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  • Other Sources  (68)
  • 1990-1994  (37)
  • 1985-1989  (31)
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  • 1
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    Cape Town: African Online Scientific Information Systems (AOSIS)
    Publication Date: 2020-05-23
    Description: In this article a model is proposed for measuring the risk that shareholders bear during hostile merger activities. An empirical study on the failed Minorco-Consolidated Goldfields merger attempt reveals several insights on the additional risk borne by Minorco and Consolidated Goldfields shareholders. Risk statistics computed using the proposed model reveal that shareholders of both companies were exposed to additional risk as a consequence of the hostility of the merger activities. The evidence shows that the proportion of risk attributable to the hostilities increased by a factor of approximately five for both bidding and defending companies.
    Keywords: ddc:650
    Language: English
    Type: doc-type:article
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  • 2
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    Cape Town: African Online Scientific Information Systems (AOSIS)
    Publication Date: 2020-05-23
    Description: In this article the association between accounting and market-based measures of risk on the JSE and the dependence of the association on a number of design elements are examined. The results obtained show that in the South African context a significant positive relationship exists between market beta and a variety of earnings and cash flow-based accounting betas. No evidence is found to validate the supposed superiority of cash flow-based betas over earnings-based betas. Furthermore, the results indicate that this relationship is sensitive to a number of experimental design considerations. The significance between market and accounting betas was improved when the sample size was increased, when longer time horizons were used and when the sample was restricted to companies in the same sector. The book value of equity was shown to be a better deflator than the market value.
    Keywords: ddc:650
    Language: English
    Type: doc-type:article
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  • 3
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    Cape Town: African Online Scientific Information Systems (AOSIS)
    Publication Date: 2020-05-23
    Description: In this article we focus on beta estimation in the thinly-traded environment of the Johannesburg Stock Exchange (JSE). We build on existing literature by evaluating a beta estimation procedure known as the trade-to-trade which has not until now been considered in the context of the JSE. We contrast our results with two known estimation procedures, i.e. the Cohen et al. and the traditional ordinary least squares (OLS). The trade-to-trade methodology, the estimator proposed by Cohen et al. and OLS are objectively assessed for shares typical of the JSE on the basis of unbiasedness and efficiency in the controlled environment of a simulation study. The trade-to-trade technique is found to be superior on both counts and is recommended as the appropriate technique for beta estimation on the JSE.
    Keywords: ddc:650
    Language: English
    Type: doc-type:article
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  • 4
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    Atlanta, GA: Federal Reserve Bank of Atlanta
    Publication Date: 2018-11-07
    Keywords: ddc:330 ; Financial markets
    Language: English
    Type: doc-type:workingPaper
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  • 5
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    Stockholm: The Research Institute of Industrial Economics (IUI)
    Publication Date: 2014-11-17
    Keywords: A00 ; ddc:330
    Language: English
    Type: doc-type:workingPaper
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  • 6
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    Stockholm: The Research Institute of Industrial Economics (IUI)
    Publication Date: 2014-11-17
    Keywords: J31 ; J41 ; ddc:330 ; Manager ; Incentives ; Efficiency wage ; Wealth ; Dynamics
    Language: English
    Type: doc-type:workingPaper
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  • 7
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    Bologna: Alma Mater Studiorum - Università di Bologna, Dipartimento di Scienze Economiche (DSE)
    Publication Date: 2017-05-30
    Description: Traditionally the term "finance" has been used to indicate the art of raising funds to realize both public and private spending programs.
    Keywords: ddc:330
    Language: English
    Type: doc-type:workingPaper
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  • 8
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    New Brunswick, NJ: Rutgers University, Department of Economics
    Publication Date: 2018-06-25
    Description: Theories of rules and discretion have become a corner stone in the formulation of macroeconomic policy. They suggest that monetary policy rules are first best in terms of social welfare. However, if commitment is not feasible, delegating monetary policy to an independent and conservative central bank can be second best. Monetary policy in Germany during the past one hundred years provides an excellent case to assess the empirical evidence on the use of rules and central bank independence in monetary policy making. Since the creation of a central monetary authority in 1876, Germany has participated in four monetary regimes: the pre-war gold standard, the inter-war gold standard, the Bretton Woods system, and the floating exchange rate regime. With the exception of the two world war periods German monetary policy was geared primarily towards maintaining price stability and characterized by a high degree of formal and practical central bank independence
    Keywords: E5 ; ddc:330 ; central bank independence ; discretion ; Germany ; rules
    Language: English
    Type: doc-type:workingPaper
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  • 9
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    New Brunswick, NJ: Rutgers University, Department of Economics
    Publication Date: 2018-06-25
    Description: The classical gold standard era from 1880 to 1914, when most countries of the world defined their currencies in terms of a fixed weight (which is equivalent to a fixed price) of gold and hence adhered to a fixed exchange rate standard, has been regarded by many observers as a most admirable monetary regime. They find that its benefits include long-run price level stability and predictability, stable and low long-run interest rates, stable exchange rates (McKinnon, 1988), and hence that it facilitated a massive flow of capital from the advanced countries of Europe to the world's developing countries.
    Keywords: E5 ; ddc:330 ; contingent ; gold standard ; rule
    Language: English
    Type: doc-type:workingPaper
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  • 10
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    New Brunswick, NJ: Rutgers University, Department of Economics
    Publication Date: 2018-06-25
    Description: Over the past decade and a half Axel Leijonhufvud has written extensively on monetary regimes and their connection to nominal and real economic performance. Monetary regimes are important because they determine whether countries follow stable or unstable monetary policies and hence have stable or inflationary price levels. Each monetary regime is associated with a given set of inflationary expectations of the private sector and a pattern of reactions to these expectations by the monetary authorities. The state of the private sector's expectations, specific to each regime, in turn greatly influences the response of real variables to monetary policy actions.
    Keywords: E5 ; ddc:330 ; axel leijonhufvud ; inflation ; monetary regimes
    Language: English
    Type: doc-type:workingPaper
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