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Raphael Kahan's
Scholarly Papers
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1.
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Raphael Kahan
affiliation not provided to SSRN
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24 Oct 09
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24 Oct 09
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Abstract:
Ohlson & Juettner-Naworth (2005) show, using a “scheme” developed in Ohlson 1998, 2000, that one can derive the residual income model from the discounted dividend model. However, their method involves the condition that an infinite sum (book value per share) divided by the infinite sum of discount factors will converge towards zero (“mild transversality condition”). Mathematically this needs not be the case as infinity divided by infinity is indeterminate. The following presents two reconciliation methods which are free from the convergence assumption.
Residual income, free cash flow, mild transversality
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2.
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Opeyemi Tella
affiliation not provided to SSRN Raphael Kahan
affiliation not provided to SSRN
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27 Jul 09
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27 Jul 09
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48
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This paper extends research on the Monday effect across specific asset classes. We examine this anomaly using the CRB Index, the US Treasury Bond Rates and the US Dollar Index. The study tests have shown that the Monday effect holds true for the CRB Index and Treasury Bonds. However, there is no statistically significant Monday effect on the US dollar. This would suggest that the explanation of the Monday effect on equities lies not with equities themselves, as this phenomenon is common to other asset classes. Investors seem to decrease their exposure to all asset classes on average on Monday, and increase their cash holdings, maybe awaiting economic and financial reports released later in the week.
monday effect
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3.
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Raphael Kahan
affiliation not provided to SSRN
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05 Mar 09
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05 Mar 09
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Abstract:
The U.S. having run large current account deficits for more than two decades, it should exhibit larger than reported net foreign liabilities and net income payments. These outcomes can be explained by the fact that the U.S. has enjoyed better returns on its gross external assets than it has paid on its gross liabilities. Several theories have been put forward to provide a rationalization: better investing skills or business know-how, a privileged position in the world economy, and failures in national accounting methods to provide accurate views on current account balances and net external positions.
This paper tries to provide a review of the recent literature concerning these issues: theories, critiques, and implications for the future trajectories of the dollar and U.S. net foreign assets.
U.S. Net International Investment Position, Net Foreign Debt, Dark Matter, Exhorbitant Privilege
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