Search results for "jel:D8"
showing 3 items of 23 documents
Testing the financial market informational efficiency in emerging states
2012
The Efficient Markets Hypothesis (EMH) has been one of the most influential ideas in the past years and highlights that assets prices incorporate all information rationally and instantaneously. The last financial crisis has led to criticism of this hypothesis. Many practical observations concerning the reaction of investors, but also the mechanisms for the information encompassing in the price of stocks, come to highlight the aspects of 'market inefficiency'. Despite its simplicity, the EMH is surprisingly difficult to test and considerable care has to be exercised in empirical tests. It has attracted a considerable number of studies in empirical finance, particularly in determining the mar…
CREATIVITY, INNOVATION AND CHANGE IN KNOWLEDGE-BASED ORGANIZATION
2012
The innovative - creative potential of an organization is determined by the creative capacity of its members, by its managerial team competency and by certain mechanisms to sustain implementation of new ideas, as well as their transformation in competitive products and services. From the premise that knowledge-based modern organization is permanently connected to changes of business environment, the paper aims to underline the essential role of creativity and innovation in projecting and implementing organizational change programmes. Also, the paper presents possible directions of action recommended to nowadays organizations for the transition to knowledge-based organization stage.
Expectation Damages and Bilateral Cooperative Investments
2012
We examine the efficiency of the standard breach remedy expectation damages in a setting where the buyer invests cooperatively and the seller invests both cooperatively and selfishly. Contracts may specify a required quality level and an upper bound to the seller's coordination costs. We find that it is optimal to write an augmented Cadillac contract in which quality is stipulated such that it cannot be met with positive probability together with a very low price. Thus, the seller becomes a residual claimant and the coordination-cost threshold can be used to balance the incentives of the buyer.