Classical models of product market competition maintain that firms maximize their profits regardless of their financial condition. Yet over the last two decades a growing theoretical literature has examined whether a firm’s capital structure impacts competition in the market for the firm’s products. In this paper we ask whether a firm operating under bankruptcy protection significantly reshapes...

Efficiency under contractual incompleteness often requires voluntary cooperation in situations where self-regarding incentives for contractual compliance are present as well. Here we provide a comprehensive experimental analysis based on the gift-exchange game of how explicit and implicit incentives affect cooperation. We first show that there is substantial cooperation under non-incentive comp...

Using financial ratio data from 2006 and 2007, this study uses a three-fold cross validation scheme to compare the classification and prediction of bankrupt firms by robust logistic regression with the Bianco and Yohai (BY) estimator versus maximum likelihood (ML) logistic regression. With both the 2006 and 2007 data, BY robust logistic regression improves both the classification of bankrupt fi...

We derive a stochastic function of risk propagation empirically from comprehensive data of chain-reaction bankruptcy events in Japan from 2006 to 2015 over 5,000 pairs of firms. The probability is formulated by firm interaction between the pair of firms; it is proportional to the product of α-th power of the size of the first bankrupt firm and β-th power of that of the chain-reaction bankrupt f...

Fingerprinting schemes deter people from illegal copying of digital data by enabling the merchant of the data to identify the original buyer of a copy that was redistributed illegally. All known fingerprinting schemes are symmetric in the following sense: Both the buyer and the merchant know the fingerprinted copy. Thus, when the merchant finds this copy somewhere, there is no proof that it was...

the right to terminate and dissolution of administrative contracts is used because of two reasons: misconducts of contractors and maintaining the requisite of public interests. in the first, the causes of it have been noted explicitly in the article of 46 of the general terms of contracts. but about the second, it is necessary to note that the article of 48 of the general terms of contracts giv...

Abstract. The cheap redemption practice issued by merchants at Alfamart used two contracts the same time, many opinions state that Alfamart's program was legal or illegal, so this case needed action to explain its validity. purpose of study find out and explore merchant-cheap promos using theory mutaqabilah in multi-contracts. To answer problems research, method qualitative with a normative ana...

Affiliate programs offer affiliates referral fees in return for directing potential customers into a merchant’s web site. Affiliates are commonly paid based on the number of leads converted by the merchant into customers (pay per conversion), or based on the number of leads referred to the merchant (pay-per lead). Given the prevalence of both, interesting questions for research are: (a) why do ...