We study a production-based present-value relation that implies that fluctuations in the marginal profit-to-marginal Q ratio (mq) are driven by variations in the expected growth of marginal profits (cash-flow channel), expected investment return changes (discount-rate channel), or both. We find...

Leading production-based asset pricing models predict that the sources of fluctuations in real investment and (scaled) stock prices are the same. Yet, extant empirical findings point to a large difference in these sources. We revisit this empirical question by deriving a present-value relation...

In a deterministic overlapping-generations economy with production and physical capital, the price of debt can be positive without any budget surpluses being in the offing, because debt incorporates a rational bubble. Yet the dynamics of debt remain a function of the dynamics of the primary...

Spatial integration and industrial clustering have become an important feature of the culture tourism business. When the core elements in both the culture industry and tourism industry are integrated, a model based on system science is constructed that combines the resources and capacity of the...

Traditional anode materials have disadvantages like low specific surface area and poor electrical conductivity. Herein, we synthesis MFC anodes using carbonized Chinese dates (CCD). The in-situ N-doped carbon materials exhibits excellent biocompatibility with fast start-up (within one day) and...