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Decision on the capital structure of an enterprise is very important because a bad decision can affect a company’s profitability leading to a decrease in the shareholders value. The good financial dec...
Due to the financial features specific to agricultural cooperatives, the paper constructs a constrained-maximizing model under the assumption that the financial objective of an agricultural cooperativ...
Risk Sharing through Capital Gains     Income Insurance  Capital Markets  International Financial Integration       font style='font-size:12px;'> 2015/9/21
We estimate channels of international risk sharing between European Monetary Union (EMU), European Union, and other OECD countries 1992{2007. We focus on risk sharing through savings, factor income ...
This is a revised draft of working paper #08-02 of the Economics Program of the Conference Board. We would like to thank Martin Fleming and Baruch Lev for their comments on earlier drafts, as well...
The “Architecture” of Capital Accounting Basic Design Principles     Design Principles  Architecture       font style='font-size:12px;'> 2015/9/21
National income accounting would be a relatively simple matter were it not for “capital.” All flows of output would then be for immediate consumption, and labor would be the sole factor of prod...
Do multidivisional firms structure compensation contracts for division managers to mitigate incentive problems in their internal capital markets? I find evidence that compensation and investment incen...
This paper examines the impact of local tax rates and capital market conditions on the level and composition of borrowing by foreign affiliates of American multinational corporations. The evidence ind...
We examine the impact of "substantially heightened" capital requirements on large financial institutions, and on their customers. Our analysis yields three main conclusions. First, the frictions assoc...
The SEC and Capital Markets in the 21st Century:Evolving Accounting Infrastructure for Today's World.
This paper studies the cost of capital for alternative investments. We document that the risk profile of the aggregate hedge fund universe can be accurately matched by a simple index put option writin...
We examine the importance of professional relationships developed between analysts and managers by investigating analyst coverage decisions in the context of CEO and CFO moves between publicly listed ...
There is a large amount of literature that aims to explain what determines country risk (defined as the difference between the yield of a sovereign's bonds and the risk free rate). In this paper, we c...
Prepared for Capital Markets Advisory Committee Meeting     Committee Meeting  Capital Markets Advisory       font style='font-size:12px;'> 2015/3/9
The IASB staff have prepared the following case study as additional information for the income tax discussions that will be held at today’s CMAC meeting. The case study is intended to provide the ...
This study examines the determinants of rural-urban migration paying special attention to the role of human capital externalities in the rural sector. Using data from a well-known household survey in ...
Prepared for Capital Markets Advisory Committee Meeting     Committee Meeting  Capital Markets       font style='font-size:12px;'> 2015/3/9
In developing proposals for the IASB, technical staff will normally consult with the IASB’s advisory bodies, which includes the Capital Markets Advisory Committee. As part of this consultation, th...

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