Two distinct credit channels for monetary policy have been described.’ Both of these channels are based on lending problems associated with asymmetric information and control.2 The cost of acquiring information and controlling borrower’s behavior drives a wedge between the cost of internal and external finance. For some borrowers the premium for external finance is so large that it is impractic...

A growing body of empirical evidence in the management literature suggests that antecedent variables widely accepted as leading to desirable consequences actually lead to negative outcomes. These increasingly pervasive and often countertheoretical findings permeate levels of analysis (i.e., from micro to macro) and management subfields (e.g., organizational behavior, strategic management). Alth...

Fractional order diffusion equations are generalizations of classical diffusion equations which are used to model in physics, finance, engineering, etc. In this paper we present an implicit difference approximation by using the alternating directions implicit (ADI) approach to solve the two-dimensional space-time fractional diffusion equation (2DSTFDE) on a finite domain. Consistency, unconditi...

This paper analyzes the behavior of stock prices around ex-dividend days after the implementation of the 1986 Tax Reform Act that dramatically reduced the difference between the tax treatment of realized long-term capital gains and dividend income in 1987 and completely eliminated the differential in 1988. We show that this tax change had no effect on the ex-dividend stock price behavior, which...

The adaptive significance of polyandry by female birds in the absence of direct benefits remains unclear. We determined the frequencies of polyandrous mating and multiple paternity in the ruff, a lekking shorebird with a genetic dimorphism in male mating behavior. More than half of female ruffs mate with, and have clutches fertilized by, more than one male. Individual females mate with males of...

one of the latest approaches for analyzing the coupled time series is mf-dxa. this technique has been used in many disciplines such as finance. in this paper, we have analyzed tehran stock exchange indexes by mf-dxa and have found a scaling behavior between the industrial, financial and price indexes. by surrogating, we could see that the effects of low probability events in industrial and fina...

The purpose of these lectures is to offer an overview of Stochastic Portfolio Theory, a rich and flexible framework for analyzing portfolio behavior and equity market structure. This theory was developed in the book by E.R. Fernholz (Stochastic Portfolio Theory, Springer 2002) and was studied further in the papers Fernholz (Journal of Mathematical Economics, 1999; Finance & Stochastics, 2001), ...