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The most widely accepted empirical dividend model is that proposed by Lintner, who argued that firms smooth dividends over time. Many theoretical dividend models, however, either predict that dividends should be highly variable, or at least offer no support for the smoothing hypothesis. We use a...
Persistent link: https://www.econbiz.de/10005714799
Persistent link: https://www.econbiz.de/10005492597
This paper examines the valuation implications of greenhouse gas (GHG) emissions allowances. We posit that the value of a firm's bank of emission allowances has two components that are likely to be positively valued by the capital market: (1) an asset value component; and (2) a real option value...
Persistent link: https://www.econbiz.de/10005495639
<title>Abstract</title>The healthcare sector has experienced significant challenges stemming from market demands, competition, and regulation, which pressures hospitals to change their operations and decision-making. In contrast to mainstream business enterprises, decisions to change accounting systems or to...
Persistent link: https://www.econbiz.de/10010972432
This research examines physician response to implementation of an activity-based costing (ABC) system developed and designed with physician input. We analyze changes in resource utilization for treatment of cataract patients and find changes in practice patterns, where physicians redeployed...
Persistent link: https://www.econbiz.de/10008499122
In 2002, the European Union (EU) Parliament passed a regulation that requires consolidated and simple accounts for all companies listed in the EU to use International Financial Reporting Standards (IFRS) for fiscal years starting after 1 January 2005. This change in accounting systems will have...
Persistent link: https://www.econbiz.de/10005279123
<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>Drawing on transaction cost economics and institutional theory we argue that the effects of institutional constraints on the transaction costs of outsourcing vary systematically with the type of service outsourced and the ownership structure of the outsourcing firm. Using data from...
Persistent link: https://www.econbiz.de/10008670635
The near-failure on September 16, 2008, of American International Group (AIG) was an iconic moment in the financial crisis. Two large bets on real estate made with funding that was vulnerable to bank-run like behavior on the part of funders pushed AIG to the brink of bankruptcy. AIG used...
Persistent link: https://www.econbiz.de/10011262909
Persistent link: https://www.econbiz.de/10011197265
Policy makers and market participants alike wish to understand the amount, economic significance, and concentration of derivatives trading activity. This paper suggests that systematic measuring and reporting of margin by market participants, disaggregated by asset class, would provide more...
Persistent link: https://www.econbiz.de/10010969290