nominally serves, it opens its wards to patients from places from which it gets practically no financial assistance. The larger the hospital, the bigger the town to which it belongs, the more important its work, the more marked is the difference between contributions of money and of patients from distant quarters, the more unfair the distribution of the burden. The inhabitants of any one distri...

1School of Management Science and Information Engineering, Jilin University of Finance and Economics, Changchun 130117, China 2Laboratory of Logistics Industry Economy and Intelligent Logistics, Jilin University of Finance and Economics, Changchun 130117, China 3Jilin Province Key Laboratory of Internet Finance, Jilin University of Finance and Economics, Changchun 130117, China 4International D...

Graduate Institute of Finance, Economics, and Business Decision, National Kaohsiung University of Applied Sciences, No. 415, Jiangong Rd., Sanmin District, Kaohsiung City 80778, Taiwan Department of Finance, National Yunlin University of Science & Technology, No. 123, University Rd., Section 3, Douliou City 64002, Taiwan Department of Banking and Finance, National Chiayi University, No. 580, Si...

We provide a comprehensive review of firms’ financing channels (internal and external, domestic and international) around the globe, with the focus on alternative finance—financing from all the nonmarket, non-bank external sources. We argue that while traditional financing channels, including financial markets and banks, provide significant sources of funds for firms in developed countries, alt...

What role does political influence play in access to finance? Using a comprehensive crosscountry dataset, I characterize how and why domestic political connections affect firms’ ability to access all types of finance—exploiting firms’ cross-listing activity as a source of empirical identification. The results extend our understanding from recent single-country studies focused exclusively on dom...

David Hirshleifer joined the Merage School after serving as Kurtz Chair at Ohio State University, Waterman Professor at the University of Michigan, and as a tenured faculty member at UCLA. His recent research explores psychology and securities markets, managerial decision biases, social interactions and markets, and how firms exploit market inefficiency. Other research areas include corporate f...

capital asset pricing, as one of the basic theories in finance and investment area, develop a model for estimation of expected rate of return and equity cost of capital. this model has many applications in the field of finance. one of anomalies in the capital asset pricing model is the value premium that its proponents believe this risk premium is compensation for a risk not mentioned in origin...