We assess the impact of the Sarbanes-Oxley Act of 2002 on corporate investment in an investment Euler equation framework, where a dummy for the passage of the Act is allowed to affect the rate at which managers discount future investment payoffs. Using generalized method of moments estimators, we find that the rate U.S. firm managers apply to discount investment projects rises significantly aft...

Purchases and sales of operating assets by firms generated $162 billion for shareholders over the past 20 years. This contrasts sharply with the evidence on mergers. This paper characterizes the behavior of value-maximizing firms, which could grow organically, purchase existing assets, or sell assets. The approach yields an endogenous selection model that links asset purchases and sales to fund...

The recent interest in the valuation of tax benefits from debt arises from the disagreement in the existing literature about the meaning of “value of tax shields.” Although it is accepted that the value of a firm increases as effect of the tax deductibility of interest, the correct valuation of this extra-value is controversial. In this paper we adopt a risk-neutral approach to derive a general...

This paper presents a recombining trinomial tree for valuing real options with changing volatility. The trinomial tree presented in this paper is constructed by simultaneously choosing such a parameterization that sets a judicious state space while having sensible transition probabilities between the nodes. The volatility changes are modeled with the changing transition probabilities while the ...

This paper develops an empirical approach using econometric techniques for panel data which aims to contribute to the reduction/elimination of the deviation between the book and market value of firms. Based on 20 of the firms with the largest number of patents granted between 1996 and 2006, the results show that: (i) the increase in the return on equity following from an increase in the share o...

A set of time integrated cosmogenic 3He production rates in olivines for the last 1.35 Ma are presented. We investigated three basaltic lava flow tops from Lanzarote, Canary Islands, Spain. The 40Ar/39Ar ages determined for those basalt flows by incremental laser heating of leached groundmass samples are 152 þ 26 ka, 281 þ 19 ka and 1.35 þ 0.01 Ma ( þ 2c). Three or four different olivine phenoc...

G21 Z̃22 Z̃23 Z̃24 W̃21 G31 Z̃32 Z̃33 Z̃34 W̃31 G41 G42 Z̃43 Z̃44 W̃41 G51 G52 Z̃53 Z̃54 W̃51 Z11 Z12 Z13 Z14 W11 G21 Z̃22 Z̃23 Z̃24 W̃21 G31 Z̃32 Z̃33 Z̃34 W̃31 G41 G42 Z̃43 Z̃44 W̃41 G51 G52 Z̃53 Z̃54 W̃51 Two-Stage Least Squares algorithms with QR decomposition for Simultaneous Equations Models on heterogeneous multicore and multi-GPU systems Carla Ramiroa, José J. López-Espínb, Domingo Giménezc and Antonio M. Vidala

The issue of modern development in the oil industry has become extremely urgent. In 2020, for first time history, exchange price crossed negative threshold, radically changing understanding economic processes industry. This paper examines consequences this stressful situation context financial stability global companies conjunction with ensuring budgetary balance resource-exporting countries. c...