This study focuses on what can be characterized as “black spots” in the existing studies the selection issue, which is manifested in the fact that a nontrivial number of companies occasionally do not have any debt on their balance sheet. The problem of zero debt is akin to truncated and censored regression models, which are useful when the dependent variable is observed in some ranges but not i...

the main purpose of this paper is to apply of islamic transactions rules on iran capital market contracts by studying the economic actions of the individuals in tehran stock market. based on the theories of four major islamic laws, i.e., no damage rule, gaining from invalid activities rule, peril rule and usury rule; the basic islamic assumptions is drawn in order to testify in the capital mark...

Despite many past papers concerning a …rm’s capital structure, the valuation of debt and equity and cost of capital, there are few that explicitly codify contingent sharing rules for the …rm’s cash‡ow over time. We motivate equity and debt valuation by modeling tax and distress costs using cap and ‡oor technology as well as a default option at maturity. This approach sheds light on theoretical ...

although improvement and accumulation of human capital is depending on state policy, every state hasn't this capability. meritocratic bureaucracies, extractive capability, acconntability and rationalization of relations with society promote capacity and authonomy in developmental state model. according to the study hypothesis, structure and nature of the ninth and tenth governments was the...

although improvement and accumulation of human capital  depends on state policy, every state hasn't this capability. meritocratic bureaucracies, extractive capability, accountability and rationalization of relations with society promote capacity and autonomy in developmental state model. according to the study hypothesis, structure and nature of the ninth and tenth governments was the main...

We introduce an AK spatial growth model with a general geographical structure. The dynamics of the economy is described by a partial differential equation on a Riemannian manifold. The morphology interacts with the spatial dynamics of the capital and is one determinant of the qualitative behavior of the economy. We characterize on the geographical structure the conditions that guarantee, in the...

This study uses a new data set to assess whether capital structure theory is portable across countries with different institutional structures. We analyze capital structure choices of firms in ten developing countries, and provide evidence that these decisions are affected by the same variables as in developed countries. However, there are persistent differences across countries, indicating tha...

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Using a panel of 65,551 firms over the period 2000-2006, we examine the capital structure determinants of Chinese privately owned small and medium-sized enterprises. We find that investment in the building and maintenance of social capital, measured by entertainment expenditure, is positively associated with short-term leverage, but negatively associated with long-term leverage, while the oppos...