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	<title>Management Articles &#187; Financial Management</title>
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	<description>Management Articles</description>
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		<title>Catering Through Nominal Share Prices</title>
		<link>http://www.managementheaven.com/catering-nominal-share-prices/</link>
		<comments>http://www.managementheaven.com/catering-nominal-share-prices/#comments</comments>
		<pubDate>Wed, 28 Dec 2011 07:32:19 +0000</pubDate>
		<dc:creator>Admin</dc:creator>
				<category><![CDATA[Finance Papers]]></category>
		<category><![CDATA[stock market]]></category>
		<category><![CDATA[stock prices]]></category>

		<guid isPermaLink="false">http://www.managementheaven.com/?p=8431</guid>
		<description><![CDATA[We propose and test a catering theory of nominal stock prices. The theory predicts that when investors place higher valuations on low-price firms, managers will maintain share prices at lower levels, and vice-versa. Using measures of time-varying catering incentives based on valuation ratios]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Impact of Takeover Defenses on Managerial Incentives</title>
		<link>http://www.managementheaven.com/takeover-defenses-managerial-incentives/</link>
		<comments>http://www.managementheaven.com/takeover-defenses-managerial-incentives/#comments</comments>
		<pubDate>Wed, 19 Oct 2011 06:01:26 +0000</pubDate>
		<dc:creator>Admin</dc:creator>
				<category><![CDATA[Finance Papers]]></category>
		<category><![CDATA[Excess Liquidity]]></category>
		<category><![CDATA[Hostile Takeover]]></category>
		<category><![CDATA[Longterm Investments]]></category>
		<category><![CDATA[Managerial Incentives]]></category>
		<category><![CDATA[Voting Rights]]></category>

		<guid isPermaLink="false">http://www.managementheaven.com/?p=3059</guid>
		<description><![CDATA[The article studies how takeover defenses influence managerial incentives with respect to long term investments, excess liquidity and the amount of debt relative to equity. The article conducts a cross-sectional regression based on a sample of Danish listed firms, dealing explicitly with the problem of causation between the variables.]]></description>
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		<item>
		<title>Optimal Consumption and Investment Strategies with Stochastic Interest Rates</title>
		<link>http://www.managementheaven.com/optimal-consumption-investment-strategies/</link>
		<comments>http://www.managementheaven.com/optimal-consumption-investment-strategies/#comments</comments>
		<pubDate>Tue, 27 Sep 2011 11:13:39 +0000</pubDate>
		<dc:creator>Admin</dc:creator>
				<category><![CDATA[Finance Papers]]></category>
		<category><![CDATA[interest rate]]></category>
		<category><![CDATA[Investment Strategies]]></category>
		<category><![CDATA[Stochastic Interest Rates]]></category>

		<guid isPermaLink="false">http://www.managementheaven.com/?p=3073</guid>
		<description><![CDATA[We research the consumption and investment range of a time-additive power utility investor and display how the investor need to optimally hedge changes in the opportunity set. The investor is permitted to purchase stocks and rate of interest based assets in a continuous-time dynamically complete market. Specifically, we show that under stochastic rates of interest [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Intelligent tactical asset allocation support system</title>
		<link>http://www.managementheaven.com/intelligent-tactical-asset-allocation-support-system/</link>
		<comments>http://www.managementheaven.com/intelligent-tactical-asset-allocation-support-system/#comments</comments>
		<pubDate>Tue, 27 Sep 2011 09:39:48 +0000</pubDate>
		<dc:creator>Admin</dc:creator>
				<category><![CDATA[Finance Papers]]></category>
		<category><![CDATA[investment strategy]]></category>
		<category><![CDATA[Portfolio Performance]]></category>
		<category><![CDATA[Tactical Asset Allocation]]></category>

		<guid isPermaLink="false">http://www.managementheaven.com/?p=15027</guid>
		<description><![CDATA[This statement discloses a state-of-the-art support system for Tactical Asset Allocation. Asset allocation describes over 90% of portfolio performance (Brinson, Hood and Beebower, 1988). Tactical asset allocation tunes a strategic portfolio based on short term market outlooks. The technique features a forecast model that predicts quarterly excess returns on the S&#038;PSOO, an optimisation..]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Hedging with stock index futures: downside risk versus the variance</title>
		<link>http://www.managementheaven.com/hedging-stock-index-futures/</link>
		<comments>http://www.managementheaven.com/hedging-stock-index-futures/#comments</comments>
		<pubDate>Thu, 09 Jun 2011 08:01:52 +0000</pubDate>
		<dc:creator>Admin</dc:creator>
				<category><![CDATA[Finance Papers]]></category>
		<category><![CDATA[downside risk]]></category>
		<category><![CDATA[futures markets]]></category>
		<category><![CDATA[hedge ratio]]></category>
		<category><![CDATA[hedging]]></category>
		<category><![CDATA[stock index futures]]></category>

		<guid isPermaLink="false">http://www.managementheaven.com/?p=15022</guid>
		<description><![CDATA[Hedging involves the transfer of price change risk of an asset fiom the owner of the asset to others who are willing to bear this risk. In this paper we investigate hedging a stock portfolio with stock index futures. Instead of defining the hedge ratio as the minimum variance hedge ratio, we consider several measures of [...]]]></description>
		<wfw:commentRss>http://www.managementheaven.com/hedging-stock-index-futures/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Market Evidence of Misperceived Prices and Mistaken Mortality Risks</title>
		<link>http://www.managementheaven.com/misperceived-prices-mistaken-mortality-risks/</link>
		<comments>http://www.managementheaven.com/misperceived-prices-mistaken-mortality-risks/#comments</comments>
		<pubDate>Thu, 02 Jun 2011 14:04:19 +0000</pubDate>
		<dc:creator>Admin</dc:creator>
				<category><![CDATA[Finance Papers]]></category>
		<category><![CDATA[Marketing Papers]]></category>
		<category><![CDATA[consumer behavior]]></category>
		<category><![CDATA[insurance markets]]></category>
		<category><![CDATA[life insurance policies]]></category>
		<category><![CDATA[mistaken mortality risks]]></category>
		<category><![CDATA[mortality risk]]></category>

		<guid isPermaLink="false">http://www.managementheaven.com/?p=9104</guid>
		<description><![CDATA[Making insurance and savings decisions is very diﬃcult. This paper constructs and implements a test of rational consumer behavior in a highstakes financial market. In particular, we test whether consumers make systematic mistakes in perceiving their mortality risks&#8230; We implement this test using data from secondary life insurance markets where consumers with a lifethreatening illness sell [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>When Does a Mutual Fund&#8217;s Trade Reveal its Skill?</title>
		<link>http://www.managementheaven.com/mutual-funds-trade-skill/</link>
		<comments>http://www.managementheaven.com/mutual-funds-trade-skill/#comments</comments>
		<pubDate>Thu, 02 Jun 2011 13:25:53 +0000</pubDate>
		<dc:creator>Admin</dc:creator>
				<category><![CDATA[Finance Papers]]></category>
		<category><![CDATA[informed trading]]></category>
		<category><![CDATA[mutual fund manager]]></category>
		<category><![CDATA[price momentum]]></category>
		<category><![CDATA[stock selection]]></category>

		<guid isPermaLink="false">http://www.managementheaven.com/?p=9216</guid>
		<description><![CDATA[We conjecture that a mutual fund manager with superior stock selection ability is more likely to benefit from trading in stocks affected by information-events. Taking the probability of informed trading (PIN, Easley, Kiefer, O&#8217;Hara, and Paperman, 1996) to measure the amount of informed trading in a stock, and inferring mutual fund trades from a large [...]]]></description>
		<wfw:commentRss>http://www.managementheaven.com/mutual-funds-trade-skill/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>A Net Present Value Model of Natural Gas Exploitation in Northern Alberta: An Analysis of Land Values in Woodland Caribou Ranges</title>
		<link>http://www.managementheaven.com/a-net-present-value-model-of-natural-gas-exploitation-in-northern-alberta-an-analysis-of-land-values-in-woodland-caribou-ranges/</link>
		<comments>http://www.managementheaven.com/a-net-present-value-model-of-natural-gas-exploitation-in-northern-alberta-an-analysis-of-land-values-in-woodland-caribou-ranges/#comments</comments>
		<pubDate>Mon, 23 May 2011 06:35:06 +0000</pubDate>
		<dc:creator>Admin</dc:creator>
				<category><![CDATA[Finance Papers]]></category>
		<category><![CDATA[conservation strategies]]></category>
		<category><![CDATA[net present value model]]></category>
		<category><![CDATA[spatial resolution]]></category>

		<guid isPermaLink="false">http://www.managementheaven.com/?p=13531</guid>
		<description><![CDATA[This report was prepared for the purpose of providing background documentation of inputs to be used in mathematical programming models and papers, which are being prepared for our research project: Ecological and economic tradeoff analysis of conservation strategies for woodland caribou. The report presents a simple net present value model of resource and land value [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Bank Integration and State Business Cycles</title>
		<link>http://www.managementheaven.com/bank-integration-state-business-cycles/</link>
		<comments>http://www.managementheaven.com/bank-integration-state-business-cycles/#comments</comments>
		<pubDate>Wed, 11 May 2011 06:27:39 +0000</pubDate>
		<dc:creator>Admin</dc:creator>
				<category><![CDATA[Finance Papers]]></category>
		<category><![CDATA[bank integration]]></category>
		<category><![CDATA[business cycles]]></category>
		<category><![CDATA[demand shocks]]></category>
		<category><![CDATA[economic volatility]]></category>

		<guid isPermaLink="false">http://www.managementheaven.com/?p=4104</guid>
		<description><![CDATA[We investigate how integration of bank ownership across states has affected economic volatility within states. In theory, bank integration could cause higher or lower volatility, depending on whether credit supply or credit demand shocks predominate. In fact, year-to-year fluctuations in a state&#8217;s economic growth fall as its banks become more integrated (via holding companies) with [...]]]></description>
		<wfw:commentRss>http://www.managementheaven.com/bank-integration-state-business-cycles/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Evaluating Value-at-Risk Models with Desk-Level Data</title>
		<link>http://www.managementheaven.com/value-risk-models/</link>
		<comments>http://www.managementheaven.com/value-risk-models/#comments</comments>
		<pubDate>Sat, 07 May 2011 08:55:41 +0000</pubDate>
		<dc:creator>Admin</dc:creator>
				<category><![CDATA[Finance Papers]]></category>
		<category><![CDATA[financial services industry]]></category>
		<category><![CDATA[money managers]]></category>
		<category><![CDATA[profit and loss]]></category>
		<category><![CDATA[risk models]]></category>
		<category><![CDATA[securities trading]]></category>
		<category><![CDATA[value at risk]]></category>

		<guid isPermaLink="false">http://www.managementheaven.com/?p=11980</guid>
		<description><![CDATA[In the financial services industry, a primary concern of money managers is the on-going level of risk in their portfolios. This paper presents new evidence on disaggregated profit and loss (P/L) and Value-at-Risk (VaR) forecasts obtained from a large international commercial bank. Our dataset includes the actual daily P/L generated by four separate business lines [...]]]></description>
		<wfw:commentRss>http://www.managementheaven.com/value-risk-models/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Debt Sustainability,  Brazil, and the IMF</title>
		<link>http://www.managementheaven.com/debt-sustainability-brazil-imf/</link>
		<comments>http://www.managementheaven.com/debt-sustainability-brazil-imf/#comments</comments>
		<pubDate>Tue, 03 May 2011 12:35:43 +0000</pubDate>
		<dc:creator>Admin</dc:creator>
				<category><![CDATA[Finance Papers]]></category>
		<category><![CDATA[debt problems]]></category>
		<category><![CDATA[debt sustainability]]></category>
		<category><![CDATA[emerging economies]]></category>
		<category><![CDATA[financial crises]]></category>

		<guid isPermaLink="false">http://www.managementheaven.com/?p=9912</guid>
		<description><![CDATA[The  financial crises in emerging economies over the past two years would have two things. First, there has been a high concentration of financial crises in Latin America. Second, debt problems have been at the heart of several recent crises. This paper discusses issues of debt sustainability in emerging economies. After providing in section II a [...]]]></description>
		<wfw:commentRss>http://www.managementheaven.com/debt-sustainability-brazil-imf/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Lapse Rate Modeling: A Rational Expectation Approach</title>
		<link>http://www.managementheaven.com/lapse-rate-modeling/</link>
		<comments>http://www.managementheaven.com/lapse-rate-modeling/#comments</comments>
		<pubDate>Wed, 20 Apr 2011 06:53:34 +0000</pubDate>
		<dc:creator>Admin</dc:creator>
				<category><![CDATA[Finance Papers]]></category>
		<category><![CDATA[contingent claim]]></category>
		<category><![CDATA[lapse rate]]></category>
		<category><![CDATA[life insurance products]]></category>
		<category><![CDATA[mortgage backed securities]]></category>

		<guid isPermaLink="false">http://www.managementheaven.com/?p=11507</guid>
		<description><![CDATA[The surrender option embedded in many life insurance products is a clause that allows policyholders to terminate the contract early. Pricing techniques based on the American Contingent Claim (ACC) theory are often used, though the actual policyholders&#8217; behavior is far from optimal. Inspired by many prepayment models for mortgage backed securities, this paper builds a [...]]]></description>
		<wfw:commentRss>http://www.managementheaven.com/lapse-rate-modeling/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
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		<item>
		<title>The Market for Borrowing Corporate Bonds</title>
		<link>http://www.managementheaven.com/market-borrowing-corporate-bonds/</link>
		<comments>http://www.managementheaven.com/market-borrowing-corporate-bonds/#comments</comments>
		<pubDate>Sun, 13 Feb 2011 11:15:42 +0000</pubDate>
		<dc:creator>Admin</dc:creator>
				<category><![CDATA[Finance Papers]]></category>
		<category><![CDATA[corporate bonds]]></category>
		<category><![CDATA[loan size]]></category>
		<category><![CDATA[trading strategies]]></category>

		<guid isPermaLink="false">http://www.managementheaven.com/?p=9148</guid>
		<description><![CDATA[This paper discusses the market for borrowing corporate bonds from a major lender. It analyzes the market for borrowing and shorting corporate bonds. The cost of borrowing corporate bonds can be compared to the cost of borrowing stock. Some factors that increase borrowing costs are loan size, percentage of inventory lent, rating, and borrower identity. [...]]]></description>
		<wfw:commentRss>http://www.managementheaven.com/market-borrowing-corporate-bonds/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>The Dynamics of External Financing</title>
		<link>http://www.managementheaven.com/dynamics-external-financing/</link>
		<comments>http://www.managementheaven.com/dynamics-external-financing/#comments</comments>
		<pubDate>Sun, 06 Feb 2011 08:06:54 +0000</pubDate>
		<dc:creator>Admin</dc:creator>
				<category><![CDATA[Finance Papers]]></category>
		<category><![CDATA[external financing]]></category>
		<category><![CDATA[financial choices]]></category>

		<guid isPermaLink="false">http://www.managementheaven.com/?p=7841</guid>
		<description><![CDATA[A dynamic process underlying firms&#8217; discrete financial choices has previously been found, but without controlling for unobserved heterogeneity, this dependence can either be of a &#8220;true&#8221; nature or an effect of firm-specific characteristics that we cannot observe. This study extends previous research focusing on firms&#8217; discrete external financing decision by adapting a model by Honoré [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>Intraday Linkages Across International Equity Markets</title>
		<link>http://www.managementheaven.com/intraday-international-equity-markets/</link>
		<comments>http://www.managementheaven.com/intraday-international-equity-markets/#comments</comments>
		<pubDate>Wed, 02 Feb 2011 08:21:01 +0000</pubDate>
		<dc:creator>Admin</dc:creator>
				<category><![CDATA[Economics Papers]]></category>
		<category><![CDATA[Finance Papers]]></category>
		<category><![CDATA[european stock markets]]></category>
		<category><![CDATA[hedging strategies]]></category>
		<category><![CDATA[international equity markets]]></category>
		<category><![CDATA[intraday dynamics]]></category>
		<category><![CDATA[market volatility]]></category>
		<category><![CDATA[regulatory policy]]></category>

		<guid isPermaLink="false">http://www.managementheaven.com/?p=3816</guid>
		<description><![CDATA[Utilizing concurrent 5-minute returns, the intraday dynamics and inter-market dependencies in international equity markets were investigated. A strong intraday cyclical autocorrelation structure in the volatility process was observed to be caused by the diurnal pattern. A major rise in contemporaneous cross correlation among European stock markets was also noticed to follow the opening of the [...]]]></description>
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