Rivista di matematica per le scienze economiche e sociali

Matarazzo, Benedetto; Spronk, Jaap

doi: 10.1007/BF02085588pmid: N/A

Blakley, Daniel; Sti, Arne

doi: 10.1007/BF02085589pmid: N/A

Investigations into the impact of inflation on firm growth have resulted in ambiguous conclusions within the economic growth and financial management literature. This paper will attempt to clarify this situation and describe conditions under which firm growth will be helped or hindered by inflaction. This is accomplished by constructing a financial modelling framework which incorporates the findings of earlier research and allows the various effects to be contrasted and cumulatively assessed. Our findings suggest that conditions under which inflation may be beneficial to firm growth do exist but are realistically improbable.

Goedhart, Marc; Spronk, Jaap

doi: 10.1007/BF02085590pmid: N/A

This paper deals with the support of strategically oriented financial planning processes in business firms. In handling a financial planning problem, the decision maker has to deal with a number of complications. In this paper special attention is paid to the risk with regard to the outcomes of the financial plan and the existence of multiple, conflicting goals. An interactive approach to financial planning is presented. Risk is modeled by means of so-called multi-factor risk models and multiple goals are explicitly accounted for through the use of an interactive goal programming method. The use of the interactive approach will be numerically demonstrated by means of an exemplary planning problem.

Grubbström, Robert; Yinzhong, Jiang

doi: 10.1007/BF02085591pmid: N/A

This article provides an overview of the current position with regard to the application of the Laplace transform to Present Value problems. The limitations of the use of the Laplace transform are discussed and some ideas for future possible research are presented.

Kremer, G.

doi: 10.1007/BF02085592pmid: N/A

In this paper an analysis of the Dutch bond market is made. The technique used is linear programming. Given the fact that coupon income and capital gains are taxed differently and that some investors are tax-exempt in the Netherlands, it is shown that there are overpriced bonds in the market. This is as can be expected. But it is found that there are bonds that a rational investor would never hold in his portpolio, whatever the tax rate the investor has to pay on coupon income. Given the fact that the Dutch bond market is very illiquid for some bonds, an analysis of the effects of bid-ask spreads is made. It is shown that the effect of these spreads cannot explain the existence of bonds that are overpriced. It is not clear where these remaining overpricings stem from.

Landes, Thomas; Loistl, Otto

doi: 10.1007/BF02085593pmid: N/A

The paper embodies the first attempt to describe the explicit activities of the market participants within the rules of the stock market organisation: They are making offers to buy or to sell and they are accepting such offers with matching quantities and prices.

Luciano, Elisa

doi: 10.1007/BF02085594pmid: N/A

The paper starts from the preceeding paper by L. Peccati in this issue. The original model is enriched with corporate taxes and reinvestment possibilities.

Manca, Paolo

doi: 10.1007/BF02085595pmid: N/A

The splitting up of a financial project into “uniperiodic” consecutive financial projects, has been discussed for special cases in a rather theoretical context.

Martikainen, Teppo

doi: 10.1007/BF02085596pmid: N/A

The main purpose of this study is to find out which economic dimensions of the firm are reflected in stock price behaviour in the Finnish stock market. Based on the previous theoretical articles, four economic dimensions are chosen: profitability, financial leverage, operating leverage and corporate growth. Twelve (12) financial ratios are then selected to represent these four dimensions. All the Finnish firms common series listed for the whole 1974–1986 period are included in the empirical analysis.

Mazzoleni, Piera

doi: 10.1007/BF02085597pmid: N/A

The aim of this paper is to analyse the Italian ECU linked policy “Europea”. We will show that the adjustment of premium and capital as well as the investment policy have to take into account targets of purchasing power and stability. In our approach a recursive improvement is allowed according to the market conditions. A game model is described and qualitative aspects are introduced through fuzzy elements, showing that the Company's behavior has to be more flexible towards a truly dynamic contract, which is also adjusted through the implementation clauses for premium and capital.