restrictions on trading, under an extension of the standard-asset
pricing theory that recognizes both tangible and intangible returns. It is argued that the underlying motivations for demanding
money give content to its fundamental value and the bubble component. This approach is illustrated by analyzing the case where
no short-sales are allowed, as two examples from the literature are made used to assert that money is a pure pricing bubble.
Owing to this setup exhibits technically incomplete financial markets, the fundamental value of money is not uniquely defined
over the set of generalized state-price processes. Then, these examples are shown to comprise an extreme case, as money is
a pure store of value for the state-prices chosen (i.e., it is a pricing bubble). Instead, the fundamental value of money
can be positive for other state-prices, representing the role of money in the trading process. Therefore, money should not
be considered the equivalent of a pure pricing bubble.
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2.
Ritual legitimation, de-coupling and the budgetary process: managing organizational hypocrisies in a multinational company 总被引:1,自引:0,他引:1
The study of participation in the budgetary cycle has formed a prominent part of the research literature concerned with the budgetary process. More recently there has emerged a body of literature concerned with exploring the political and symbolic nature of the budgetary process. The paper reports upon the outcomes of an empirical study of the introduction of `budgetary participation' in a division of a European subsidiary of a large North American car manufacturer. We detail the long process of consultation and negotiation within the subsidiary, and between it and the European Headquarters. The study provides a revealing instance of the roles of formal budget participation as a ritual of control and legitimation without the substantive involvement of middle managers and suggested to us the introduction of de-coupling and organizational hypocrisy alongside the introduction of budget participation. The study pays close attention to the contingent effects of the wider political context of the division and the relationships between the division, its organizational context and organizational environment, and how this context played upon the budgetary process in the division. The outcomes that we analyse at `Delta' reflect the de-coupling strategies and organizational hypocrisies commonly found in public sector organizations. In this wider setting the corporation persists with the ritual of `tight' budget negotiation and target setting and apparent underachievement in performance. Yet we conclude that the complex technological and political context to the formation and siting of Delta continued and may continue to support its existence.$g0 相似文献
3.
Xin Chang Chander Shekhar Lewis H. K. Tam Jiaquan Yao 《Journal of Business Finance & Accounting》2016,43(1-2):191-225
This paper examines the impacts of M&A advisors’ industry expertise on firms’ choice of advisors in mergers and acquisitions. We show that an investment bank's expertise in merger parties’ industries increases its likelihood of being chosen as an advisor, especially when the acquisition is more complex, and when a firm in M&A has less information about the merger counterparty. However, due to the concerns about information leakage to industry rivals through M&A advisors, acquirers are reluctant to share advisors with rival firms in the same industry, and they are more likely to switch to new advisors if their former advisors have advisory relationship with their industry rivals. In addition, we document that advisors with more industry expertise earn higher advisory fees and increase the likelihood of deal completion. 相似文献
4.
This study is the first attempt to conduct a comparative analysis of the internal and external determinants of the Islamic banks’ profitability in the GCC region applying dynamic GMM, quantile regression, and wavelet coherence approaches. The dynamic GMM tends to indicate that equity financing and operating efficiency and macroeconomic variables such as money supply, and inflation are significantly related to Islamic banks’ performance. The bank-specific variables such as credit risk, equity ratio, and cost-efficiency ratios are not significant at different percentiles. ROA is driven by credit risk, equity ratio, and cost-efficiency ratios (as evidenced in wavelet coherence analysis). 相似文献
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