共查询到20条相似文献,搜索用时 62 毫秒
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In the last 35 years, research at the intersection of corporate finance, industrial organization, and organizational economics has grown substantially. This paper reviews work that combines elements from these fields of finance and economics, with an emphasis on recent developments. I discuss how product market competition, customer-supplier relations, firms’ organizational form, and ownership structures interact with firms’ financial policies. I also overview new developments in the literature from a special issue of the Journal of Corporate Finance. 相似文献
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Efthymios G. Pavlidis David A. Peel Costas Siriopoulos 《European Journal of Finance》2013,19(6):572-588
The recent financial crisis exposed the inability of traditional theoretical and empirical models to parsimoniously capture the rich dynamics of the economic environment. This has stimulated the interest of both academics and practitioners in the development and application of more sophisticated models. By allowing for the presence of nonlinearities, complex dynamics, multiple equilibria, structural breaks and spurious trends, these latter models resemble more closely the properties of economic and financial time series. In this article, we illustrate the flexibility of a family of econometric models, namely the exponential smooth transition autoregressive (ESTAR), to encompass several of the above characteristics. We then re-assess the power of the ESTAR unit root test developed by Kapetanios, Shin and Snell ((2003)) in the presence of nuisance parameters typically encountered in the literature and compare its performance with that of the augmented Dickey-Fuller and the Enders and Granger ((1998)) tests. Our results show the lack of dominance of any particular test and that the power is not independent to priors about the nuisance parameters. Finally, we examine several asset price deviations from fundamentals and one hyper-inflation series and find contradictory results between the nonlinear fitted models and unit root tests. The findings highlight that new testing procedures with higher power are desirable in order to shed light on the behavior of financial and economic series. 相似文献
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乌兰图雅 《内蒙古财经学院学报(综合版)》2012,10(6):115-118
财经类高校图书馆建立学科化服务模式既突破了图书馆传统服务模式,又强化了图书馆为教学服务的意识和能力,是财经类高校图书馆服务职能的延伸与发展。本文从学科化服务在财经类高校图书馆的发展现状出发,在分析财经类高校图书馆建立学科化服务的必要性的基础上,提出学科化服务运行机制及其优化。 相似文献
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Neoclassical finance,behavioral finance and noise traders: A review and assessment of the literature
While mainstream neoclassical finance ignores the role played by noise traders, a significant amount of empirical evidence is available to show that noise traders are active market participants and that their participation gives rise to market anomalies. Unlike neoclassical finance, behavioral finance allows for market inefficiency on the grounds that market participants are subject to common human errors that arise from heuristics and biases. In this paper we review the literature on the behavior of noise traders and analyze the consequences of their presence in the market, starting with a distinction between neoclassical finance and behavioral finance. We identify the market anomalies that provide evidence for the tendency of markets to trade at irrational levels, demonstrate how noise trading is related to some market fundamentals, and describe the models used to quantify noise trader risk. 相似文献
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Paul Newbold 《Review of Quantitative Finance and Accounting》1991,1(3):259-279
Recent literature on the decomposition of a time series into components has produced several alternative methodologies. This
situation has arisen because of a lack of consensus on how components should be defined, and on the appropriate decomposition
structure. Uncertainty about components structure seems to be inevitable when it is accepted that the behavior of a typical
business or economic time series implies evolving rather than fixed components patterns. None of the existing procedures can
be viewed as uniquely appropriate for the isolation of unobserved components. 相似文献
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We review accounting and finance research on corporate governance (CG). In the course of our review, we focus on a particularly vexing issue, namely endogeneity in the relationships between CG and other matters of concern to accounting and finance scholars, and suggest ways to deal with it. Given the advent of large commercial CG databases, we also stress the importance of how CG is measured and in particular, the construction of CG indices, which should be sensitive to local institutional arrangements, and the need to capture both internal and external aspects of governance. The ‘stickiness’ of CG characteristics provides an additional challenge to CG scholars. Better theory is required, for example, to explain whether various CG practices substitute for each other or are complements. While a multidisciplinary approach to developing better theory is never without its difficulties, it could enrich the current body of knowledge in CG. Despite the vastness of the existing CG literature, these issues do suggest a number of avenues for future research. 相似文献
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Truth is important in the theory and practice of finance. Asset valuation is based on models that calculate true asset values as distinct from observed market prices. In financial economics, truth is essential in theoretical and empirical work in market microstructure, corporate finance and asset pricing. The versatile use of “true values” in finance is reviewed and assessed in the context of those philosophical theories of truth which are most relevant to asset pricing debates: the correspondence theory of truth, the coherence theory as well as the pragmatist approach to truth. We find that truth, in asset valuation, is not external to the context of inquiry; it is always model-dependent. This finding motivates the argument that (the truth of propositions about a) theory-independent reality should be explored on the level of structures that trigger market outcomes, rather than the level of asset values. Our findings on the context-dependent character of true asset values also necessitate the exploration of the structure of scientific inquiry in which some contexts prevail over others and some valuation models are widely adopted as measures of truth. 相似文献
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International Tax and Public Finance - 相似文献
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Christopher Adcock Martin Eling Nicola Loperfido 《European Journal of Finance》2015,21(13-14):1253-1281
That the returns on financial assets and insurance claims are not well described by the multivariate normal distribution is generally acknowledged in the literature. This paper presents a review of the use of the skew-normal distribution and its extensions in finance and actuarial science, highlighting known results as well as potential directions for future research. When skewness and kurtosis are present in asset returns, the skew-normal and skew-Student distributions are natural candidates in both theoretical and empirical work. Their parameterization is parsimonious and they are mathematically tractable. In finance, the distributions are interpretable in terms of the efficient markets hypothesis. Furthermore, they lead to theoretical results that are useful for portfolio selection and asset pricing. In actuarial science, the presence of skewness and kurtosis in insurance claims data is the main motivation for using the skew-normal distribution and its extensions. The skew-normal has been used in studies on risk measurement and capital allocation, which are two important research fields in actuarial science. Empirical studies consider the skew-normal distribution because of its flexibility, interpretability, and tractability. This paper comprises four main sections: an overview of skew-normal distributions; a review of skewness in finance, including asset pricing, portfolio selection, time series modeling, and a review of its applications in insurance, in which the use of alternative distribution functions is widespread. The final section summarizes some of the challenges associated with the use of skew-elliptical distributions and points out some directions for future research. 相似文献