Top Research Papers on Finance Topics

Udžbenik je konceptualno i sadržano obuhvatio vecinu relevantnih tema iz znanstvenog i strucnog podrucja poslovnih financija. Njegova struktura spoznajnih i prakticnih dijelova osigurava referentnu literaturu studentima za stjecanje znanja o osnovnom kategorijalnom aparatu u okviru operativnog financijskog upravljanja i odlucivanja, kao i o modelima, postupcima, tehnikama i metodama njegove primjene u razlicitim podrucjima prakticnog djelovanja poduzeca.

In this paper we first show how to determine the T-forward adjusted risk-measure using the concept of fundamental solution to linear PDE’s. After that, relying on Fourier transformation we derive bond-and bond-option prices for the Extended Vasicek model from Hull and White (1990) and the Quadratic Interest Rate model. With respect to the Quadratic Interest Rate model we succeed in carrying the analysis much further than Jamshidian (1996). A special discrete time model which in some cases is appropriate for the Quadratic Interest Rate model is also derived. The last part of the paper analyse M...

Initial results on S&P500 stock market data show that topic models are able to obtain meaningful stock categories from unsupervised data and show promise in revealing network-like statistics about the stock market.

This Book will discuss how to value businesses in Marketplace like the importance of business valuation and shows how to adapt the model to bonds, preferred stock, common stock, Risk & Return, CAPM and Portfolios. And This book discuss Capital structure as a part of all kinds of business activities, which are decided by the size, and nature of the business concern. Capital may be raised with the help of various sources. Adding the theories of Capital structure and the Cost of Capital.

Financial literacy has become a major area of research in recent years, both in the investment and retirement literature with respect to the increasing complexity of financial products and need to save for retirement. Studies generally find individuals are financially uninformed and lacking in basic financial principles. This study discusses in depth research with detailed analyses of financial literacy, financial education, individual investment outcomes, genetic investment biases, and related issues. A vast literature concerning investor financial literacy and education exists, which the aut...

The Monte Carlo Simulation provides the most accurate risk measure and delivers consistent results for both portfolios, and the improvement that portfolio diversification can have in the VaR measures is proved, being the Monte Carlo simulation the one that presents the highest efficiency in theVaR measures.

What are public finance assessments? In the context of anti-corruption, we define public finance assessments as those tools which aim to identify transparency and accountability gaps and/or corruption risks in government public financial management systems and/or in the budget process. Given the focus on anticorruption diagnostics, this guide does not include tools designed specifically to support citizen participation and advocacy efforts in the formulation of budgets.

Preface About the Editor About the Contributors VOLUME ONE: FINANCIAL ACCOUNTING AND GENERAL TOPICS 1 Financial Accounting and Auditing Organizations Lynford Graham, CPA, PhD, CFE Bentley University 2 Framework of Financial Accounting Concepts and Standards: A Historical Perspective Reed K. Storey, PhD, CPA Financial Accounting Standards Board 3 Future Directions in Financial Accounting Standards: The Potential Role of International Accounting Standards Tom Jones 4 Financial Statements: Form and Content Jan R. Williams, PhD, CPA College of Business Administration, University of Tennessee 5 Sec...

The thesis consists of four chapters. The introductory chapter clarifies different notions of rationality used by economists and gives a summary of the remainder of the thesis. Chapter 2 proposes an explanation for the common empirical observation of the coexistence of infrequently-changing regular price ceilings and promotion-like price patterns. The results derive from enriching an otherwise standard, albeit stylized, general equilibrium model with two elements. First, the consumer-producer interaction is modeled in the spirit of the price dispersion literature, by introducing oligopolistic ...

The purpose of this part of the course is to study some simle public finance problems when there is heterogeneity in the population.These differences can be either in their productivity or in their value of leisure. Such differences imply that there is differences between individuals in their trade-off between leisure and work. It is assumed that the government cannot directly observe this differences, only observe the individuals market choices. For example, governments observe income, but not the effort exerted to get this income. The general problem is to redistribute and provide some publi...

This paper addresses 18 finance topics that are badly explained by many Finance Professors. The topics are: 1. Where does the WACC equation come from? 2. The WACC is not a cost. 3. The WACC equation when the value of debt is not equal to its nominal value. 4. The term equity premium is used to designate four different concepts. 5. Textbooks differ a lot on their recommendations regarding the equity premium 6. Which Equity Premium do professors, analysts and practitioners use? 7. Calculated (historical) betas change dramatically from one day to the next. 8. Why do many professors stil...

The following article represents the first in a series dedicated to presenting students the opportunity to better understand the key theoretical constructs in the introductory financial management course. The current essay offers an introduction to the series and covers the topics of stockholder wealth maximization and its close cousin, agency theory.

In the first chapter, we consider the joint estimation of objective and risk-neutral parameters for SV option pricing models. We propose a strategy which exploits the information contained in large heterogeneous panels of options, and we apply it to S&P 500 index and index call options data. Our approach breaks the stochastic singularity between contemporaneous option prices by assuming that every observation is affected by measurement error. We evaluate the likelihood function by using a MC-IS strategy combined with a Particle Filter algorithm. The second chapter examines the impact of dif...

These documents provide brief overviews of various school finance topics.  Topic Word Format  PDF Format  Additional State Aid for Tax Reduction (ASATR) Word 25 KB PDF 46 KB

Preface Can Past Price Movements Predict Future Price Movements? Is there a silver lining in the cloudy performance of Chinese Banks? An Empirical Investigation into the Determinants of Profitability and Risk The Transformation of the Banking Sector: Diversification and Bank-Firm Relationships Coherent Banking Capital and Optimal Credit Portfolio Structure Venture Capital Financing in Germany The Role of Contractual Arrangements in Mitigating Incentive Conflicts How ING-Diba Conquered the German Retail Banking Market Capital Good Imports, Public Capital, and Productivity Growth Capital Adequac...

The second article in a series designed to supplement the introductory financial management course, this essay addresses financial statement analysis, including its impact on stock valuation, disclosure, and managerial behavior.

The purpose of this paper is to investigate thirteen different financial reporting topics and principles using specific scenarios that have been presented in a case study. These topics include the effects of different U.S. GAAP reporting options, the calculation of return on net operating assets, the statement of cash flows, the treatment of accounts receivable, U.S. GAAP policies, the effects of depreciation expense, contingencies, long-term debt, common stock, the treatment of investments, revenue recognition, the effects of deferred income taxes, and retirement obligations. Each case study ...

This paper studies a strategy that minimizes the Value-at-Risk (VaR) of a position in a zero coupon bond by buying a percentage of a put option, subject to a fixed budget available for hedging. We elaborate a formula for determining the optimal strike price for this put option in case of a Vasicek stochastic interest rate model. We demonstrate the relevance of searching the optimal strike price, since moving away from the optimum implies a loss, either due to an increased VaR or due to an increased hedging expenditure. In this way, we extend the results of [Ahn et al., 1999], who minimize VaR ...

This note discusses topics concerning recent evolutions in financial economics research. It focuses in particular on the progress of quantitative finance and applied economics in the context of the global financial crisis. To this end, I examine various important topics in Economics and Finance and discuss several empirical studies on the statistical properties of macroeconomic and financial data through the application of different econometric methodologies. I analyse their empirical findings and discuss their conclusions.

Summary The field of public finance focuses on the spending and taxing activities of governments and their influence on the allocation of resources and distribution of income. This work covers in three parts different topics related to public finance which are currently widely discussed in media and politics. The first two parts deal with issues on social security, which is in general one of the biggest spending shares of governments. The third part looks at the main income source of governments by analyzing the perceived value of tax competition. Part one deals with the current problem of inc...