The expected market return is a number frequently required for the solution of many investment and corporate tinance problems, but by comparison with other tinancial variables, there has been little research on estimating this expected return. Current practice for estimating the expected market

solutions to this problem. Corporate finance has relied on clustered standard errors, while asset pricing has used the Fama-MacBeth procedure to estimate standard errors. This paper examines the different methods used in the literature and explains when the different methods yield the same (and correct

This paper analyzes the survival of organizations in which decision agents do not bear a major share of the wealth effects of their decisions. This is what the literature on large corporations calls separation of “ownership” and “control.” Such separation of decision and risk bearing

at both the individual firm level (see, for example, Kwan (1996)) and portfolio level (see, for example, Blume, Keim and Patel (1991), and Cornell and Green (1991)). These studies focus on corporate bond returns, or yield changes. The main conclusions of these papers are: (1) high-grade bonds behave

circumstances of risk and uncertainty. It is also a tool vital to forming corporate strategies needed for effective competition. Nearly all of us, in one way or another, have been brought up to believe that clearheaded logical thinking is our only sure way to face and solve problems. We also believe that our

, and so can help overcome one of the principal–agent problems in the modern corporation—that of conf licts of interest between shareholders and man-

Companies are increasingly asked to provide innovative solutions to deep-seated problems of human misery, even as economic theory instructs managers to focus on maximizing their shareholders ' wealth. In this paper, we assess how organization theory and empirical research have thus far

Aliasing occurs at some program point during execution when two or more names exist for the same location. In a language which allows pointers, the problem of determining the set of pairs of names at a program point which may refer to the same location during program execution is NP-hard. We

This paper empirically tests five structural models of corporate bond pricing: those of Merton (1974), Geske (1977), Leland and Toft (1996), Longsta# and Schwartz (1995), and Collin-Dufresne and Goldstein (2001). We implement the models using a sample of 182 bond prices from firms with simple

Pocket Switched Networks (PSN) make use of both human mobility and local/global connectivity in order to transfer data between mobile users ’ devices. This falls under the Delay Tolerant Networking (DTN) space, focusing on the use of opportunistic networking. One key problem in PSN is in designing