This paper investigates the impact of asset liquidity on the valuation of corporate securities and the firm’s financing decisions. I show that asset liquidity increases debt capacity only when bond covenants restrict the disposition of assets. By contrast, I demonstrate that, with unsecured debt, greater liquidity increases credit spreads on corporate debt and reduces optimal leverage. The mode...

M any analysts view personal saving behavior, summarized by statistics such as the personal saving rate or household debt acquisition, as a key determinant of real economic activity. Some blame the recent sluggishness of output and employment growth on low personal saving in recent years. The low rate of personal saving leaves consumers unprepared for their customary role of pulling the economy...

one of the important discussions in islamic fiqh and usul (jurisprudence), is the issue of going farther verified religious text (nass), as well as the ways of discovering the reason of a commandment. it seems that this subject has not yet reached its proper place in shi’i fiqh. while imami jurists use some methods to go farther the commandment of the nass, including one named “discovering the ...

“islamic feminism” is an analytical-descriptive title by which western observers identify the intellectual activities of muslim women. muslim female scholars of “islamic feminism”, though there is no consensus among them about this label, have various approaches and subjects of study in relation to the field of islam and gender. aziza al-hibri and kecia ali are two of these muslim scholars whos...

Islam encourages all its followers to work and seek livelihood meet the needs of life both for himself or his family. Work find in like equal someone who jihad way Allah. Investing context seeking halal profit is highly recommended sharia. One form investment sale stocks (securities as proof ownership a company), which cooperation with other parties obtain profits. Stocks are goods assets that ...

Companies must publish financial reports on time. When market information is more important and this information is used to shape more effective decision-making. Although most companies, financial reports required by the authorities at intervals determined Speak but at the same time, it can be claimed that the delay in publishing the financial reports of a company to another company, the differ...

Received Apr 27, 2017 Revised Sep 8, 2017 Accepted Sep 27, 2017 One of the most common issue in information retrieval is documents ranking. Documents ranking system collects search terms from the user and orderly retrieves documents based on the relevance. Vector space models based on TF.IDF term weighting is the most common method for this topic. In this study, we are concerned with the study ...