We incorporate costly external finance in a production based asset pricing model and investigate whether financing frictions are quantitatively important for pricing a cross-section of expected returns. We show that the common assumptions about the nature of the financing frictions are captured...

Ni–W/SiC nanocomposite coatings were prepared by electrodeposition in Ni–W plating bath containing SiC nanoparticulates. The effect of incorporation of SiC particulates into the Ni–W matrix on the morphology of the coating surface and corrosion properties was investigated. Scanning...

In this study, an inexact stochastic fuzzy programming (ISFP) model is proposed for land-use allocation (LUA) and environmental/ecological planning at a watershed level, where uncertainties associated with land-use parameters, benefit functions, and environmental/ecological requirements are...

What are the determinants of firms' market value? We incorporate quasi-fixed labor and intangible capital inputs into the neoclassical model of investment, and estimate the contribution of each input for explaining firms' market value. Using the generalized method of moments, we estimate that,...

Even though labor income represents about two thirds of disposal income to household, its role has largely been neglected by asset pricing models. In this paper, we solve a general equilibrium model which can both rationalize important feature of labor markets as well as financial markets. To...

We provide a disaster-based explanation for the failure of the CAPM in the post-Compustat sample as well as its success to explain the value premium in the long sample that includes the Great Depression. In an investment-based asset pricing model embedded with rare disasters, value stocks are...

Frictions in the labor market are important for understanding the equity premium in the financial market. We embed the Diamond-Mortensen-Pissarides search framework into a dynamic stochastic general equilibrium model with recursive preferences. The model produces realistic equity premium and...

In this paper we first propose a proxy for the maturity of a country’s export bundle based on product life cycle theory. Employing a conditional latent class model, we then examine the effect of maturity of countries’ exports on their economic growth for 98 countries over the period 1988 to...