Budgeting, Participation process, Employee satisfaction, Performance evaluation

Journal Article Stabilization Policy: Response and Extension Get access Norman P. Obst Norman P. Obst Michigan State University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 94, Issue 2, March 1980, Pages 423–427, https://doi.org/10.2307/1884550 Published: 01 March 1980

[In this paper, Pareto efficiency properties of a non-Walrasian equilibrium for an exchange economy are analyzed. The equilibrium considered is a generalized version of Drèze's equilibrium with price rigidities and rationing.]

This paper presents necessary and sufficient conditions for the expected value of consumer surplus to correctly represent a consumer's preferences. A theorem characterizing utility functions which represent preferences over conditional probabilities is used to derive this. An application to price stabilization policy is presented.

Financial reporting, Australia, Timeliness, Disclosure

This paper analyses the distribution of returns on a hedged portfolio, consisting of a European call option and its associated stock, when the portfolio is rebalanced at discrete time intervals. Under the assumptions of the Black-Scholes model this distribution is particularly skew. In tests of the average return on a hedged portfolio this skewness leads to biased t-statistics. The paper explores the nature and extent of this bias and suggests procedures for overcoming it. Other aspects of discrete hedging are also discussed.

Partha Dasgupta, Peter Hammond, Eric Maskin; On Imperfect Information and Optimal Pollution Control, The Review of Economic Studies, Volume 47, Issue 5, 1

Sharpe's market model [29] is widely used both by academic researchers and practitioners in finance, but it cannot be accepted with complete confidence until some of its basic assumptions are tested more thoroughly. The applicability, usefulness, and reliability of the model are functions of its conformity to real data, which in turn depends partly on the unresolved question of heteroscedasticity.

In the theoretical literature of finance, it has been assumed for some time that capital markets are efficient, with security prices reflecting all available information [10]. One purpose of this paper is to consider market efficiency in the context of rights offerings. It has recently been suggested, for example, that rights offerings afford positive abnormal returns [17, 18]. This view was immediately countered by the comment that the number of rights issued, and inversely the issue price, cannot affect the market value of the total exrights equity market [21, p. 44]. No empirical evidence was offered on either side, however.