Much of the macroeconomics literature dealing with wealth distribution has become abstracted from modeling housing explicitly. This paper investigates the properties of the wealth distribution and the portfolio composition regarding housing and equity holdings and their relationship to macroeconomic shocks. To this end, I construct a business cycle model in which agents differ in age, income, a...

Miller (1977) emphasized that optimal corporate financial policy depends on the tax rates facing the firm as well as the tax treatment accorded bondand stock-holders. In equilibrium, firms will issue claims that are held by the full spectrum of investors, from tax-exempt institutional investors to heavily taxed individuals. However, dealers are tax neutral institutions that can buy corporate se...

In this paper the efficiency of the electricity generation portfolio of BKW, a major Swiss utility, is analyzed. By applying mean-variance portfolio theory to the current and to possible future generation mixes, efficient frontiers are derived. The analysis based on relative changes in generation costs is complemented by an actual costs analysis. Moreover, a method that takes into account physi...

As industrial processes have changed with the advent of e-commerce, banking industry, in turn, has changed. Implementation of electronic banking in any country requires different infrastructures including its material and human resources that the growth of technology and innovation in banks on the one hand, have increased the speed and quality of operations and services, and on the other hand, ...

the problem of human trafficking is a universal phenomenon with broad effects on global society. its cause and locus is in poor and underdeveloped societies which have difficulties like poverty, unemployment, inequality, discrimination and violence against woment, and the domination of men in patriarchal family, social and political systems. women and children are the main victims of it, who be...

Most research on Neandertal teeth has focused on shovel shaped incisors and/or taurodont molars. In the past 15 years there has been a renewed interested in Neandertal dental morphology, especially with regard to how they compare to recent and fossil modern humans. However, no complete description of Neandertal dental morphology has been published since the mid-1950s. Many more Neandertals and ...

The 2002 discovery of a robust modern human mandible in the Peştera cu Oase, southwestern Romania, provides evidence of early modern humans in the lower Danubian Corridor. Directly accelerator mass spectrometry radiocarbon (14C)-dated to 34,000-36,000 14C years B.P., the Oase 1 mandible is the oldest definite early modern human specimen in Europe and provides perspectives on the emergence and e...

In literary histories written in both Iran and the West it has generally be assumed that early modern Persian literary works are (technically inferior) copies of Western literary works. This has been and is still a claim. Almost no academically and scientifically sound works has substantiated this claim. While there is no point in denying a European influence on early modern Persian literature,...

The early modern human remains from the Peştera Muierii, Romania have been directly dated to approximately 30,000 radiocarbon years before present (approximately 30 ka 14C BP) (approximately 35 ka cal BP) ("calendrical" age; based on CalPal 2005) and augment a small sample of securely dated, European, pre-28 ka 14C BP (approximately 32.5 ka cal BP) modern human remains. The Muierii fossils exhi...