Prior studies show that agency conflicts are important in explaining corporate financial policies and that the board of directors is central to corporate governance. In this study, we examine the role of this governing body in the accumulation of cash reserves. Using a sample of 597 French...

Despite many previous investigations, there is no theoretically justifiable equation to determine the freshwater discharge, tidal velocity, and salinity in a complex estuary that contains several branches. In this study, the longitudinal distributions of freshwater and salinity concentration in...

In this paper, two different stability tests in linear frameworks are used to examine the presence of structural changes in the GARCH-based conditional volatility of emerging market countries. We particularly relate this issue to the market liberalization reforms undertaken by these countries...

In this paper, two different stability tests in linear frameworks are used to examine the presence of structural changes in the GARCH-based conditional volatility of emerging market countries. We particularly relate this issue to the market liberalization reforms undertaken by these countries...

Differences in the relative price of investment over consumption goods across countries are big, even after excluding non-tradable consumption goods. We interpret these differences as arising from differences in a wide range of policies that increase the cost of investment. Under this...

I develop a growth model where a single good can be produced with a traditional and a modern technology. The traditional technology features low total factor productivity (TFP) and a low share of reproducible capital. In this framework, barriers to capital accumulation affect technology use and...