Failure to timely identify the occurrence of various shocks in the foreign exchange market due to the close relationship with the monetary, macroeconomic, and financial uncertainty can lead to crises and imbalances. In this paper, the effect of exchange rate and investor confidence on monetary and economic uncertainty in Iran is investigated, specifying a Multivariate GARCH model and the Grange...

The software package SELBESTTRA offers a choice of the best transportation systems of mineral resources with technical, economic and ecological point of view. By entering of parameters of production and the parameters of the proposed transportation route, the software gives us the best solution regarding the protection of environment through which transport is carried out and that for the best ...

This chapter surveys the theoretical and empirical research on the main mechanisms of corporate law and governance, discusses the main legal and regulatory institutions in different countries, and examines the comparative governance literature. Corporate governance is concerned with the reconciliation of conflicts of interest between various corporate claimholders and the resolution of collecti...

This paper characterizes the optimal dynamic contract between risk-averse entrepreneurs and risk-neutral investors in an infinite horizon setting with information asymmetry. Under certain conditions, the optimal contract can be implemented with the entrepreneur’s ownership of some of the firm’s shares (insider ownership). This ownership evolves over time and tends to decrease as the entrepreneu...

This paper develops a theory of how angel and venture capital markets interact. Entrepreneurs first receive angel then venture capital funding. The two investor types are ‘friends’ in that they rely upon each other's investments. However, they are also ‘foes,’ because at the later stage the venture capitalists no longer need the angels. Using a costly search model we derive the equilibrium deal...

The emergence of investor-owned firms as major actors in U.S. health care financing and delivery has led to calls for federal and state intervention to protect nonprofits and to stem the for-profit sector's growth. High-profile scandals involving some of these firms have lent urgency to such proposals. This paper considers the case for government intervention to protect the nonprofit health sec...

Using more than 112,000 firm-year observations in 33 countries, we find that two Hofstede’s cultural dimensions, uncertainty avoidance and long-term orientation, remain significant in the determination of dividend policy even after controlling for governance and firm-specific factors. When uncertainty avoidance is high, only firms in countries with stronger investor protection pay more dividend...

Despite the increasing integration of capital markets, geography has not yet become irrelevant to finance. Between 1986 and 1997, European public companies have increasingly listed abroad, especially in the U.S. We relate the cross-listing decisions to the characteristics of the destination exchanges (and countries) relative to those of the home exchange (and country). European companies appear...

In this study, we examine the determinants of the well-documented optimism in analysts’ target prices using unique analyst location and institutional data for 11,633 analysts located in 44 countries covering 17,353 firms around the world. We construct both ex ante and ex post optimism measures to explore the factors that influence analyst target price optimism. We find that target price optimis...