This study explores the relation between credit risks of financial and non-financial firms and their corporate governance structures from the perspective of creditors. US based CDS spreads are used to measure firms’ risk taking behavior. Governance attributes have differential effects across firm types: Board independence and financial transparency have a greater impact on the default risk of f...

We explore the relation between international financial integration and the level of entrepreneurial activity in a country. Researchers have stressed the role of new firm activity and economic dynamism on growth. Yet, the empirical effects of international capital mobility on entrepreneurial activity have received little attention in the literature albeit the ambiguous theoretical predictions a...

We use a novel framework that integrates standard asset pricing and microstructure models to study how asymmetric information, imperfect competition among market makers, and risk aversion affect equilibrium illiquidity and asset pricing. All the main results are obtained in closed-form. In our model, market power, asymmetric information, and market-making cost drive market illiquidity. This mod...

After negative shocks, investors with short trading horizons are inclined or forced to sell their holdings to a larger extent than investors with longer trading horizons. This may amplify the effects of market-wide shocks on stock prices. We test the relevance of this mechanism by exploiting the negative shock caused by Lehman Brothers’ bankruptcy in September 2008. Consistent with our conjectu...

A growing body of empirical evidence suggests that investors’ behavior is not well described by the traditional paradigm of (subjective) expected utility maximization under rational expectations. A literature has arisen that models agents whose choices are consistent with models that are less restrictive than the standard subjective expected utility framework. In this paper we conduct a survey ...

Microcin PDI inhibits a diversity of pathogenic Escherichia coli through the action of an effector protein, McpM. In this study we demonstrated that expression of the inhibitory phenotype is induced under low osmolarity conditions and expression is primarily controlled by the EnvZ/OmpR two-component regulatory system. Functional, mutagenesis and complementation experiments were used to empirica...

The intestine is able to regulate its output rate of chylomicrons, the major intestinal triacylglycerol (TG) transport vehicle. We have proposed that a vesicle, transporting the developing chylomicron from the endoplasmic reticulum (ER) to the Golgi, is the rate-limiting step in the process of TG transit through the enterocyte [ Am. J. Physiol. 273 ( Gastrointest. Liver Physiol. 36): G18-G30, 1...

This paper examines capital market effects of changes in securities regulation. We focus on two key capital market directives in the European Union (EU) that tighten market abuse and transparency regulation and enforcement. All EU member states are required to adopt these two directives but their exact implementation into national law and the design of enforcement regimes differ across member s...

The existence of SpoU-TrmD (SPOUT) RNA methyltransferase superfamily was first predicted by bioinformatics. SpoU is the previous name of TrmH, which catalyzes the 2'-Omethylation of ribose of G18 in tRNA; TrmD catalyzes the formation of N1-methylguanosine at position 37 in tRNA. Although SpoU (TrmH) and TrmD were originally considered to be unrelated, the bioinformatics study suggested that the...

The paper aims to investigate empirically the effects of several types of financial restraints on financial development for the case of the Iran. Two hypotheses addressed and discussed in the context of the McKinnon/Shaw and the monopoly bank model. A conditional co-integration model has been employed to carry out the empirical investigations. The long and short-run analysis show that fin...