Research ...nds that ...rms’ investment decisions are distorted by irreversibility and ...nance constraints. Whereas the existing literature examines the e¤ects of these features separately, this paper studies their interaction. The impact of these constraints on a ...rm’s incentive to invest is characterised using option pricing techniques. Financial constraints reduce the initial capacity, ra...

A knowledge of the tree-ring stable nitrogen isotope ratio (δ15N) can deepen our understanding forest ecosystem dynamics by indicating long-term availability, cycling and sources (N). However, radial mobility N blurs interannual variations in records. Previous studies chemical extraction tree rings before analysis had produced inconsistent results it is still unclear whether necessary to pre-tr...

The artificial young forest is an important component of ecosystems, and biomass models are for estimating the carbon storage ecosystems. However, research on lacking. In this study, data 96 saplings three tree species from southern foot Qilian Mountains were collected. These data, coupled with allometric growth equations nonlinear joint estimation method, used to establish independent, compone...

We study economies where some assets play an essential role to …nance consumption opportunities but payment arrangements are subject to a moral hazard problem. Agents can produce fraudulent assets at a positive cost, which generates an endogenous upper bound on the quantity of assets that can be exchanged for goods and services. This endogenous liquidity constraint depends on the characteristic...