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  • Blackwell Publishing Ltd  (2)
  • Blackwell Publishing Ltd/Inc.  (1)
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  • 1
    Electronic Resource
    Electronic Resource
    A Modified ‘Square Root’ Process for Determining the Value of the Option to (Dis)invest (2004)
    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Journal of business finance & accounting 31 (2004), S. 0 
    Details
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract:  We determine optimal investment criteria for a capital project whose cash flows evolve in terms of a ‘modified square root’ process. The modified square root process has properties similar to the Cox, Ingersoll and Ross (1985)‘square root’ process but in addition, encompasses the possibility of negative cash flows. Although closed form solutions for the valuation equations implied by the modified square root process are the exception rather than the rule we are able to show that analytic solutions, in the form of infinite power series expansions, will always exist. Furthermore, we also show that when a prescribed set of regularity conditions is satisfied, these power series expansions converge to closed form valuation functions. The optimality criteria for capital investment decisions are then simplified considerably.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.0306-686X.2004.00580.x
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  • 2
    Electronic Resource
    Electronic Resource
    COMPETITION AMONG STAKEHOLDER GROUPS FOR POLITICAL INFLUENCE OVER BUSINESS REGULATION: THE CASE OF THE UK PENSIONS INDUSTRY (2003)
    Oxford, UK : Blackwell Publishing Ltd
    Economic affairs 23 (2003), S. 0 
    Details
    ISSN: 1468-0270
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper applies a stakeholder perspective to estimate various types of costs (taxes) and benefits (subsidies) affecting stakeholder groups whose constituents are most affected by recent, major reforms to the public regulation of the UK pensions industry. Both direct and indirect subsidies and taxes arising from regulation distinguishes groups representing both sophisticated and vulnerable investors. The analysis suggests that financial intermediaries, and industry regulators, are all effectively subsidised by other stakeholder groups.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1468-0270.00423
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  • 3
    Electronic Resource
    Electronic Resource
    EDITORIAL: FINANCIAL SERVICES REGULATION (2003)
    Oxford, UK : Blackwell Publishing Ltd
    Economic affairs 23 (2003), S. 0 
    Details
    ISSN: 1468-0270
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1468-0270.00422
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