It is fairly common in developed economies that a small set of insurers with large capitalization often account for the majority of their insurance markets. While tight regulations of the insurance industry are well-intended to protect the interests of policyholders and ensure market stability,...

We introduce ambiguity about assets' value dynamics into a trade-off framework of capital structure to explain the empirically observed zero-leverage and underleverage puzzles. We utilize the decision framework of Chen and Epstein (2002) to characterize investors' ambiguity aversion. We show...

Sintering schedule has important effect on the microstructure and electrical properties of ZnO varistors, but the study of sintering temperature is deficient. In this paper, the effect of sintering temperature on the microstructural evolution and electrical properties of ZnO-Bi 2 O 3 based...

ZnO-Bi 2 O 3 based varistors are usually used as the core element to manufacture surge arresters, but the study of sintering temperature is deficient. In this paper, the effect of sintering temperature on the microstructural evolution of ZnO-Bi 2 O 3 based varistors was studied detailedly....

We examine a real option model with governance friction and optimal investment and financing decisions when an entrepreneur facing ambiguity considers investing in an innovation project. The novel features of our model are the introduction of jumps in the returns to innovation and investors’...