This paper tests for changes in firms' production and pricing decisions in four industries in which firms have sharply increased their financial leverage. The analysis of product price and quantity data show that industry product market decisions are associated with capital structure. In three industries, output is negatively associated with the average industry debt ratio. In the one industry ...

Data envelopment analysis (DEA), originally developed to study production efficiency of micro-level organizations, has recently been used to construct a production-frontier approach to the analysis of international macroeconomic growth and convergence patterns. DEA methods are used to construct the convex production frontier and this construction is then employed to decompose productivity growt...

How does temperature affect the human capital production process? Evidence from 4.5 million New York City high school exit exams indicates that heat exposure may affect educational performance in both the short and long run. Taking an exam on a 90◦F day relative to a 72◦F day results in a reduction in exam performance that is equivalent to a quarter of the Black-White achievement gap, and meani...

abstractthe monitoring of the management of vannamei shrimp farms in the gomishan shrimp site in the best way and to its development. the objectives of the project were the calculation of growth indices, food conversion ratio.the final production of vannamei, benefit-cost or gross benefit of each farm.this study carried out in in 1391( 2012 ).data collection done through questionaries personall...

We endogenize technological change by introducing a stylized innovation process driven by a R&D–dependent Poisson process in a Cox, Ingersoll and Ross (1985) production economy. The model reproduces some of the features of the long-run risk literature, that is, endogenous consumption growth departs slightly from the i.i.d. framework, and shocks to realized and expected consumption growth are pr...

the study was designed to analyze credit receipt and enterprise performance by small scale agro based enterprises in the niger delta region of nigeria. a multistage sampling technique was adopted in selecting 264 agro based enterprises and 96 agro based enterprises that accessed informal and formal credit respectively. the heckman model was used to examine the factors affecting amount of inform...

We examine the interaction between risk (uncertainty) and production efficiency in determining pay-performance sensitivity in optimal executive compensation. Particularly, we show that the risk-incentive trade-off is exacerbated (attenuated) as production efficiency increases when the efficiency level is greater (less) than the level of compensation risk. This result suggests that the optimalit...

I address the question of optimal capital ratio in banking, particularly the fact that banks’ riskweighted capital are substantially larger than the stipulated reserve requirements by Bank of International Settlements. My contribution is to show that when the underlying values of borrowers are correlated, banks should hold positive risk-weighted capital, regardless of the regulation. I use a de...

We examine the relation between firms’ financial structures and their risky investment strategies in Taiwan’s banking industry. Regressions cover two subperiods: before the first financial reform (1996– 2000) and after the first financial reform (2001–2006), to address the impacts of the first financial reform on banking firms’ financial structures. Our first result demonstrates that the restri...