The recent financial crisis has created a significant deviation between real world and existing business cycle theories. This paper follows the spirit of McGrattan and Prescott (2012) and reassesses this labor productivity puzzle by considering a real business cycle (RBC) model with R&D assets and organizational capital. It contributes to the literature in two ways. First, R&D assets and organi...

Tangible assets, many of which can be easily collateralized, support debt. Accordingly, the amount of tangible assets is well-established as a principal driver of leverage. As investing is shifting more and more from tangible to intangible assets, it becomes crucial to understand to what extent intangible assets support debt. Analyzing this question empirically has been largely unfeasible due t...

In models with a representative infinitely lived household, modern versions of tax smoothing imply that the steady-state of government debt should follow a random walk. This is unlikely to be the case in OLG economies, where, the equilibrium interest rate may differ from the policy-maker’s rate of time preference such that it may be optimal to reduce debt today to reduce distortionary taxation ...

The purpose of this study is to develop portfolio optimization and assets allocation using our proposed models. The study is based on a non-parametric efficiency analysis tool, namely Data Envelopment Analysis (DEA). Conventional DEA models assume non-negative data for inputs and outputs. However, many of these data take the negative value, therefore we propose the MeanSharp-βRisk (MShβR) model...

BACKGROUND Although natural resources play a central role in rural livelihoods across the globe, little research has explored the relationship between migration and natural capital use, particularly in combination with other livelihood capitals (i.e., human, social, financial and physical). OBJECTIVE Grounded in the rural livelihood framework, this paper explores the association between the l...

In recent years, the management of intellectual capital has attracted a lot of attention by researchers and practitioners. Theoretical models of intellectual capital management (ICM) have been presented (e.g. [Ro97]), and companies and research institutions have published intellectual capital reports. Intellectual capital is usually referred to as the part of a company’s resources that does not...

This discussion encompasses the various types of human capital intangible assets. Some of these human capital intangibles qualify as intellectual property. Of course, like general commercial intangible assets, many human capital intangibles do not qualify as intellectual property. The most common type of human capital intangible is a business unit’s trained and assembled workforce. The assemble...

Lenders increasigly use migration analysis to measure his torical default and loss rates, primarily in commercial portfolios, by risk rating. KPMG’s Sixth Annual Survey of Bank Credit Risk Management Practices revealed that 51% of all bank respondents use migration analysis. Of those banks with assets greater than $10 billion, 70% report using migration analysis. However, there are, perhaps, as...