This paper examines the optimal futures hedging decision of a firm facing uncertain income that is subject to asymmetric taxation with no loss-offset provisions. All futures contracts are marked to market and require interim cash settlement of gains and losses. The firm is liquidity constrained...

This study analyzes the impact of ownership structure on innovation in the US and Japan. Agency theory is used to develop links between the distinct patterns of ownership in the US and Japan to differences in innovation. Empirical evidence shows that ownership concentration and the identity of...

The study presents a model based on 3375 observations from industrial firms in Pakistan, and the three-stage least square (3SLS) technique has been applied for the estimation. The results indicate that the economic order quantity (EOQ) of inventories is not a constant magnitude; it is a variable...

This paper presents an empirical analysis of the factors which promote entrepreneurial activity across a number of transition, developing and developed countries. It produces results which highlight the importance of institutions in promoting entrepreneurial activity. This work is part of an...

We consider a simple Stackelberg model with demand uncertainty only for the first mover in order to compare the advantages of leadership and flexibility, and use an example to provide some discussion about the endogenous order of moves in the presence of demand uncertainty. We find that only...

In this paper, we look at the relationship of Penrose's theory of the growth of the firm to the multinational enterprise.<P>We argue that one element in exploring the nature and evolution of the MNE may lie in asking the question; 'what was there before there was the MNE?' The answer to this may...</p>