Purpose: The purpose of this paper is to use fundamental models incorporating structural relationships within the firm in a terminal value model for the second stage of a two-stage valuation model utilized to estimate the value of a company. Design/methodology/approach: The innovation is that...

Discusses arbitrage pricing theory as a multifactor model for explaining rates of return on securities; and the use of principal components analysis to reduce the number of variables studies. Applies these ideas to returns on treasury bills and government bonds for 1,000 business days ending in...

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This paper derives necessary and sufficient conditions for the conformity of properly anticipated stock prices to a fair-return process in the framework of a discounted-dividend valuation model when the appropriate fair-return to any given future time period is itself a random variable.

The hypothesis that firms simultaneously determine their research and development, investment, dividend, and new debt policies generally is substantiated in the financial literature. The strategic planning model advocated in this study offers an alternative to the generally accepted goals of...

This paper extends previous work on the use of sequential building heuristics for the design of a collection system, a linear fixed-charge problem that includes the design of a lock-box system as an important subproblem. The heuristic extensions in this paper first present simple methods for...