We examine the joint predictability of return and cash flow within a present value framework, by imposing the implications from a long-run risk model that allow for both time-varying volatility and volatility uncertainty. We provide new evidence that the expected return variation and the...

The variance risk premium, defined as the difference between actual and risk-neutralized expectations of the forward aggregate market variation, helps predict future market returns. Relying on new essentially model-free estimation procedure, we show that much of this predictability may be...

To remain competitive, enterprises have to integrate their business processes with their customers, suppliers, and business partners. Increasing collaboration includes not only a global multi-national enterprise, but also an organization with its relationship to and business processes with its...

Logistics section is one of the most important industrial sections to contribute to European economy. To improving efficiency and energy efficient of logistics, European Commission call new research theme ‘smart, green and integrated transport' in its H2020 program. The paper presents a...

Contracts between multiple business parties play an important role in a global economy where activities along the value chain are executed by independent, co-operating organizations. Information technology to enact a value chain is now being deployed in the form of ERP systems and service...

An agent-based e-commerce environment is regarded as one of the most suitable open environments for electronic marketplaces. Because of agent?s autonomous, reactive and proactive features, agents can, on the one hand, act on behalf of their owner, and use individual strategies to increase the...

We decompose total variance into its bad and good components and measure the premia associated with their fluctuations using stock and option data from a large cross-section of firms. The total variance risk premium (VRP) represents the premium paid to insure against fluctuations in bad variance...

We document that the term structures of risk-neutral expected loss and gain uncertainty on S&P 500 returns are upward sloping on average. These shapes mainly reflect the higher premium required by investors to hedge downside risk and the belief that potential gains will increase in the long run....