This study examines the financing choices of firms operating in a weak institutional environment. We argue that in relationship-based systems, global financing and strong political connections are alternative means to create firm value. Well-connected firms might be less inclined to access global capital markets because (state-owned) domestic banks provide capital at low cost. Moreover, the exp...

The 2007-2008 financial crises has made it painfully obvious that markets may quickly turn illiquid. Moreover, recent experience has taught us that distress and lack of active trading can jump “around” between seemingly unconnected parts of the financial system contributing to transforming isolated shocks into systemic panic attacks. We develop a simple two-period model populated by both standa...

In this paper, we study the corporate transparency choices of firms operating in a weak institutional environment. We argue that in relationship-based systems, high levels of corporate transparency and strong political connections are alternative means to create firm value. Firms can try to commit to more transparency by issuing securities abroad. However, the expanded disclosures and additiona...

Drosophila RNase P and 3'-tRNase endonucleolytically process the 5' and 3' ends of tRNA precursors. We examined the processing kinetics of normal substrates and the inhibitory effect of the tRNA product on both processing reactions. The product is not a good RNase P inhibitor, with a KI approximately 7 times greater than the substrate KM of approximately 200 nM and is a better inhibitor of 3'-t...

Selenocysteine (Sec) is the 21st amino acid in translation. Sec tRNA (tRNA(Sec)) has an anticodon complementary to the UGA codon. We solved the crystal structure of human tRNA(Sec). tRNA(Sec) has a 9-bp acceptor stem and a 4-bp T stem, in contrast with the 7-bp acceptor stem and the 5-bp T stem in the canonical tRNAs. The acceptor stem is kinked between the U6:U67 and G7:C66 base pairs, leading...

We propose and investigate a new channel through which the resource curse a stylized fact that countries rich in natural resources grow slower operates. Predatory governments are more likely to expropriate corporate profits in natural resource industries when the price of resources is higher. Corporations whose profits are more dependent on the price of resources can mitigate the risk of exprop...

Within the context of risk integration, we introduce in risk measurement stochastic holding period (SHP) models. This is done in order to obtain a ‘liquidity-adjusted risk measure’ characterized by the absence of a fixed time horizon. The underlying assumption is that due to changes on market liquidity conditions one operates along an ‘operational time’ to which the P&L process of liquidating a...

Many economists suggest that a cap-and-trade program and a carbon tax represent promisingmechanisms for addressing climate change. A potentially attractive feature of both policies is that they have the potential to recycle revenues in an efficient manner. In the case of cap andtrade, this would involve using auction revenues; in the case of a tax, it would involve using taxrevenues...

The molecular interactions between valyl-tRNA synthetase (ValRS) and tRNA(Val), with the C34-A35-C36 anticodon, from Thermus thermophilus were studied by crystallographic analysis and structure-based mutagenesis. In the ValRS-bound structure of tRNA(Val), the successive A35-C36 residues (the major identity elements) of tRNA(Val) are base-stacked upon each other, and fit into a pocket on the alp...

Purpose- In 2008 China issued the Measures for Disclosure of Environmental Information. Using introduction this environmental policy, paper examines how information disclosure quality affects a firm's access to capital markets. particular, relationship is investigated between and investment-cash flow sensitivity, measure financial constraints, before after implementation policy. Methodology- Th...