In a dynamic model of optimal security design, we show when firms should preserve "equity capacity" through choosing high target leverage or "debt capacity" through choosing low target leverage. Thereby, firms reduce a problem of underinvestment or overinvestment when they must raise future...

In a dynamic model of optimal security design, we show when firms should preserve "equity capacity" through choosing high target leverage or "debt capacity" through choosing low target leverage. Thereby, firms reduce a problem of underinvestment or overinvestment when they must raise future...

In its strategy during the crisis Bulgaria opted for budgetary economies and the maintenance of a balanced budget in the name of fiscal stability and in order to keep the confidence of investors. The article discusses the justification of this line in fisc al policy against the background of the...

The subject of the article are significant theoretical and practical issues of the assessment of the long - term fiscal sustainability as an important condition for effective fiscal policy. There are discussed the main indicators of fiscal sustainability, us ed with the multilateral fiscal...

Information about a workshop (round table), held on 19 May 2001 at the University of Economy - Varna. All statements are included.

This paper presents the outcome of a study conducted at the Royal Devon and Exeter Hospital in which a prediction market was established in order to forecast demand for services. To the researcher's knowledge, it does not appear that prediction markets have been previously utilized in a...

Тhе study sheds light on the stabilizing role of government budget. It finds that in Bulgaria both taxes and government spending are negatively related to the real growth rate. This leads to the conclusion that budgetary expenditure influence output in a non-Keynesian fashion. The size of...

This paper shows that investors financing a portfolio of projects may use the depth of their financial pockets to overcome entrepreneurial incentive problems. While competition for scarce informed capital at the refinancing stage increases the investor’s ex post bargaining position, it may...