We consider a model in which a principal must both repay a loan and motivate an agent to work hard. Output is non-contractible, so the principal faces a commitment problem with both her creditor and her agent. In a profit-maximizing equilibrium, the agent’s productivity is initially low and increases over time. Productivity continues increasing even after the debt has been repaid, eventually co...

In the past few years, there have been several new developments in the way real estate investment trusts (REITs) access capital. There has been an increasing trend toward the use of unsecured debt, and REITs may also alter their dividend policy in order to generate capital internally to the extent they can. There has been little empirical research into the market's reaction to unsecured debt an...

The paper appraised the emanating effect of COVID-19 on sustainable development goals (SDGs) in Nigeria through systematic illustration prevailing incidents. It was affirmed that preoccupation with cases caused many other critical socioeconomic issues (like education, infrastructure development, and employment) to suffer a state negligence or be overlooked. Like developing countries, could beco...

this study empirically examines whether managers manipulate reported income through the timing of sales of long-lived assets and investments. several empirical implications of the income-smoothing and debt-equity hypothesis in the context of asset sales were tested. the findings are consistent with the timing of asset sales by managers so that the recognized accounting income from these sales s...

The study develops a model from which an option-adjusted spread approach is utilized for pricing individual mortgage servicing contracts. The pricing model is comprised of a stochastic interest rate process, an exogenous prepayment function and an assumed servicing cost, all of which jointly determines the contract’s future net cash flows and the rate at which to discount these cash flows. Then...

Servicing industrial machinery and automation systems over their life targets at fast response and fast resolution. It requires skills, engineering knowledge and various data about the machine, its industrial environment, data from automation systems in the plant and historical information, which needs to be collected, correlated and analyzed. The advent of tiny smart devices such as RFID and n...

Abstract We quantify the fiscal impacts of earthquakes in Japan. In contrast with earlier research which examined national level aggregate spending several countries, we are able to provide a detailed examination separate budget categories within local governments’ accounts. do this using line-budget expenditure data, and by comparing regions towns affected unaffected damage from earthquakes. B...

Modern I/O subsystems have increased their capacity and density but their performance has not been improved accordingly. To address this problem, we have developed a new model that is based on the feedback information provided to the I/O subsystem controller. The presented model is applied to a multiple disk drive subsystem, which serves requests in parallel. Under conventional servicing, each ...

The performance of storage subsystems has not followed the rapid improvements in processors technology, despite the increased capacity and density in storage medium. Here, we introduce a new model based on the idea of enhancing the I/O subsystem controller capabilities by dynamic load balancing on a storage subsystem of multiple disk drives. The request servicing is modified such that each requ...