Losing Faith or Appetite? The Impact of Payoff Experiences on Ambiguity Attitudes, Beliefs, and Investment Choice

2021 ◽  
Author(s):  
Peiran Jiao ◽  
Chen Li
Keyword(s):  
Investment Choice ◽  
Ambiguity Attitudes ◽  
The Impact

INTERNAL FINANCIAL CONSTRAINTS, EXTERNAL FINANCIAL CONSTRAINTS AND INVESTMENT CHOICE: EVIDENCE FROM PAKISTANI FIRMS

2012 ◽  
Vol 01 (08) ◽  
pp. 18-22
Author(s):  
Muhammad AZAM ◽  
Syed Anum SHAH
Keyword(s):  
Financial Constraints ◽  
Oil And Gas ◽  
Stock Exchange ◽  
Negative Relationship ◽  
Dividend Payout ◽  
Listed Firms ◽  
Investment Choice ◽  
Time Period ◽  
Fixed Line ◽  
The Impact

The purpose of this study is to analyze the impact of internal and external financial constraints on investment choice. The data have been taken from 9 major sectors (52 listed firms in the Karachi Stock Exchange) namely; Pharmaceutical & Bio Technology, Textile, Sugar, Tobacco, Chemicals, Oil and Gas, Fixed line Telecommunication, Industrial metal and Mining, and Cement sectors for the time period 2004 to 2010 on annual basis. Multiple regression analysis has been done to examine the relationship among firm’s size, dividend payout ratio, firm’s age, and investment. The empirical findings show that there is positive relationship between the firms’ size and investment while a negative relationship exists between firms’ age and investment. It also reports that there is negative relationship between dividend payout ratio and the investment. This shows that if a firm grows old or high dividend payout ratio then it will tend to spend less for expansion as compared to the young firms.

EXPORT SUBSIDIES AND THE FIRST-MOVER (DIS)ADVANTAGE

2011 ◽  
Vol 56 (01) ◽  
pp. 41-50
Author(s):  
MATLOOB PIRACHA
Keyword(s):  
Private Information ◽  
Optimal Policy ◽  
Low Cost ◽  
Complete Information ◽  
Full Information ◽  
Investment Choice ◽  
Export Subsidies ◽  
The Government ◽  
The Impact ◽  
First Mover

In the presence of home firm's ability to make a cost-reducing investment before or after the government set its subsidy level, this paper analyzes the impact of timing on the optimal policy of the government. We find that under complete information assumption, the firm will overinvest and consequently, the government will over-subsidize, resulting in lower welfare levels than would arise under non-intervention. We extend the model to the case in which the home firm has private information about its own costs, which it may want to signal to the government through its investment choice. We find that under this setup, the low-cost firm overinvests even more than under full information case, making the policy of non-intervention even more attractive.

scholarly journals Short and/or long-term investment choice: Artificial intelligence analysis of the role of both or-ganizational and behavioral determinants

2022 ◽  
Vol 6 (1) ◽  
pp. 155-164 ◽  
Author(s):  
Fadhila Hamza
Keyword(s):  
Artificial Intelligence ◽  
Locus Of Control ◽  
Important Variable ◽  
Intelligence Analysis ◽  
Investment Horizon ◽  
Behavioral Determinants ◽  
Investment Choice ◽  
Organizational Determinants ◽  
The Impact

This paper shows empirically the impact of organizational and behavioral determinants on the CEO's investment horizon choice, using artificial intelligence explanatory methods. We apply our approach to 100 Saudi firms. We test the effect of three organizational determinants: ownership concentration, board independence, and CEO remuneration system; and three behavioral determinants: myopia, the locus of control and commitment, on the CEO's investment horizon choice. The study’s key finding is that executives' commitment bias is the most important variable in terms of modal value that affects firms' long-term investment choice. We also find a positive and significant relationship between myopia and long-term investment choice, whereas the lowliest determinant of the horizon choice is the locus of control. More generally, these results show that CEOs who are likely to be the most myopic may display long-term behavior with the existence of high cognitive involvement.

THE IMPACT OF EXPOSURE TO ARMED CONFLICT ON RISK AND AMBIGUITY ATTITUDES

2021 ◽  
Author(s):  
arzu kibris ◽  
Neslihan Uler
Keyword(s):  
Armed Conflict ◽  
Ambiguity Attitudes ◽  
The Impact

scholarly journals AN INVESTMENT CHOICE PROBLEM AND CALENDAR ANOMALIES: A GROUP AHP MODEL FOR INVESTORS

2020 ◽  
Vol 12 (2) ◽  
Author(s):  
Gabriella Marcarelli ◽  
Matteo Rossi ◽  
Antonella Ferrarro ◽  
Antonio Lucadamo
Keyword(s):  
Financial Markets ◽  
Portfolio Management ◽  
Choice Problem ◽  
Priority Vector ◽  
Investment Choice ◽  
Stock Market Performance ◽  
Calendar Anomalies ◽  
The Government ◽  
The Individual ◽  
The Impact

An investment choice can be influenced by numerous qualitative and quantitative factors that often conflict with one other. Therefore, portfolio management choice is a multi-criteria decision problem that requires flexible and analytic decision tools for investors. For this task, the Analytic Hierarchy Process (AHP) is suitable. We propose an AHP group-based model to analyze an investment choice problem looking at two financial markets including Spain and France. The evaluation criteria that we used in our model are the return of the stock market, performance of government bonds and calendar effects in the financial markets. The 2017 French and Spanish equity market returns and the government bond performances for each country are available in public databases. Mean tests were performed in order to analyze calendar anomalies for both of the markets from 2007-2017. The aim of our study is to propose a model that allows simultaneous evaluation of the impact of the previously mentioned factors on investment choice. Our analysis involves 69 students from the Department DEMM of the University of Sannio (Italy) who have worked on financial market simulators. The data were obtained using questionnaires. The common priority vector procedure (CPVP) was used to determine the individual priorities (derived by individual judgments matrices) and aggregate the individual priorities (derived by individual judgments matrices) to obtain the group preferences. The results show that the decision makers prefer to invest in diversified portfolios.  

Formation of Lunar Craters and Bright Rays as a Result of Meteorite Impacts

1962 ◽  
Vol 14 ◽  
pp. 415-418
Author(s):  
K. P. Stanyukovich ◽  
V. A. Bronshten
Keyword(s):  
Explosive Charge ◽  
The Moon ◽  
Meteorite Impacts ◽  
The Earth ◽  
Lunar Craters ◽  
The Impact

The phenomena accompanying the impact of large meteorites on the surface of the Moon or of the Earth can be examined on the basis of the theory of explosive phenomena if we assume that, instead of an exploding meteorite moving inside the rock, we have an explosive charge (equivalent in energy), situated at a certain distance under the surface.

The Geosciences Applied to Lunar Exploration

1962 ◽  
Vol 14 ◽  
pp. 169-257 ◽  
Author(s):  
J. Green
Keyword(s):  
Lunar Surface ◽  
Probable Mechanism ◽  
Point Of View ◽  
Lunar Exploration ◽  
Geological Model ◽  
Apply Geophysics ◽  
Surface Features ◽  
The Impact

The term geo-sciences has been used here to include the disciplines geology, geophysics and geochemistry. However, in order to apply geophysics and geochemistry effectively one must begin with a geological model. Therefore, the science of geology should be used as the basis for lunar exploration. From an astronomical point of view, a lunar terrain heavily impacted with meteors appears the more reasonable; although from a geological standpoint, volcanism seems the more probable mechanism. A surface liberally marked with volcanic features has been advocated by such geologists as Bülow, Dana, Suess, von Wolff, Shaler, Spurr, and Kuno. In this paper, both the impact and volcanic hypotheses are considered in the application of the geo-sciences to manned lunar exploration. However, more emphasis is placed on the volcanic, or more correctly the defluidization, hypothesis to account for lunar surface features.

Asteroid and Comet Impact Speeds upon Mars: Significance for Panspermia and the Supply of Organics

1997 ◽  
Vol 161 ◽  
pp. 197-201 ◽  
Author(s):  
Duncan Steel
Keyword(s):  
Probability Distributions ◽  
Regions Of Interest ◽  
Significant Fraction ◽  
Organic Chemicals ◽  
Impact Speed ◽  
The Mean ◽  
The Impact

AbstractWhilst lithopanspermia depends upon massive impacts occurring at a speed above some limit, the intact delivery of organic chemicals or other volatiles to a planet requires the impact speed to be below some other limit such that a significant fraction of that material escapes destruction. Thus the two opposite ends of the impact speed distributions are the regions of interest in the bioastronomical context, whereas much modelling work on impacts delivers, or makes use of, only the mean speed. Here the probability distributions of impact speeds upon Mars are calculated for (i) the orbital distribution of known asteroids; and (ii) the expected distribution of near-parabolic cometary orbits. It is found that cometary impacts are far more likely to eject rocks from Mars (over 99 percent of the cometary impacts are at speeds above 20 km/sec, but at most 5 percent of the asteroidal impacts); paradoxically, the objects impacting at speeds low enough to make organic/volatile survival possible (the asteroids) are those which are depleted in such species.

Organic Syntheses During the Impact of a Comet with a Gaseous Planet

1997 ◽  
Vol 161 ◽  
pp. 189-195
Author(s):  
Cesare Guaita ◽  
Roberto Crippa ◽  
Federico Manzini
Keyword(s):  
Polymeric Material ◽  
Molecular Form ◽  
Parent Compound ◽  
Blue Filter ◽  
Organic Syntheses ◽  
The Impact

AbstractA large amount of CO has been detected above many SL9/Jupiter impacts. This gas was never detected before the collision. So, in our opinion, CO was released from a parent compound during the collision. We identify this compound as POM (polyoxymethylene), a formaldehyde (HCHO) polymer that, when suddenly heated, reformes monomeric HCHO. At temperatures higher than 1200°K HCHO cannot exist in molecular form and the most probable result of its decomposition is the formation of CO. At lower temperatures, HCHO can react with NH3 and/or HCN to form high UV-absorbing polymeric material. In our opinion, this kind of material has also to be taken in to account to explain the complex evolution of some SL9 impacts that we observed in CCD images taken with a blue filter.

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