The purpose of this study was to examine the expected returns of Carhart model compared to the capital asset pricing model and the implicit capital cost model based on cash and capital returns of growth and value stocks. The statistical population consisted of the companies listed in Tehran Stock Exchange and the time domain is between 2007 and 2016. By choosing Cochran sampling, 126 companies ...

In this paper we investigate three sources of economic growth and evolution of world income distribution during the 90’s: (i) technological change, (ii) efficiency change (the catching-up) and (iii) capital deepening. Our research is an extension to recent study of Kumar and Russell (2002), which we complement in two ways: we considering a more recent period (the 90’s instead of 1965-90) and, a...

We analyze the relationship between new product introductions, trading activity, and systematic risk changes. The analysis is placed within a real options framework in which new product introductions are associated with the exercise of a real option. Using a unique hand-collected data set on new drug approvals, we find opposing results to previous work. Trading activities change after new produ...

Technological advances such as web-based peer review and powerful desktop publishing software have reduced the resources needed to operate a scholarly journal making it feasible for small societies or other groups of scholars to publish high quality journals without large capital investments. The transition to digital media has also largely eliminated the marginal cost of disseminating each cop...

Vintage capital models of the economic growth theory describe optimal capital replacement under various restrictions on technological change, available resources, and natural environment. Such models are represented by non-linear Volterra integral equations with unknowns in the integration limits [1, 2]. In Operations Research and management science, similar processes of asset (machine, equipme...

Regulation Fair Disclosure (Reg FD) prohibits selective disclosure of material information to a subset of market participants such as analysts and institutional investors without simultaneously disclosing the same information to the investing public. We examine the effect of Reg FD on the cost of equity capital. If Reg FD curtails selective disclosure without a significant adverse effect on the...

This paper presents an analysis of the technological efforts made by Transnational Corporations (TNCs) affiliates in Brazil. Many studies have indicated that most TNCs concentrate their main technological activities in their home, developed countries. However, empirical investigation has shown TNC affiliates in Brazil have presented a higher profile than local firms in terms of both innovative ...

This paper extends the analysis of the choice between internal and external R&D to consider the costs of internal R&D. The underlying hypothesis is that the choice of R&D mode is determined by their relative costs. Rather than merely estimating a reduced form probit model for R&D mode, we employ the Heckman two-stage estimator to estimate in addition the determinants of internal R&D unit cost (...

1. Sustainable Growth: Concepts and Framework 1.1 Economic Growth 1.2 Sustainable Development 1.3 Sustainable Growth 1.4 Economic Growth Theory as a Framework for Analyzing Sustainable Growth 2. Economic Growth Without Environmental Factors: A Basic Model 2.1 The Model 2.2 Sustainable Growth in the Basic Model 2.3 Technological Change 3. Sustainable Growth With Nonrenewable Resources 3.1 Produc...