This paper investigates whether overleverage identifies companies' strategic default incentives. The results show that overlevered firms have lower equity beta than their counterparts. The strategic default option becomes more valuable when the firms are overlevered. Firms are more likely to be...

This paper investigates whether the late payment problem exists among corporations in the US. Our results suggest that liquidity shortage and strategic intention are the main causes of late payments. While large firms deliberately take advantage of their market power to “squeeze suppliers”,...

This paper describes a methodology for the case mix problem in the health care sector. Aiming at maximizing the overall financial contribution of the given resource capacity within a hospital, the case mix problem is formulated as an integer linear programming model to produce the optimal...

In the past decades, genetic algorithms (GA), particle swarm optimization (PSO) algorithms, and BOX algorithms have been used in natural gas liquefaction process optimization. Since all three methods can find a solution for a given objective function but adopt different strategies and...

This paper proposes a nonparametric model-independent methodology to calibrate the predictability of exchange rates. In order to predict the exchange rates, the predictors should contain enough information about the future return, regardless of the specification of the model. The information...