Browsing by Author "Ang, James S"
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- ItemOpen AccessCoalitions, the Me-First Rule, and the Liquidation Decision(Wiley-Blackwell, 1980) Chua, Jess; Ang, James SConventional wisdom in economics recommends that a bankrupt firm with liquidation value greater than going-concern value be liquidated by the creditors and that a firm with going-concern value greater than liquidation value continue to operate. Recently, counterexamples to the traditional rule have been presented. This note argues that violation of the me-first rule is responsible for these counterexamples. Since violation of the me-first rule involves the absence of value-maximization on the part of some economic agents, economic theories concerned with rational behavior may justifiably still assume that the liquidation decision follows the traditional rule.
- ItemOpen AccessCOMPOSITE MEASURES FOR THE EVALUATION OF INVESTMENT PERFORMANCE(Cambridge University Press, 1979) Chua, Jess; Ang, James SThe article addresses composite measures of investment performance. The author identifies some of the challenges posed by previous measures, particularly ex ante measures that are not directly applicable to ex post performance. Other efforts that address predictability are considered. The author considers that systematic biases may be hindering the success of these measures, and this article posits that these biases could be caused by a deficiency of not considering asymmetry of return distributions and an inability to specify the correct holding period. The article presents a literature review, and develops a composite performance measure that takes into account advances in Capital Market theory.
- ItemOpen AccessThe profiles of late-paying consumer loan borrowers: an exploratory study(Ohio State University Press, 1979) Chua, Jess; Ang, James S; Bowling, Clinton H