Unlike textbook arbitrageurs who instantaneously trade when prices deviate from fundamental values, real world arbitrageurs must overcome various frictions. For example, they often invest other people’s money, resulting in a principal/agent problem that is exacerbated in market downturns. Rather than increasing investment levels when prices dip below fundamental values, arbitrageurs may, in the...

The paper applies a transaction-focused institutional analysis to compare the value of political capital in different institutional domains of China’s market economy. Our results show that the value of political capital is associated with institutional domains of the economy in which agents can use political connections to secure advantages. Political capital is most fungible in institutional d...

The results from subgroup regression analysis of the high-tech listed companies show that intellectual capital not only has a significant influence on corporate value creation, but also has a significant influence on the perception and evaluation to companies’ market value by capital market. Company’s life cycle indeed has significant effects on the relations between intellectual capital and co...

This study investigated the social capital of Iranian patients living with acquired immune deficiency syndrome (AIDS) and the associated factors. In a cross-sectional study the Integrated Social Capital Questionnaire was filled by a sequential sample of 300 patients visiting a referral counselling centre in Tehran. The patients' social capital scores were around 50% in the trust, social cohesio...

Nee's market transition theory claims that redistributive power will decline and returns to human capital will increase as state socialist economies are transformed into market economies. However, many other scholars have discovered that either the influence of redistributive power persists or returns to human capital decline. In this paper, I analyze the effect of marketization on individuals=...

Funding combination is the most important issue for the companies while they know the amount of required capital. Companies should be careful regarding the appliance of financial providing methods compatible with the investment strategy of company and profitability. This study seeks to examine the relationship between the capital structure and the profitability of pharmaceutical companies in Ir...