Asset Management, Human Capital and the Market for Risk Assets PDF Download
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Author: Isaac Ehrlich
Publisher:
ISBN:
Category :
Languages : en
Pages : 43
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Author: Isaac Ehrlich
Publisher:
ISBN:
Category :
Languages : en
Pages : 43
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Book Description
Author: Isaac Ehrlich
Publisher:
ISBN:
Category : Education
Languages : en
Pages : 76
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Book Description
Risky-asset prices are conventionally modeled as "fully (information-) revealing". Much less work has been done on how prices get to reveal information. Following the "noisy-prices", rational-expectations approach, our answer focuses on the micro-foundations of information acquisition and the role of human capital in asset, or risk, management. We derive testable propositions on how education and other determinants of asset management affect its intensity, risky-asset demand, and portfolio returns. We derive related insights concerning determinants of the level and volatility of asset prices and equity premiums. Using micro-level data on portfolio choices, we find that education raises both the portfolio share of risky assets and overall portfolio returns, while a measure of the opportunity cost of asset management has the opposite effects. Our results indicate a non-trivial return to education in generating non-wage income. They suggest that educational attainments directly affect the distribution of income as well as earnings.
Author: Isaac Ehrlich
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Takao Kobayashi
Publisher:
ISBN:
Category :
Languages : en
Pages : 31
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This study examines life-cycle optimal consumption and asset allocation in the presence of human capital. Labor income seems like a money market mutual fund whose balance in one or two years is predictable but a wide dispersion results after many years, reflecting fluctuations in economic conditions. We use the martingale method to derive an analytical solution, finding that Merton's well-known constant-mix strategy is still true after incorporating human capital from the perspective of total wealth management. Moreover, the proportion in risky assets implicit in the agent's human capital is the main factor determining the optimal investment strategy. The numerical examples suggest that young investors should short stocks because their human capital has large market exposure. As they age, however, their human capital becomes bond-like, and thus they have to hold stocks to achieve optimal overall risk exposure.
Author: Russ, Meir
Publisher: IGI Global
ISBN: 1466696532
Category : Business & Economics
Languages : en
Pages : 356
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Book Description
In the ‘knowledge economy’, it is widely recognized that the effective engagement and utilization of human capital and the other facets of intellectual capital are critical, if not the only means, to organizations’ short-term success and long-term survival. Quantitative Multidisciplinary Approaches in Human Capital and Asset Management provides robust scientific research and multidisciplinary perspectives on the theory behind the governance of human capital and human assets. Focusing on insight from the diverse fields of economics, finance, accounting, IT, biology, and development, this timely publication is designed to fit the research needs of researchers, practitioners, graduate-level students, and executives seeking methods for managing intellectual capital in the new knowledge economy.
Author: Philipp Schmieja
Publisher: GRIN Verlag
ISBN: 3656055262
Category : Business & Economics
Languages : de
Pages : 77
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Book Description
Studienarbeit aus dem Jahr 2011 im Fachbereich BWL - Personal und Organisation, Note: 1,0, AKAD University, ehem. AKAD Fachhochschule Stuttgart, Veranstaltung: Issues in International Human Resources Management (PER10), Sprache: Deutsch, Abstract: In a rapidly changing business environment organizations are increasingly realizing that people are the most critical con-tributors to success. In order to compete in the twenty-first century, Human Resources professionals have to focus on various tasks and challenges. Managing knowledge workers becomes a new challenge. Companies that want to cope with the challenges have to invest in the development of the skills of their employees. The tools and methods for identification and transfer of knowledge can be grouped under the term of "Skill Management". But can Skill Management actually contribute to the entrepreneurial success? What are the tasks and challenges that have to be faced by a modern HRM? Why are people the most important asset of an organization, and what are currently important requirements to attract, engage, and retain knowledge workers?
Author: M. Russ
Publisher: Springer
ISBN: 1137355727
Category : Business & Economics
Languages : en
Pages : 254
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Book Description
Perspectives on Human Capital and Assets goes beyond the current literature by providing a platform for a broad scope of discussion regarding HC&A, and, more importantly, by encouraging a multidisciplinary fusion between diverse disciplines.
Author: Junaid Javaid
Publisher: GRIN Verlag
ISBN: 3656762112
Category : Business & Economics
Languages : en
Pages : 43
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Book Description
Seminar paper from the year 2012 in the subject Business economics - Business Management, Corporate Governance, grade: C+, University of Bedfordshire, course: MSc Finance & Business Management, language: English, abstract: This AMP is carried out as a research toward finding and relating the company’s Human Capital with its desired performance. It has also suggested the method by which the company can reliably reports its Human Capital as the strongest company’s asset in its financial statements. From the Background context of given issue the evidence looks prominent and right that in the current scenario Human Capital is considered to be as the key success factor. The Literature Review section, in relation to the definition of Human Capital, the arguments of both Becker (1993) and Davenport (1999) makes sense and also looks generous. Becker (1993) defined Human Capital as a composition of four characteristics (Credentials, Reputation, Personality and Appearance). While on the other side, Davenport (1999) made a figure of by combining all aspects (Employee effort, behaviour, ability & time) together to give final shape to undergoing definition. In relations to the measurement methods of Human Capital, there are many Scholars who came forwards and proposed different methods. It has been regarded and acknowledged that work of certain Authors: Kaplan & Norton (1992), Monti-Belkaou & Riahi-Belkaoui (1995), Brown (1999) and Weiss (1999) is prominent. Out of these four studies Monti-Belkaou & Riahi-Belkaoui (1995) took the fame as their model have both aspect: practical implementation and recognition of value added by the company’s demployed Human Capital in its overall financial performance and operational excellence. The objectives of this AMP have been achieved. From the models like Balanced Scorecard and Kaplan’s Seven Step Framework and also from the case studies like Huselid, et al (1997) and Delery & Doty, (1996), it has been cleared and understood that the company’s Human Capital has implications on its business performance (success). From the studies like Kaplan & Norton (1992), Monti-Belkaou & Riahi-Belkaoui (1995), Brown (1999) and Weiss (1999), it has illustrated that these are the certain methods by which the company could include Human Capital as the company’s most significant in its financial reporting. Out of these four studies, Monti-Belkaou & Riahi-Belkaoui (1995) took the fame. So the need of an hour is to select it as the common framework for the reporting of Human Capital as the company’s most powerful assets.
Author: Andrew Ang
Publisher: Oxford University Press
ISBN: 019938231X
Category : Business & Economics
Languages : en
Pages : 717
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Book Description
In Asset Management: A Systematic Approach to Factor Investing, Professor Andrew Ang presents a comprehensive, new approach to the age-old problem of where to put your money. Years of experience as a finance professor and a consultant have led him to see that what matters aren't asset class labels, but instead the bundles of overlapping risks they represent. Factor risks must be the focus of our attention if we are to weather market turmoil and receive the rewards that come with doing so. Clearly written yet full of the latest research and data, Asset Management is indispensable reading for trustees, professional money managers, smart private investors, and business students who want to understand the economics behind factor risk premiums, to harvest them efficiently in their portfolios, and to embark on the search for true alpha.
Author: Chad Milewicz
Publisher:
ISBN:
Category : Consumer satisfaction
Languages : en
Pages : 102
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Book Description
The accountability of marketing investments continues to be a key area of concern for researchers and practitioners (MSI Research Priorities, 2008). In particular, market-based assets, specifically customer relationships, and their potential impact on firm performance are a significant source of interest. Though research in this area continues to grow, little is understood about how investments in human capital and the acquisition of alliance partners through factor markets relate to customer relationship management and the impact of customer relationships on performance. This dissertation presents two studies which, together, investigate how investments in market-based assets influence on abnormal stock returns. In the first study, the resource-based view of the firm (Barney 1991) is used to posit several hypotheses related to investments in human capital. The hypotheses are tested using ten years of data from the U.S. airline industry and analyzed using a mixed-effects methodology. Results indicate that investments in customer service personnel impact abnormal stock returns through their impact on customer relationships. Moreover, these investments tend to have decreasing returns in terms of their impact on customer relationships, and the relative strength of this relationship is shown to be contingent upon a firm's service delivery capabilities, advertising expenditures, and operating focus. This study helps clarify how market-based assets are managed, how investments in specific resources used to manage them relate to stock returns, and why the same dollar invested in human capital by different firms can lead to different levels of returns. The second study also takes a resource-based view of the firm and the management of market-based assets. From this perspective, alliances are considered as external resources acquired in strategic factor markets (Barney 1986) for the purpose of complimenting a focal firm's strategy and performance. This study investigates the long-term impact of alternative types of alliances and the potential impact of alliance partners' customer relationship management capabilities on a focal firms' performance. Just as in study one, ten years of U.S. airline data are used, and a mixed-effects methodology is implemented to test hypotheses. Results indicate that the direct benefits of horizontal marketing alliances tend to be positive, but dependent upon the extensiveness of the alliance. Furthermore, it is revealed that the impact of a partner's customer relationship management capabilities on a focal firm's performance is contingent upon whether the partner's capabilities are similar or dissimilar relative to the focal firm. In short, results indicate that when differences exist, the positive impact of a focal firm's customer relationship management capabilities can be reduced to almost zero if that firm allies with a less competent partner. Taken together, these studies tend to suggest that firms which learn to successfully manage investments in customer relationships may risk nullifying expected positive returns if they simultaneously select alliance partners which are less successful at managing such investments. Similarly, firms which are not able to improve their own management of customer relationships can potentially limit the potential negative consequences by allying with more able firms. In all, this dissertation helps address the accountability issue for marketers.
