This paper addresses two main questions. First, it examines the implications of financial frictions, embedded in a New Keynesian DSGE model with a banking sector, for the conduct of welfare-optimal monetary policy. Assuming only one monetary instrument, we analyse how financial frictions affect the gains from commitment and how different are the optimized simple rules with and without financial...

The present study carried out to examine the relationship between ownership structure, board independence and firm performance of eighty listed firms at KSE for the period of 2005-2009. Performance is evaluated with the help of market based and accounting based performance measures. Marris ratio and Tobin‟s Q are used as estimators of market performance, while ROA, ROE has been used as accounti...

Küresel finansal sistem ve sermaye piyasaları işletmelere kaynak arayışında yeni fırsatlar sunmaktadır. Bu sisteme entegre olamayan işletmeler yoğun rekabet koşullarında varlıklarını sürdürebilmek için sorunlarını borçlanma yoluyla çözebilmektedir. Borçlanmanın maliyeti yükseldiğinde ise finansman giderleri işletmelerin tablolarını tahrip etmekte iyi olan performanslarını olumsuz yönde etkileye...

1 Ağustos 2019 ile 31 Aralık 2020 tarihleri arasında, XTUMY endeksi XU100 endeksine kıyasla %146 oranında değerlenmiştir. Yıllarca paralel bir şekilde hareket eden bu iki endeks arasındaki farkın buçuk yıllık zaman diliminde kadar büyük ayrışması, piyasa dengelerinin de değişmesine neden olmuştur. Bu çalışmada ve endekslerinin performanslarındaki farklılaşmaya olan makroekonomik faktörler şirke...

Patrick C. Tobin*, Barry B. Bai, Donald A. Eggen and Donna S. Leonard Forest Service, United States Department of Agriculture, Northern Research Station, Morgantown, West Virginia 26505, USA; Oregon Department of Agriculture, Plant Division, Salem, Oregon 97301, USA; Pennsylvania Department of Conservation and Natural Resources, Bureau of Forestry, Division of Forest Pest Management, Middletown...

Tina C. Li,† Márcio S. Góes,‡,§ Francisco Fabregat-Santiago,*,‡ Juan Bisquert,‡ Paulo R. Bueno,§ Chaiya Prasittichai,† Joseph T. Hupp,*,† and Tobin J. Marks† Department of Chemistry and the Argonne-Northwestern Solar Energy Research Center, Northwestern UniVersity, EVanston, Illinois 60208-3113, PhotoVoltaic and Optoelectronic DeVices Group, Departament de Fı́sica, UniVersitat Jaume I, 12071 Cas...

In this paper we explore some possible consequences of fallibility in managerial decisionmaking for Þrm performance. Based on Sah and Stiglitz (1991), we develop the hypothesis that if managers are fallible, Þrm performance will be more variable as the number of managers participating in decision-making decreases, i.e. as the Þrm becomes more centralized. We use characteristics of the Executive...

We demonstrate that in a CAPM economy Walras Law and the Tobin Separation Property characterize market demand on nite sets of prices. Consequently, for any number n there exist CAPM economies which have at least n equilibria and hence have n di erent beta pricing formulas. It is shown that the lower bound on the number of equilibria, n, is robust to pertubations of endowments.

The asymmetric unit of a second polymorph of the title compound, C(9)H(4)F(6)O(2), contains five independent mol-ecules, which form hydrogen-bonded O-H⋯O dimers about inversion centers. The most significant structural difference between this structure and that of the first polymorph [Tobin & Masuda (2009 ▶). Acta Cryst. E65, o1217] is the hydrogen-bonded, dimeric orientation of the carb-oxy-lic...