We consider a model in which a principal must both repay a loan and motivate an agent to work hard. Output is non-contractible, so the principal faces a commitment problem with both her creditor and her agent. In a profit-maximizing equilibrium, the agent’s productivity is initially low and increases over time. Productivity continues increasing even after the debt has been repaid, eventually co...

this study empirically examines whether managers manipulate reported income through the timing of sales of long-lived assets and investments. several empirical implications of the income-smoothing and debt-equity hypothesis in the context of asset sales were tested. the findings are consistent with the timing of asset sales by managers so that the recognized accounting income from these sales s...

Medicine in Medieval England, by C. H. TALBOT, London, Oldbourne, 1967, pp. 222, 35s. Od. The author of this book, Dr. Talbot, is medievalist at the Wellcome Institute of the History of Medicine. He has produced a book which will appeal to both expert and non-expert-medical or otherwise. The book is a hardback of 222 pages with a table of contents, an index and a bibliography, which lists books...

This study aims to examine the effect of Return on Equity (ROE), Assets (ROA), Non-Profit Margin (NPM), DER (Debt Asset Ratio), Debt Ratio (DAR), Growth, and Market To Book Value (MBVE) Price (PBV). The population in this is consumer goods sub-sector manufacturing companies listed Indonesia Stock Exchange observation period from 2019 2021. There are 42 companies. total sample 33 financial state...

We introduce long-term debt and a maturity choice into dynamic model of production, firm financing, costly default. Long-term saves roll-over costs but increases future leverage default rates because commitment problem. The generates rich distributions choices, ratios, credit spreads across firms. It explains why larger older firms borrow at longer maturities, have higher leverage, pay lower sp...

S ize and book-to-market ratios have emerged as the two prominent variables that are significantly related to stock returns. Fama and French [1992] find that stock returns are negatively related to size and positively related to book-to-market ratios. They also find that the relationship between stock returns and beta is not statistically significant. The Fama and French research caps earlier s...

The purpose of this study is to examine the impact capital structure on profitability companies under FMCG sector listed in National Stock Exchange (NSE) India. sample 10 over 14 years from 2007 2020 considered study. To profitability, Total Debt Assets (TDTA) Debt- Equity (DE), Interest Coverage Ratio (ICR) consider as independent variables, Price Book Value (PBVR) and Growth (GROW) control va...

Abstract This is the English translation of treatise on ratio and proportion published by Vicentine engineer Silvio Belli in 1573. In it author aims to present material, which was object much study application Renaissance part architects artists, a way that facilitates learning. The work consists three “books” dealing with definitions, classifications, comparisons magnitudes (First Book), ratio...