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The predominant method by which workers in a business organization get compensated for their labour is that they earn a wage which has been guaranteed to them through an employment contract. By contrast, the earnings of the company the firm, the owner remains risky, since they earn the residual...
The developments in modern portfolio theory have had a significant impact on the literature in the area of investment management and whilst many investment analysts have still to be convinced of the merits of the beta of a stock, the principles of diversification within a portfolio of ordinary...
Most textbooks discuss the problem of entry into competitive industries for a deterministic environment. It is argued that the opportunity of earning an economic profit leads to the expansion of existing firms as well as to the entry of new firms. This process continues until entry no longer...
In the last twenty years or so there have been many developments in Finance Theory which have increased our understanding of the nature of the risk in a capital investment project. In order to understand these developments it is important to realise that risk can be defined from a number of...
Decision making under uncertainty has evolved as an important focus of interest by economists and others who wish to improve the performance of the firm and the individual, Bernoulli 1954, Ramsey 1931 and von NeumanMorgenstern 1944 provide us with the basic maximizing rule of normative choice...
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