Over the last decades quota violations have become a norm for OPEC countries. However, the academic literature on OPEC focuses more on its production behavior than on analyzing the quota allocation process or characterizing quota violation patterns. This paper covers a theoretical model with...

We use Iranian Household Expenditure and Income Survey," to analyze the dynamics of consumption of the households. We observe evidence of excess sensitivity in a cohort pseudo panel of Iranian households. Excess sensitivity, however, is absent for government employees who have better access to...

In standard growth models such as Barro’s (1990), government size is related to economic growth within an inverted U-curve framework. However, the government’s involvement in the economy – in developing countries in general and in oil exporting countries in specific – is not restricted...

We use Iranian Household Expenditure and Income Survey to analyze the dynamics of consumption of the households. We observe evidence of excess sensitivity in a cohort pseudo panel of Iranian households. Excess sensitivity, however, is absent for government employees who have better access to...

We present estimates of the Elasticity of Intertemporal Substitution (EIS) for Iranian households using synthetic cohort panels based on household micro-data. Results show significant difference with the common values used in Dynamic Stochastic General Equilibrium (DSGE) models which are...

Our study investigates the real consequences of variations in the first and second moments of working capital requirement (WCR) in the presence of financial frictions. We introduce a theoretical link from imperfect information about WCR to firms' performance. Firms choose non-prepaid factors of...

The relationship between oil reserves and oil extraction has recently become of interest to the research community. Current empirical literature lacks a clear identification strategy that addresses potential endogeneity problem. This study takes advantage of (arguably) exogenous reserves...

A large body of the corporate finance literature is devoted to capital structure. This literature examines whether firms have a target capital structure, and whether they actively rebalance their capital structure towards a target. Conversion of a convertible bond causes a drop in leverage,...

Davis, Haltiwanger, Handley, Jarmin, Lerner, and Miranda (2014) provide evidence that the impact of controversial leveraged buyouts on employment is modest. Our paper challenges this view. We argue that the sample tested in Davis et al. (2014) is not specific to controversial leveraged buyouts...

This paper presents a dynamic model of a public pension fund's choice of portfolio risk. Optimal portfolio allocations are derived when pension fund management maximize the utility of wealth of a representative taxpayer or when pension fund management maximize their own utility of compensation....