This paper develops a two-sector growth model in which institutional investors play a significant role. A necessary and suffi cient condition is established under which these investors own the entire capital stock in the long run. The dependence of the long-run growth rate on the behaviour of such investors, and the effects of a productivity increase are analysed. JEL classification. O41, O43 A...

With the exception of posting only modest performance in the first quarter of 2016, major indexes have been forging ahead with impressive consistency. The past quarter finished, as so many have of late, up with solid single digit returns. Correspondingly, the Financial Times reported that, "Several measures of actual and expected stock market volatility have fallen to post-crisis lows." Summari...

We develop a model of asset trading with financial leverage in an economy with a continuum of investors. The investors are assumed to have diverse and rational beliefs in the sense of being compatible with observed data. We show that a reduction in the margin requirement may cause the stock price to rise in the current period because it increases the demand of optimistic investors through a “le...

Background: Rapidly increasing residential electricity demand has made raising energy efficiency an important policy issue in controlling electricity demand. Methods: This study uses a stochastic frontier model to estimate the residential electricity demand function and analyse electricity energy efficiency levels and their determinants using regional data on Japan. Results: The results confirm...

To investigate the energy performance of solar shading devices, this paper carried out a survey on the current status of solar shading utilization in buildings in Ningbo and performed building simulations to evaluate the energy savings potential by adopting different solar shading devices. Results show that solar shading utilization in this area is not popular and effective, and should be consi...

The paper attempts to examine whether subsidiaries from different countries-of-origin differ with respect to their financial structures and performance in the same host country and whether greater foreign control affects their financing patterns and financial performance. The results show that Japanese firms differ significantly with respect to their financial structures from the Indian firms a...

If your employee benefit plan has more than 100 participants, chances are you've had to work your way through the audited financial statements you're required to include with your Form 5500 filing. These statements contain a wealth of information about the financial health of your plan, and understanding them is an important fiduciary responsibility. To strengthen your grasp of financial statem...

Did fair value accounting play a role in the current financial crisis? This appendix explores the issue. Fair value accounting implies that assets and liabilities get measured and reflected on a firm`s financial statements at their market value, or close substitutes. Extensive academic research done over the past 20 years shows that financial statements that reflect the market values of assets ...