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This study verifies quantitatively a systematic character of default risk and statistical quality of the competing three- and four-factor asset pricing models. The experimental design applied to this study is premised on the three-factor model of Fama and French enhanced by default risk factor. The study utilizes the factor mimicking portfolio technique for modeling the risks underlying size, value and default risk factors. Distance-to-default estimate, deduced from the option-based model, is adopted by this study as a proxy for default risk. The augmentation of the three-factor model with...

The quest for improving Quality Management(QM) has become a necessity in today s intensely competitive global market-place. This increased interest in QM has opened the doors for new philosophies to emerge concentrating mainly on developing and adopting new quality standards. Due to the recent shift from the Shareholder view to the Stakeholder view many organizations are adopting CSR practices in their management system. Further, growing servicization in manufacturing industry is trying to adopt Service-Dominant view. This facilitates to examine Quality Management philosophy in terms of...