The travel and tourism industry has been growing in importance for several developing countries. It has not only generated considerable foreign exchange revenues but has also contributed to the overall output and socio-economic development of these countries. Within the Asia and Pacific region,...

This paper investigates whether overleverage identifies companies' strategic default incentives. The results show that overlevered firms have lower equity beta than their counterparts. The strategic default option becomes more valuable when the firms are overlevered. Firms are more likely to be...

This paper investigates the effect of corporate governance quality on firms' security issuance decisions between equity and debt and the subsequent use of proceeds from the issuance. We use a new governance proxy from Datastream ESG - Asset 4 to directly measure firms' corporate governance...

This paper investigates whether the late payment problem exists among corporations in the US. Our results suggest that liquidity shortage and strategic intention are the main causes of late payments. While large firms deliberately take advantage of their market power to “squeeze suppliers”,...

We develop a conditional factor model for the term structure of treasury bonds, which unifies non parametric curve estimation with cross-sectional asset pricing. Our factors correspond to the optimal non-parametric basis functions spanning the discount curve. They are investable portfolios...

We introduce a robust, flexible and easy-to-implement method for estimating the yield curve from Treasury securities. This method is non-parametric and optimally learns basis functions in reproducing Hilbert spaces with an economically motivated smoothness reward. We provide a closed-form...

In dieser Arbeit handelt es um die OP-Planung im Krankenhausmanagement. Mithilfe der Theorie des Distributed-Decision-Makings wird der OP-Planungsprozess beziehungsweise der Kommunikationsprozess zwischen relevanten Parteien bei der OP-Planung mit dem Ziel einer möglichst effizienten...

House price prediction has traditionally been approached using linear or spatial linear hedonic models and focused on big cities. In this study, we developed a flexible spatiotemporal model (FSTM) to explore the spatiotemporal characteristics of the residential house price and the impact factors...

A new multivariate semi-parametric risk forecasting framework is proposed, to enable the portfolio Value-at-Risk (VaR) and Expected Shortfall (ES) optimization and forecasting. The proposed framework accounts for the dependence structure among asset returns, without assuming their distribution....