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Since Hambrick and Mason proposed the theory of the Upper Echelon, studies about the relationship between the Top Management Team (TMT) characteristics and Corporate Strategy or Corporate Performance etc. have made a lot of results, but the research between the Top Management Characteristics and the Financial Strategy is still in the exploratory stage. In this paper, we examines recent years relevant...
As the important tools to improve potential investment performance, the different investment strategies have been widely accepted by investors. From the results of some completed studies, it has been found that even though the stock market of mainland China has reached the efficient market of the weak form, fundamental analysis is still effective. Adopting active strategy can obtain the higher profit...
Based on the CAPM theory, this paper uses the historical data of CREIs (China Real Estate Index Systems) of Shanghai build an effective REITs (Real Estate Investment Trusts) investment strategy. Then using the Markowitz's mean-variance model, we calculated the optimal portfolio solutions, that is apply the classical security investment theory in the real estate investment decision-making, which have...
We focus on the optimal portfolio selection problem where the objective function is expressed by mean Conditional value-at-risk (mean-CVaR). In general, since the density function of underlying risk factors is not available, and then the calculation of CVaR is rather difficult and can not derive the optimal solution. Therefore, we propose the mean-CVaR portfolio optimization model to deal with the...
This paper derives the firm value and the investment strategy (investment timing, debt financing, leverage, and endogenous default) when an entrepreneur makes a real investment with debt financing both in monopoly and in duopoly. In particular, we clarify the effects of the entrepreneur??s financial constraint where a part of the investment cost must be financed by debt. The leverage and the credit...
Most people consider speculation in futures and commodities to be a form of gambling. Many people view the purchase of common stocks in much the same way. However, the explicit goal of many trading and investment strategies is to minimize risk, which sounds like the antithesis of gambling! Understanding the relationships between gambling, trading, and investing can help traders and investors avoid...
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