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class="user-content-wrapper"><div class="uploads-container" id="social-redesign-work-container"><div class="upload-header"><h2 class="ds2-5-heading-sans-serif-xs">Uploads</h2></div><div class="documents-container backbone-social-profile-documents" style="width: 100%;"><div class="u-taCenter"></div><div class="profile--tab_content_container js-tab-pane tab-pane active" id="all"><div class="profile--tab_heading_container js-section-heading" data-section="Papers" id="Papers"><h3 class="profile--tab_heading_container">Papers by Iraj Fooladi</h3></div><div class="js-work-strip profile--work_container" data-work-id="123640836"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/123640836/Firm_Digitalization_and_Corporate_Performance_the_Moderating_Effect_of_Organizational_Capital"><img alt="Research paper thumbnail of Firm Digitalization and Corporate Performance: the Moderating Effect of Organizational Capital" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/123640836/Firm_Digitalization_and_Corporate_Performance_the_Moderating_Effect_of_Organizational_Capital">Firm Digitalization and Corporate Performance: the Moderating Effect of Organizational Capital</a></div><div class="wp-workCard_item"><span>Social Science Research Network</span><span>, Dec 31, 2022</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" 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data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/121396306/Iraj_Fooladi_Draft_Profile_"><img alt="Research paper thumbnail of Iraj Fooladi (Draft Profile)" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/121396306/Iraj_Fooladi_Draft_Profile_">Iraj Fooladi (Draft Profile)</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Dr. Iraj Fooladi holds the Douglas C. Mackay Chair in Finance at Dalhousie University. He has bee...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Dr. Iraj Fooladi holds the Douglas C. Mackay Chair in Finance at Dalhousie University. He has been on faculty at University of Oregon, Penn State University, Victoria University of Wellington, DePaul University, University of the Philippines and Boston College. He was co-editor of the Canadian Journal of Administrative Sciences from 2000-05 and serves on editorial boards of finance and economics journals. His research interests include bond portfolio strategies, investor behaviour under uncertainty and socially responsible investments. Dr. Fooladi has published in refereed finance and economics journals, and received awards for his writings. He has served on program committees for the Atlantic Schools of Business, Administrative Sciences Association of Canada (ASAC), Financial Management Association, European Financial Management Association, Midwest Finance Association (MFA) and Northern Finance Association. He was President of ASAC and is now President-Elect of MFA. He is a regular reviewer for many economics and finance journals and a project evaluator for national granting agencies.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121396306"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121396306"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121396306; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121396306]").text(description); 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dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=121396295]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121396295,"title":"Bond Portfolio Immunization Canadian Tests*","internal_url":"https://www.academia.edu/121396295/Bond_Portfolio_Immunization_Canadian_Tests_","owner_id":42727831,"coauthors_can_edit":true,"owner":{"id":42727831,"first_name":"Iraj","middle_initials":null,"last_name":"Fooladi","page_name":"IrajFooladi","domain_name":"independent","created_at":"2016-02-05T08:29:14.327-08:00","display_name":"Iraj Fooladi","url":"https://independent.academia.edu/IrajFooladi"},"attachments":[]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="116331406"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/116331406/Complexity_of_Information_and_Trading_Behavior_The_Case_of_Dividend_Increase_Announcements"><img alt="Research paper thumbnail of Complexity of Information and Trading Behavior: The Case of Dividend Increase Announcements" class="work-thumbnail" src="https://attachments.academia-assets.com/112492393/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/116331406/Complexity_of_Information_and_Trading_Behavior_The_Case_of_Dividend_Increase_Announcements">Complexity of Information and Trading Behavior: The Case of Dividend Increase Announcements</a></div><div class="wp-workCard_item"><span>Social Science Research Network</span><span>, Oct 22, 2014</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">We examine the intraday trading response of participants in the common stock market and in the pr...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">We examine the intraday trading response of participants in the common stock market and in the preferred stock market to announcements of dividend increases on common stock. We find that participants in the preferred stock market respond more slowly to the announcement than those in the common stock market. Our results are consistent with the implications of Heiner's model of behavior under uncertainty, which suggest that investors who face a more complicated environment respond more slowly to new information. Participants in the preferred stock market face a more complicated environment because they have to determine the source of financing of the dividend increase, which can either increase or decrease the value of these securities. In contrast, regardless of how it is financed, a dividend increase has an unambiguous positive effect on the value of common shares. Therefore, the participants in the common stock market do not need to make the additional determination that preferred shareholders do, and, thus, need less time to analyze the information.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="5e9ddd60fc8a61abe07f44240b3c72db" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":112492393,"asset_id":116331406,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/112492393/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="116331406"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="116331406"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 116331406; 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="116331405"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/116331405/Emerging_Markets_and_Financing_with_Preferred_Stocks_The_Case_of_Pacific_Rim_Countries"><img alt="Research paper thumbnail of Emerging Markets and Financing with Preferred Stocks: The Case of Pacific Rim Countries" class="work-thumbnail" src="https://attachments.academia-assets.com/112492392/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/116331405/Emerging_Markets_and_Financing_with_Preferred_Stocks_The_Case_of_Pacific_Rim_Countries">Emerging Markets and Financing with Preferred Stocks: The Case of Pacific Rim Countries</a></div><div class="wp-workCard_item"><span>Social Science Research Network</span><span>, 2001</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This paper offers an explanation regarding financing strategies of corporations in selected count...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This paper offers an explanation regarding financing strategies of corporations in selected countries in emerging markets. We develop a partial equilibrium model in which preferred shares are issued by value maximizing corporations and bought by return maximizing investors. We concludes that seemingly inexplicable differences in financing strategies of corporations in selected countries are all consistent with rational behaviour of economic agents that optimise their objective functions. 5 See the following early editions of some popular finance textbooks: Brealey and Myers (1984), Copeland and Weston (1983), and Haley and Schall (1979). 6 These studies had limited impact on the way some textbooks analysed the issue of preferred shares. For example, Ross, Westerfield, Faffee, and Roberts (1999) Acknowledge the benefits in issuing preferred shares based on the</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="8b07d3dd02ebf77045832f8c734ea9e4" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":112492392,"asset_id":116331405,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/112492392/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="116331405"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="116331405"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 116331405; 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="116331404"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/116331404/La_Dur%C3%A9e_et_Ses_Applications"><img alt="Research paper thumbnail of La Dur茅e et Ses Applications" class="work-thumbnail" src="https://attachments.academia-assets.com/112492370/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/116331404/La_Dur%C3%A9e_et_Ses_Applications">La Dur茅e et Ses Applications</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Les auteurs font le point sur la nature et les applications de la dur茅e. Ils montrent la diversit...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Les auteurs font le point sur la nature et les applications de la dur茅e. Ils montrent la diversit茅 des applications tant au niveau du placement que dans la gestion du risque. Le but est avant tout p茅dagogique. La d茅marche s'appuie sur la nature de la dur茅e (une mesure d'茅lasticit茅) et sur son potentiel en mati猫re d'immunisation des portefeuilles. En plus des notions classiques, les auteurs pr茅sentent les nouvelles mesures de dur茅e. Celles-ci n'exigent pas de supposer une structure horizontale 脿 taux unique oscillant et des flux pr茅d茅termin茅s. Elles s'accommodent de la structure enti猫re des taux d'int茅r锚t et de flux al茅atoires tributaires de l'incertitude des taux eux-m锚mes. Pour les obligations risqu茅es, les auteurs soulignent qu'il y a lieu de modifier le calcul de leur dur茅e du fait que la chronologie et le niveau des flux changent en cas de d茅faut. Quant 脿 la gestion actifs: passifs, elle fait appel 脿 la dur茅e dite nette, ou diff茅rentielle, soit le facteur d茅terminant l'influence d'un changement de taux sur l'avoir d'une entit茅. Les auteurs montrent aussi que la dur茅e diff茅rentielle peut servir 脿 cerner la structure optimale des passifs d'un 茅tat. I.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="5c297ee8ed6e66d85c2ca5f7f54d092f" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":112492370,"asset_id":116331404,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/112492370/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="116331404"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="116331404"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 116331404; 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Christensen and Sorenson (1994) refer to both duration and convexity as important tools for c...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">... Christensen and Sorenson (1994) refer to both duration and convexity as important tools for controlling interest rate risk, and add a third concept, which they call time value, that measures sensitivity of bond price with respect to the passage of time. ...</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="116331403"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="116331403"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 116331403; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); 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dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=116331403]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":116331403,"title":"Macrohedging for Financial Institutions: Beyond Duration","internal_url":"https://www.academia.edu/116331403/Macrohedging_for_Financial_Institutions_Beyond_Duration","owner_id":42727831,"coauthors_can_edit":true,"owner":{"id":42727831,"first_name":"Iraj","middle_initials":null,"last_name":"Fooladi","page_name":"IrajFooladi","domain_name":"independent","created_at":"2016-02-05T08:29:14.327-08:00","display_name":"Iraj Fooladi","url":"https://independent.academia.edu/IrajFooladi"},"attachments":[]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="116331402"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/116331402/A_general_theory_of_the_competitive_firm_under_undercertainty"><img alt="Research paper thumbnail of A general theory of the competitive firm under undercertainty" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/116331402/A_general_theory_of_the_competitive_firm_under_undercertainty">A general theory of the competitive firm under undercertainty</a></div><div class="wp-workCard_item"><span>Atlantic Economic Journal</span><span>, Sep 1, 1985</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Without Abstract</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="116331402"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="116331402"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 116331402; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=116331402]").text(description); $(".js-view-count[data-work-id=116331402]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 116331402; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='116331402']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (false){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=116331402]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":116331402,"title":"A general theory of the competitive firm under undercertainty","internal_url":"https://www.academia.edu/116331402/A_general_theory_of_the_competitive_firm_under_undercertainty","owner_id":42727831,"coauthors_can_edit":true,"owner":{"id":42727831,"first_name":"Iraj","middle_initials":null,"last_name":"Fooladi","page_name":"IrajFooladi","domain_name":"independent","created_at":"2016-02-05T08:29:14.327-08:00","display_name":"Iraj Fooladi","url":"https://independent.academia.edu/IrajFooladi"},"attachments":[]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="116331401"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/116331401/On_Preferred_Stock"><img alt="Research paper thumbnail of On Preferred Stock" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/116331401/On_Preferred_Stock">On Preferred Stock</a></div><div class="wp-workCard_item"><span>Journal of Financial Research</span><span>, Dec 1, 1986</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Preferred stock is issued by many corporations in spite of its apparent disadvantages. This study...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Preferred stock is issued by many corporations in spite of its apparent disadvantages. This study explains why. A simple partial equilibrium model is presented in which preferred shares are both supplied and demanded. Stronger tax incentives in Canada than in the United States may create a positive preferred equilibrium. Empirical evidence on the relative use of preferred stock in the two countries is presented to support this hypothesis.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="116331401"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="116331401"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 116331401; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=116331401]").text(description); 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="116331399"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/116331399/Bond_portfolio_immunization_Canadian_tests"><img alt="Research paper thumbnail of Bond portfolio immunization: Canadian tests" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/116331399/Bond_portfolio_immunization_Canadian_tests">Bond portfolio immunization: Canadian tests</a></div><div class="wp-workCard_item"><span>Journal of Economics and Business</span><span>, Feb 1, 1992</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">... Bierwag, GO, Kaufman, GG, Latta, C., and Roberts, GS Winter 1987. Usefulness of duration in b...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">... Bierwag, GO, Kaufman, GG, Latta, C., and Roberts, GS Winter 1987. Usefulness of duration in bond portfolio management: Response to critics. ... In Innovations in Bond Portfolio Management: Duration Analysis and Immunization (GG Kaufman et al., Eds.). ...</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="116331399"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="116331399"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 116331399; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=116331399]").text(description); $(".js-view-count[data-work-id=116331399]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 116331399; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='116331399']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (false){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=116331399]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":116331399,"title":"Bond portfolio immunization: Canadian tests","internal_url":"https://www.academia.edu/116331399/Bond_portfolio_immunization_Canadian_tests","owner_id":42727831,"coauthors_can_edit":true,"owner":{"id":42727831,"first_name":"Iraj","middle_initials":null,"last_name":"Fooladi","page_name":"IrajFooladi","domain_name":"independent","created_at":"2016-02-05T08:29:14.327-08:00","display_name":"Iraj Fooladi","url":"https://independent.academia.edu/IrajFooladi"},"attachments":[]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="116331398"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/116331398/Duration_for_bonds_with_default_risk"><img alt="Research paper thumbnail of Duration for bonds with default risk" class="work-thumbnail" src="https://attachments.academia-assets.com/112492391/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/116331398/Duration_for_bonds_with_default_risk">Duration for bonds with default risk</a></div><div class="wp-workCard_item"><span>Journal of Banking and Finance</span><span>, 1997</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Does approximating duration estimates by ignoring default risk lead to error in the two major dur...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Does approximating duration estimates by ignoring default risk lead to error in the two major duration applications-measuring interest-rate price elasticity and immunization? We derive a general expression for duration in the presence of default risk based on Jonkhart's term structure model (On the term structure of interest rates and the risk of default, Journal of Banking and Finance 3, 253-262, 1979) extended to encompass risk aversion. The model includes terms for default probabilities and default payoffs in each period as well as for a delay between the occurrence of default and the final default payoff. Our main conclusion is that practical duration applications involving bonds with default risk must employ duration measures adjusted for default risk.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="6a4c6932860b29f31d7a6c02989bd803" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":112492391,"asset_id":116331398,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/112492391/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="116331398"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="116331398"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 116331398; 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="116331395"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/116331395/Captive_Finance_Subsidiaries_Overview_and_Synthesis"><img alt="Research paper thumbnail of Captive Finance Subsidiaries: Overview and Synthesis" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/116331395/Captive_Finance_Subsidiaries_Overview_and_Synthesis">Captive Finance Subsidiaries: Overview and Synthesis</a></div><div class="wp-workCard_item"><span>The Financial Review</span><span>, May 1, 1986</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">ABSTRACTA captive finance company is a wholly owned subsidiary whose primary business is to finan...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">ABSTRACTA captive finance company is a wholly owned subsidiary whose primary business is to finance the sales of the parent&#39;s products and services. Despite the continued growth and long history of captive finance companies, the issue of the economic impact of forming a captive remains controversial. Some view captive finance subsidiaries as unnecessary structures that may actually reduce the value of the firm. Others hold that captives can produce benefits that will increase firm value. The primary purpose of this paper is to provide an overview of the finance academic literature and to suggest direction for future research.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="116331395"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="116331395"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 116331395; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=116331395]").text(description); $(".js-view-count[data-work-id=116331395]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 116331395; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='116331395']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (false){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=116331395]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":116331395,"title":"Captive Finance Subsidiaries: Overview and Synthesis","internal_url":"https://www.academia.edu/116331395/Captive_Finance_Subsidiaries_Overview_and_Synthesis","owner_id":42727831,"coauthors_can_edit":true,"owner":{"id":42727831,"first_name":"Iraj","middle_initials":null,"last_name":"Fooladi","page_name":"IrajFooladi","domain_name":"independent","created_at":"2016-02-05T08:29:14.327-08:00","display_name":"Iraj Fooladi","url":"https://independent.academia.edu/IrajFooladi"},"attachments":[]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="116331335"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/116331335/Entry_into_Competitive_Industries_as_Affected_by_Risk_Aversion"><img alt="Research paper thumbnail of Entry into Competitive Industries as Affected by Risk Aversion" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/116331335/Entry_into_Competitive_Industries_as_Affected_by_Risk_Aversion">Entry into Competitive Industries as Affected by Risk Aversion</a></div><div class="wp-workCard_item"><span>Managerial Finance</span><span>, Mar 1, 1986</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Most textbooks discuss the problem of entry into competitive industries for a deterministic envir...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Most textbooks discuss the problem of entry into competitive industries for a deterministic environment. It is argued that the opportunity of earning an economic profit leads to the expansion of existing firms as well as to the entry of new firms. This process continues until entry no longer produces abnormal profits. Whenever losses exist, the forces work in the opposite direction, and some firms leave the industry. Thus, in the long run economic profits are zero.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="116331335"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="116331335"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 116331335; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=116331335]").text(description); $(".js-view-count[data-work-id=116331335]").attr('title', description).tooltip(); 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Finance</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="112372400"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="112372400"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 112372400; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=112372400]").text(description); $(".js-view-count[data-work-id=112372400]").attr('title', description).tooltip(); 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="112372398"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/112372398/Globalization_and_portfolio_risk_over_time_The_role_of_exchange_rate"><img alt="Research paper thumbnail of Globalization and portfolio risk over time: The role of exchange rate" class="work-thumbnail" src="https://attachments.academia-assets.com/109623623/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/112372398/Globalization_and_portfolio_risk_over_time_The_role_of_exchange_rate">Globalization and portfolio risk over time: The role of exchange rate</a></div><div class="wp-workCard_item"><span>Review of Financial Economics</span><span>, 2006</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">We examine benefits of international diversification for the period 1 January 1988 to 30 June 200...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">We examine benefits of international diversification for the period 1 January 1988 to 30 June 2000. We introduce a new variable (lambda) that measures these benefits more directly than do the pairwise correlations among equity markets, which are used in most other studies. Our study shows that despite international integrations, the benefits of international diversification measured in USD persist. Using lambda, we provide evidence that the increase in co-movements between equity market returns (measured in local currencies) has been counterbalanced by movements in exchange rates. We confirm our results by subjecting the trend in lambda to several tests.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="d763f5e67cafc0e317f0d61f84d0d3a2" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":109623623,"asset_id":112372398,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/109623623/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="112372398"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="112372398"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 112372398; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=112372398]").text(description); $(".js-view-count[data-work-id=112372398]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 112372398; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='112372398']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "d763f5e67cafc0e317f0d61f84d0d3a2" } } $('.js-work-strip[data-work-id=112372398]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":112372398,"title":"Globalization and portfolio risk over time: The role of exchange rate","internal_url":"https://www.academia.edu/112372398/Globalization_and_portfolio_risk_over_time_The_role_of_exchange_rate","owner_id":42727831,"coauthors_can_edit":true,"owner":{"id":42727831,"first_name":"Iraj","middle_initials":null,"last_name":"Fooladi","page_name":"IrajFooladi","domain_name":"independent","created_at":"2016-02-05T08:29:14.327-08:00","display_name":"Iraj Fooladi","url":"https://independent.academia.edu/IrajFooladi"},"attachments":[{"id":109623623,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/109623623/thumbnails/1.jpg","file_name":"j.rfe.2005.05.00120231227-1-9ovfmu.pdf","download_url":"https://www.academia.edu/attachments/109623623/download_file","bulk_download_file_name":"Globalization_and_portfolio_risk_over_ti.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/109623623/j.rfe.2005.05.00120231227-1-9ovfmu-libre.pdf?1703641874=\u0026response-content-disposition=attachment%3B+filename%3DGlobalization_and_portfolio_risk_over_ti.pdf\u0026Expires=1740602522\u0026Signature=cxXhEpFpUvOxMLdaFxhAX8JVhnpMWH8poenOneLHtXXicV27YqBM-Nuu1MOPicxVfgL7GrYFZa-m8Nanfb7diMmSNvGe6~7wQwYByoexcNWU7ZDHPzpFGDKt10Oymh1Ea7400HtivL4Ur61sB8s~Fh1wDStCCTGrkhUhXhV6YXtFmbsydPCmVqX4libn2d2spKb0cqludGywsUFNrl1TLhcMsg0qBuufObmabAJS4CJvVSTVhCdzEpNexFJW8Yr5cjuTSJL6wTMu3TU69kQzXivfTUVR1uhts0GRThf4WwPzPHF~ZXCaxA6XWRbfCb~Ms2hEgcnayD7lEEE7mED5sA__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="112372397"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/112372397/Credit_risk_management_a_survey_of_practices"><img alt="Research paper thumbnail of Credit risk management: a survey of practices" class="work-thumbnail" src="https://attachments.academia-assets.com/109623602/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/112372397/Credit_risk_management_a_survey_of_practices">Credit risk management: a survey of practices</a></div><div class="wp-workCard_item"><span>Managerial Finance</span><span>, Mar 1, 2006</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This paper proposes to investigate the current practices of credit risk management by the largest...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This paper proposes to investigate the current practices of credit risk management by the largest US-based financial institutions. Owing to the increasing variety in the types of counterparties and the ever-expanding variety in the forms of obligations, credit risk management has jumped to the forefront of risk management activities carried out by firms in the financial services industry. This study is designed to shed light on the current practices of these firms. A short questionnaire, containing seven questions, was mailed to each of the top 100 banking firms headquartered in the USA. It was found that identifying counterparty default risk is the single most-important purpose served by the credit risk models utilized. Close to half of the responding institutions utilize models that are also capable of dealing with counterparty migration risk. Surprisingly, only a minority of banks currently utilize either a proprietary or a vendor-marketed model for the management of their credit risk.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="112ca223cd036c388253f8d1e392f14e" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":109623602,"asset_id":112372397,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/109623602/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="112372397"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="112372397"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 112372397; 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> </div><div class="profile--tab_content_container js-tab-pane tab-pane" data-section-id="4552770" id="papers"><div class="js-work-strip profile--work_container" data-work-id="123640836"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/123640836/Firm_Digitalization_and_Corporate_Performance_the_Moderating_Effect_of_Organizational_Capital"><img alt="Research paper thumbnail of Firm Digitalization and Corporate Performance: the Moderating Effect of Organizational Capital" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/123640836/Firm_Digitalization_and_Corporate_Performance_the_Moderating_Effect_of_Organizational_Capital">Firm Digitalization and Corporate Performance: the Moderating Effect of Organizational Capital</a></div><div class="wp-workCard_item"><span>Social Science Research Network</span><span>, Dec 31, 2022</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="123640836"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="123640836"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 123640836; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=123640836]").text(description); $(".js-view-count[data-work-id=123640836]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 123640836; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='123640836']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (false){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=123640836]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":123640836,"title":"Firm Digitalization and Corporate Performance: the Moderating Effect of Organizational Capital","internal_url":"https://www.academia.edu/123640836/Firm_Digitalization_and_Corporate_Performance_the_Moderating_Effect_of_Organizational_Capital","owner_id":42727831,"coauthors_can_edit":true,"owner":{"id":42727831,"first_name":"Iraj","middle_initials":null,"last_name":"Fooladi","page_name":"IrajFooladi","domain_name":"independent","created_at":"2016-02-05T08:29:14.327-08:00","display_name":"Iraj Fooladi","url":"https://independent.academia.edu/IrajFooladi"},"attachments":[]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="121396306"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/121396306/Iraj_Fooladi_Draft_Profile_"><img alt="Research paper thumbnail of Iraj Fooladi (Draft Profile)" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/121396306/Iraj_Fooladi_Draft_Profile_">Iraj Fooladi (Draft Profile)</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Dr. Iraj Fooladi holds the Douglas C. Mackay Chair in Finance at Dalhousie University. He has bee...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Dr. Iraj Fooladi holds the Douglas C. Mackay Chair in Finance at Dalhousie University. He has been on faculty at University of Oregon, Penn State University, Victoria University of Wellington, DePaul University, University of the Philippines and Boston College. He was co-editor of the Canadian Journal of Administrative Sciences from 2000-05 and serves on editorial boards of finance and economics journals. His research interests include bond portfolio strategies, investor behaviour under uncertainty and socially responsible investments. Dr. Fooladi has published in refereed finance and economics journals, and received awards for his writings. He has served on program committees for the Atlantic Schools of Business, Administrative Sciences Association of Canada (ASAC), Financial Management Association, European Financial Management Association, Midwest Finance Association (MFA) and Northern Finance Association. He was President of ASAC and is now President-Elect of MFA. He is a regular reviewer for many economics and finance journals and a project evaluator for national granting agencies.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121396306"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121396306"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121396306; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121396306]").text(description); 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dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=121396306]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121396306,"title":"Iraj Fooladi (Draft Profile)","internal_url":"https://www.academia.edu/121396306/Iraj_Fooladi_Draft_Profile_","owner_id":42727831,"coauthors_can_edit":true,"owner":{"id":42727831,"first_name":"Iraj","middle_initials":null,"last_name":"Fooladi","page_name":"IrajFooladi","domain_name":"independent","created_at":"2016-02-05T08:29:14.327-08:00","display_name":"Iraj Fooladi","url":"https://independent.academia.edu/IrajFooladi"},"attachments":[]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="121396295"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/121396295/Bond_Portfolio_Immunization_Canadian_Tests_"><img alt="Research paper thumbnail of Bond Portfolio Immunization Canadian Tests*" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/121396295/Bond_Portfolio_Immunization_Canadian_Tests_">Bond Portfolio Immunization Canadian Tests*</a></div><div class="wp-workCard_item"><span>The Financial Review</span><span>, Aug 1, 1987</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="121396295"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="121396295"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 121396295; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=121396295]").text(description); $(".js-view-count[data-work-id=121396295]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 121396295; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='121396295']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (false){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=121396295]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":121396295,"title":"Bond Portfolio Immunization Canadian Tests*","internal_url":"https://www.academia.edu/121396295/Bond_Portfolio_Immunization_Canadian_Tests_","owner_id":42727831,"coauthors_can_edit":true,"owner":{"id":42727831,"first_name":"Iraj","middle_initials":null,"last_name":"Fooladi","page_name":"IrajFooladi","domain_name":"independent","created_at":"2016-02-05T08:29:14.327-08:00","display_name":"Iraj Fooladi","url":"https://independent.academia.edu/IrajFooladi"},"attachments":[]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="116331406"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/116331406/Complexity_of_Information_and_Trading_Behavior_The_Case_of_Dividend_Increase_Announcements"><img alt="Research paper thumbnail of Complexity of Information and Trading Behavior: The Case of Dividend Increase Announcements" class="work-thumbnail" src="https://attachments.academia-assets.com/112492393/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/116331406/Complexity_of_Information_and_Trading_Behavior_The_Case_of_Dividend_Increase_Announcements">Complexity of Information and Trading Behavior: The Case of Dividend Increase Announcements</a></div><div class="wp-workCard_item"><span>Social Science Research Network</span><span>, Oct 22, 2014</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">We examine the intraday trading response of participants in the common stock market and in the pr...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">We examine the intraday trading response of participants in the common stock market and in the preferred stock market to announcements of dividend increases on common stock. We find that participants in the preferred stock market respond more slowly to the announcement than those in the common stock market. Our results are consistent with the implications of Heiner's model of behavior under uncertainty, which suggest that investors who face a more complicated environment respond more slowly to new information. Participants in the preferred stock market face a more complicated environment because they have to determine the source of financing of the dividend increase, which can either increase or decrease the value of these securities. In contrast, regardless of how it is financed, a dividend increase has an unambiguous positive effect on the value of common shares. Therefore, the participants in the common stock market do not need to make the additional determination that preferred shareholders do, and, thus, need less time to analyze the information.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="5e9ddd60fc8a61abe07f44240b3c72db" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":112492393,"asset_id":116331406,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/112492393/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="116331406"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="116331406"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 116331406; 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="116331405"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/116331405/Emerging_Markets_and_Financing_with_Preferred_Stocks_The_Case_of_Pacific_Rim_Countries"><img alt="Research paper thumbnail of Emerging Markets and Financing with Preferred Stocks: The Case of Pacific Rim Countries" class="work-thumbnail" src="https://attachments.academia-assets.com/112492392/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/116331405/Emerging_Markets_and_Financing_with_Preferred_Stocks_The_Case_of_Pacific_Rim_Countries">Emerging Markets and Financing with Preferred Stocks: The Case of Pacific Rim Countries</a></div><div class="wp-workCard_item"><span>Social Science Research Network</span><span>, 2001</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This paper offers an explanation regarding financing strategies of corporations in selected count...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This paper offers an explanation regarding financing strategies of corporations in selected countries in emerging markets. We develop a partial equilibrium model in which preferred shares are issued by value maximizing corporations and bought by return maximizing investors. We concludes that seemingly inexplicable differences in financing strategies of corporations in selected countries are all consistent with rational behaviour of economic agents that optimise their objective functions. 5 See the following early editions of some popular finance textbooks: Brealey and Myers (1984), Copeland and Weston (1983), and Haley and Schall (1979). 6 These studies had limited impact on the way some textbooks analysed the issue of preferred shares. For example, Ross, Westerfield, Faffee, and Roberts (1999) Acknowledge the benefits in issuing preferred shares based on the</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="8b07d3dd02ebf77045832f8c734ea9e4" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":112492392,"asset_id":116331405,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/112492392/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="116331405"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="116331405"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 116331405; 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Ils montrent la diversit...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Les auteurs font le point sur la nature et les applications de la dur茅e. Ils montrent la diversit茅 des applications tant au niveau du placement que dans la gestion du risque. Le but est avant tout p茅dagogique. La d茅marche s'appuie sur la nature de la dur茅e (une mesure d'茅lasticit茅) et sur son potentiel en mati猫re d'immunisation des portefeuilles. En plus des notions classiques, les auteurs pr茅sentent les nouvelles mesures de dur茅e. Celles-ci n'exigent pas de supposer une structure horizontale 脿 taux unique oscillant et des flux pr茅d茅termin茅s. Elles s'accommodent de la structure enti猫re des taux d'int茅r锚t et de flux al茅atoires tributaires de l'incertitude des taux eux-m锚mes. Pour les obligations risqu茅es, les auteurs soulignent qu'il y a lieu de modifier le calcul de leur dur茅e du fait que la chronologie et le niveau des flux changent en cas de d茅faut. Quant 脿 la gestion actifs: passifs, elle fait appel 脿 la dur茅e dite nette, ou diff茅rentielle, soit le facteur d茅terminant l'influence d'un changement de taux sur l'avoir d'une entit茅. Les auteurs montrent aussi que la dur茅e diff茅rentielle peut servir 脿 cerner la structure optimale des passifs d'un 茅tat. I.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="5c297ee8ed6e66d85c2ca5f7f54d092f" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":112492370,"asset_id":116331404,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/112492370/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="116331404"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="116331404"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 116331404; 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Christensen and Sorenson (1994) refer to both duration and convexity as important tools for c...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">... Christensen and Sorenson (1994) refer to both duration and convexity as important tools for controlling interest rate risk, and add a third concept, which they call time value, that measures sensitivity of bond price with respect to the passage of time. ...</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="116331403"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="116331403"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 116331403; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=116331403]").text(description); $(".js-view-count[data-work-id=116331403]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 116331403; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='116331403']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (false){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); 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window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=116331402]").text(description); $(".js-view-count[data-work-id=116331402]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 116331402; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='116331402']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (false){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=116331402]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":116331402,"title":"A general theory of the competitive firm under undercertainty","internal_url":"https://www.academia.edu/116331402/A_general_theory_of_the_competitive_firm_under_undercertainty","owner_id":42727831,"coauthors_can_edit":true,"owner":{"id":42727831,"first_name":"Iraj","middle_initials":null,"last_name":"Fooladi","page_name":"IrajFooladi","domain_name":"independent","created_at":"2016-02-05T08:29:14.327-08:00","display_name":"Iraj Fooladi","url":"https://independent.academia.edu/IrajFooladi"},"attachments":[]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="116331401"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/116331401/On_Preferred_Stock"><img alt="Research paper thumbnail of On Preferred Stock" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/116331401/On_Preferred_Stock">On Preferred Stock</a></div><div class="wp-workCard_item"><span>Journal of Financial Research</span><span>, Dec 1, 1986</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Preferred stock is issued by many corporations in spite of its apparent disadvantages. This study...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Preferred stock is issued by many corporations in spite of its apparent disadvantages. This study explains why. A simple partial equilibrium model is presented in which preferred shares are both supplied and demanded. Stronger tax incentives in Canada than in the United States may create a positive preferred equilibrium. Empirical evidence on the relative use of preferred stock in the two countries is presented to support this hypothesis.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="116331401"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="116331401"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 116331401; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=116331401]").text(description); 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dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=116331401]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":116331401,"title":"On Preferred Stock","internal_url":"https://www.academia.edu/116331401/On_Preferred_Stock","owner_id":42727831,"coauthors_can_edit":true,"owner":{"id":42727831,"first_name":"Iraj","middle_initials":null,"last_name":"Fooladi","page_name":"IrajFooladi","domain_name":"independent","created_at":"2016-02-05T08:29:14.327-08:00","display_name":"Iraj Fooladi","url":"https://independent.academia.edu/IrajFooladi"},"attachments":[]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="116331400"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/116331400/The_effect_of_proportional_profit_tax_on_the_level_of_output_under_uncertainty"><img alt="Research paper thumbnail of The effect of proportional profit tax on the level of output, under uncertainty" class="work-thumbnail" src="https://attachments.academia-assets.com/112492394/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/116331400/The_effect_of_proportional_profit_tax_on_the_level_of_output_under_uncertainty">The effect of proportional profit tax on the level of output, under uncertainty</a></div><div class="wp-workCard_item"><span>Atlantic Economic Journal</span><span>, Dec 1, 1986</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="5a1cc01f43e278578c13296d5a0f36ad" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":112492394,"asset_id":116331400,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/112492394/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="116331400"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="116331400"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 116331400; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=116331400]").text(description); $(".js-view-count[data-work-id=116331400]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 116331400; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='116331400']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="116331399"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/116331399/Bond_portfolio_immunization_Canadian_tests"><img alt="Research paper thumbnail of Bond portfolio immunization: Canadian tests" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/116331399/Bond_portfolio_immunization_Canadian_tests">Bond portfolio immunization: Canadian tests</a></div><div class="wp-workCard_item"><span>Journal of Economics and Business</span><span>, Feb 1, 1992</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">... Bierwag, GO, Kaufman, GG, Latta, C., and Roberts, GS Winter 1987. Usefulness of duration in b...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">... Bierwag, GO, Kaufman, GG, Latta, C., and Roberts, GS Winter 1987. Usefulness of duration in bond portfolio management: Response to critics. ... In Innovations in Bond Portfolio Management: Duration Analysis and Immunization (GG Kaufman et al., Eds.). ...</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="116331399"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="116331399"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 116331399; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=116331399]").text(description); $(".js-view-count[data-work-id=116331399]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 116331399; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='116331399']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (false){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=116331399]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":116331399,"title":"Bond portfolio immunization: Canadian tests","internal_url":"https://www.academia.edu/116331399/Bond_portfolio_immunization_Canadian_tests","owner_id":42727831,"coauthors_can_edit":true,"owner":{"id":42727831,"first_name":"Iraj","middle_initials":null,"last_name":"Fooladi","page_name":"IrajFooladi","domain_name":"independent","created_at":"2016-02-05T08:29:14.327-08:00","display_name":"Iraj Fooladi","url":"https://independent.academia.edu/IrajFooladi"},"attachments":[]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="116331398"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/116331398/Duration_for_bonds_with_default_risk"><img alt="Research paper thumbnail of Duration for bonds with default risk" class="work-thumbnail" src="https://attachments.academia-assets.com/112492391/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/116331398/Duration_for_bonds_with_default_risk">Duration for bonds with default risk</a></div><div class="wp-workCard_item"><span>Journal of Banking and Finance</span><span>, 1997</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Does approximating duration estimates by ignoring default risk lead to error in the two major dur...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Does approximating duration estimates by ignoring default risk lead to error in the two major duration applications-measuring interest-rate price elasticity and immunization? We derive a general expression for duration in the presence of default risk based on Jonkhart's term structure model (On the term structure of interest rates and the risk of default, Journal of Banking and Finance 3, 253-262, 1979) extended to encompass risk aversion. The model includes terms for default probabilities and default payoffs in each period as well as for a delay between the occurrence of default and the final default payoff. 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="116331395"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/116331395/Captive_Finance_Subsidiaries_Overview_and_Synthesis"><img alt="Research paper thumbnail of Captive Finance Subsidiaries: Overview and Synthesis" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/116331395/Captive_Finance_Subsidiaries_Overview_and_Synthesis">Captive Finance Subsidiaries: Overview and Synthesis</a></div><div class="wp-workCard_item"><span>The Financial Review</span><span>, May 1, 1986</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">ABSTRACTA captive finance company is a wholly owned subsidiary whose primary business is to finan...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">ABSTRACTA captive finance company is a wholly owned subsidiary whose primary business is to finance the sales of the parent&#39;s products and services. Despite the continued growth and long history of captive finance companies, the issue of the economic impact of forming a captive remains controversial. Some view captive finance subsidiaries as unnecessary structures that may actually reduce the value of the firm. Others hold that captives can produce benefits that will increase firm value. The primary purpose of this paper is to provide an overview of the finance academic literature and to suggest direction for future research.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="116331395"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="116331395"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 116331395; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=116331395]").text(description); $(".js-view-count[data-work-id=116331395]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 116331395; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='116331395']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (false){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=116331395]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":116331395,"title":"Captive Finance Subsidiaries: Overview and Synthesis","internal_url":"https://www.academia.edu/116331395/Captive_Finance_Subsidiaries_Overview_and_Synthesis","owner_id":42727831,"coauthors_can_edit":true,"owner":{"id":42727831,"first_name":"Iraj","middle_initials":null,"last_name":"Fooladi","page_name":"IrajFooladi","domain_name":"independent","created_at":"2016-02-05T08:29:14.327-08:00","display_name":"Iraj Fooladi","url":"https://independent.academia.edu/IrajFooladi"},"attachments":[]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="116331335"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/116331335/Entry_into_Competitive_Industries_as_Affected_by_Risk_Aversion"><img alt="Research paper thumbnail of Entry into Competitive Industries as Affected by Risk Aversion" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/116331335/Entry_into_Competitive_Industries_as_Affected_by_Risk_Aversion">Entry into Competitive Industries as Affected by Risk Aversion</a></div><div class="wp-workCard_item"><span>Managerial Finance</span><span>, Mar 1, 1986</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Most textbooks discuss the problem of entry into competitive industries for a deterministic envir...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Most textbooks discuss the problem of entry into competitive industries for a deterministic environment. It is argued that the opportunity of earning an economic profit leads to the expansion of existing firms as well as to the entry of new firms. This process continues until entry no longer produces abnormal profits. Whenever losses exist, the forces work in the opposite direction, and some firms leave the industry. Thus, in the long run economic profits are zero.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="116331335"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="116331335"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 116331335; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=116331335]").text(description); $(".js-view-count[data-work-id=116331335]").attr('title', description).tooltip(); 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Finance</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="112372400"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="112372400"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 112372400; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=112372400]").text(description); $(".js-view-count[data-work-id=112372400]").attr('title', description).tooltip(); 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="112372398"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/112372398/Globalization_and_portfolio_risk_over_time_The_role_of_exchange_rate"><img alt="Research paper thumbnail of Globalization and portfolio risk over time: The role of exchange rate" class="work-thumbnail" src="https://attachments.academia-assets.com/109623623/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/112372398/Globalization_and_portfolio_risk_over_time_The_role_of_exchange_rate">Globalization and portfolio risk over time: The role of exchange rate</a></div><div class="wp-workCard_item"><span>Review of Financial Economics</span><span>, 2006</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">We examine benefits of international diversification for the period 1 January 1988 to 30 June 200...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">We examine benefits of international diversification for the period 1 January 1988 to 30 June 2000. We introduce a new variable (lambda) that measures these benefits more directly than do the pairwise correlations among equity markets, which are used in most other studies. Our study shows that despite international integrations, the benefits of international diversification measured in USD persist. Using lambda, we provide evidence that the increase in co-movements between equity market returns (measured in local currencies) has been counterbalanced by movements in exchange rates. We confirm our results by subjecting the trend in lambda to several tests.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="d763f5e67cafc0e317f0d61f84d0d3a2" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":109623623,"asset_id":112372398,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/109623623/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="112372398"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="112372398"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 112372398; 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="112372397"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/112372397/Credit_risk_management_a_survey_of_practices"><img alt="Research paper thumbnail of Credit risk management: a survey of practices" class="work-thumbnail" src="https://attachments.academia-assets.com/109623602/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/112372397/Credit_risk_management_a_survey_of_practices">Credit risk management: a survey of practices</a></div><div class="wp-workCard_item"><span>Managerial Finance</span><span>, Mar 1, 2006</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This paper proposes to investigate the current practices of credit risk management by the largest...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This paper proposes to investigate the current practices of credit risk management by the largest US-based financial institutions. Owing to the increasing variety in the types of counterparties and the ever-expanding variety in the forms of obligations, credit risk management has jumped to the forefront of risk management activities carried out by firms in the financial services industry. This study is designed to shed light on the current practices of these firms. A short questionnaire, containing seven questions, was mailed to each of the top 100 banking firms headquartered in the USA. It was found that identifying counterparty default risk is the single most-important purpose served by the credit risk models utilized. Close to half of the responding institutions utilize models that are also capable of dealing with counterparty migration risk. Surprisingly, only a minority of banks currently utilize either a proprietary or a vendor-marketed model for the management of their credit risk.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="112ca223cd036c388253f8d1e392f14e" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":109623602,"asset_id":112372397,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/109623602/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="112372397"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="112372397"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 112372397; 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