<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>Interpreting accruals as working capital investment, we hypothesize based on "q"-theory that firms optimally adjust their accruals in response to discount rate changes. A higher discount rate means less profitable investments and lower accruals, and a lower discount rate means more...

In this paper we investigate the economic integration - industrial specialization nexus and unravel the relationship between trade and financial openness and industrial specialization. For a panel of 31 countries over the period 1970 to 2005, we find that trade integration relates negatively to...

Asset pricing models have largely overlooked the role of labor income dynamics despite it representing two thirds of disposal income. In this paper, we solve a general equilibrium model which can both rationalize important feature of labor markets as well as financial markets. To this end, we...

In this paper we investigate the economic integration - industrial specialization nexus and unravel the relationship between trade and financial openness and industrial specialization. For a panel of 31 countries over the period 1970 to 2005, we find that trade integration relates negatively to...

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,...