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European Union Economy System Dynamic Model Development
Skribans, Valerijs - 2012
The formation of the European Union (EU) is the one of the biggest political – economic events of the last 50 years. The aim of this study is to develop EU economy functioning system dynamic model. Main research method is system dynamics. General scheme of EU economy system dynamic model is...
Persistent link: https://www.econbiz.de/10015238380
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"Forecasting stochastic Volatility using the Kalman filter: an application to Canadian Interest Rates and Price-Earnings Ratio"
Théoret, Raymond; Racicot, François-Éric - 2010
In this paper, we aim at forecasting the stochastic volatility of key financial market variables with the Kalman filter using stochastic models developed by Taylor (1986,1994) and Nelson (1990). First, we compare a stochastic volatility model relying on the Kalman filter to the conditional...
Persistent link: https://www.econbiz.de/10015230085
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Time to Build Capital: Revisiting Investment-Cash Flow Sensitivities
Tsoukalas, John - 2009
A large body of empirical work has established the signi¯cance of cash flow in explain- ing investment dynamics. This … time-to-build for capital projects creates an investment cash flow sensitivity as found in empiri- cal studies that may not … be indicative of capital market frictions. The result is due to mis-specification present in empirical investment …
Persistent link: https://www.econbiz.de/10015219074
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Optimal Cash Management Under Uncertainty
Bensoussan, Alain; Chutani, Anshuman; Sethi, Suresh - 2009
We solve an agent's optimization problem of meeting demands for cash over time with cash deposited in bank or invested in stock. The stock pays dividends and uncertain capital gains, and a commission is incurred in buying and selling of stock. We use a stochastic maximum principle to obtain...
Persistent link: https://www.econbiz.de/10015219933
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Time to Build Capital: Revisiting Investment-Cash Flow Sensitivities
Tsoukalas, John - 2009
A large body of empirical work has established the significance of cash flow in explain- ing investment dynamics. This … time-to-build for capital projects creates an investment cash flow sensitivity as found in empiri- cal studies that may not … be indicative of capital market frictions. The result is due to mis-specification present in empirical investment …
Persistent link: https://www.econbiz.de/10015223672
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Investment Under Uncertainty: A Theory
Mellati, Ali - 2008
investment. The model shows that increasing uncertainty will reduce the time horizon as well as investment. Moreover, the …
Persistent link: https://www.econbiz.de/10015224271
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Chinese Firms’ Political Connection, Ownership, and Financing Constraints
Yan, Isabel K.; Chan, Kenneth S.; Dang, Vinh Q.T. - 2011
We empirically examine some listed Chinese firms’ political connection, ownership, and financing constraints. Politically-connected firms display no financing constraints whereas firms without connection experience significant constraints. Non-connected family-controlled firms bear greater...
Persistent link: https://www.econbiz.de/10015229635
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Financial liberalization, financing constraints and political connection: evidence from Chinese firms
Yan, Isabel K.; Chan, Kenneth S.; Dang, Vinh Q.T. - 2011
This paper examines the impact of recent financial liberalization in China on the financing constraints of publicly-listed Chinese firms with and without politically-connected CEO/Chairman. Two continuous indices are used to measure the evolution and intensity of financial reforms: a financial...
Persistent link: https://www.econbiz.de/10015229636
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Financial liberalization and financing constraints: some evidence from panel data of listed Chinese firms
Yan, Isabel K.; Chan, Kenneth S.; Dang, Vinh Q.T. - 2011
This paper examines the impact of recent financial liberalization in China on the financing constraints and investment … firms’ financing constraints in an Euler-equation investment model. The results indicate that while smaller firms face …
Persistent link: https://www.econbiz.de/10015229637
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Effects of Financial Liberalization and Political Connection on Listed Chinese Firms’ Financing Constraints
Yan, Isabel K.; Chan, Kenneth S.; Dang, Vinh Q.T. - 2011
This paper examines the impact of recent financial liberalization in China on the financing constraints of publicly-listed Chinese firms with and without politically-connected CEO/Chairman. Two continuous indices are used to measure the evolution and intensity of financial reforms: a financial...
Persistent link: https://www.econbiz.de/10015229646