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Literature on the informal economy can mainly be divided into two different contrasting theories. According to the dual labor market theory (DLM), which considers the informal economy as a spare sector providing jobs for formally unemployed resources, unpleasant economic situations force people...
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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...
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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....
Persistent link: https://www.econbiz.de/10008683278
This paper presents a 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. The...
Persistent link: https://www.econbiz.de/10009002909
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