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Full-Text Articles in Business
A Note On The Preferred Hedge Instrument, Arthur Hau
A Note On The Preferred Hedge Instrument, Arthur Hau
Hong Kong Institute of Business Studies Working Paper Series
Contrary to Battermann et al.'s (2000) claims, this paper shows that risk-averse exporters may produce less with fair commodity futures than with fair put options; moreover, they may prefer the latter instrument for hedging against its exchange rate risk.
On ‘‘Investment Decisions In The Theory Of Finance: Some Antinomies And Inconsistencies’’, Bert De Reyck
On ‘‘Investment Decisions In The Theory Of Finance: Some Antinomies And Inconsistencies’’, Bert De Reyck
Research Collection Lee Kong Chian School Of Business
In the paper “Investment Decisions in the Theory of Finance: Some antinomies and inconsistencies”, Magni [Eur. J. Operat. Res. 137 (2002) 206] shows that using the net present value rule for making investment decisions can lead to inconsistencies and antinomies. The author claims that the so-called equivalent-risk tenet of finance, whereby an investor needs to compare an investment opportunity with an asset of equivalent risk, is impossible to implement. In this paper, we show that the main thesis of this paper is incorrect, and that finance theory, when applied correctly, can be used to value investment projects by comparing assets …
To Judge Leviathan: Sovereign Credit Ratings, National Law, And The World Economy, Christopher Bruner, Rawi Abdelal
To Judge Leviathan: Sovereign Credit Ratings, National Law, And The World Economy, Christopher Bruner, Rawi Abdelal
Scholarly Works
Recent decades have witnessed the remarkable rise of a kind of market authority almost as centralized as the state itself – two credit rating agencies, Moody’s and Standard & Poor’s. These agencies derive their influence from two sources. The first is the information content of their ratings. The second is both more profound and vastly more problematic: Ratings are incorporated into financial regulations in the United States and around the world. In this article we clarify the role of credit rating agencies in global capital markets, describe the host of problems that arise when their ratings are given the force …
Private Information And Market Movements: New Evidence From The Wednesday Closings Of 1968, Thomas Berry
Private Information And Market Movements: New Evidence From The Wednesday Closings Of 1968, Thomas Berry
Thomas D Berry
No abstract provided.