This study explores risk-reward patterns in the US stock market and establishes optimal factor-based investing using the Fama-French five-factor model through market cycles constructed by Shiller's interest rates and Baker-Wurgler's sentiments. Our emerging evidence confirms that the...

This study explores risk-reward patterns in the US stock market and establishes optimal factor-based investing using the Fama-French five-factor model through market cycles constructed by Shiller’s interest rates and Baker-Wurgler’s sentiments. Our emerging evidence confirms that the...

Purpose In order to follow the international trend of increasing transparency in financial statements, Taiwan began to implement regulations on expensing employee bonuses in 2008, a process that involves the use of specific dates as the basis for issuing the bonuses but which may also have the...

This study constructs a real options model to evaluate franchise contracts that take into account a guaranteed profit offered by the franchisor to franchisees under a dynamic environment, as in the contract of 7-Eleven Convenient Stores in Taiwan. We derive closed-form solutions of contract...