We consider a discrete-time two-sector CES economy with sector specific external effects and partial depreciation of capital. We show that the occurrence of local indeterminacy of equilibria depends on an interplay between factor substitutability and capital depreciation. When the elasticity of substitution is less than one, local indeterminacy may occur with low depreciation of capital. When t...

Structural shifts characterize the volatility of the Korean stock and foreign exchange markets during the 1997 Asian financial crisis. This paper employs an unrestricted bivariate GARCH-M model of stock market returns to investigate empirically the effects of daily currency depreciation on Korean stock market returns. The evidence shows that currency depreciation significantly affects stock mar...

We consider a setting where a firm delegates an investment decision and, subsequently, a sales decision to a privately informed manager. For both decisions corporate income taxes have real effects. We show that compensating the manager based on pre-tax residual income can ensure after-tax NPVmaximization (‘‘goal congruence’’) for each decision problem in isolation. However, this metric fails if...

This study examined trajectories of posttraumatic growth or depreciation (i.e., positive or negative life change) in personal strength and relationships after 2 major earthquakes in Canterbury, New Zealand using group-based trajectory modeling. Participants completed questionnaires regarding posttraumatic growth or depreciation in personal strength and relationship domains 1 month after the fir...

In the process of recording and reporting financial transactions, businesses have to set a policy. order for information users potential investors benefit from in statements, applied accounting policies should be consistent over periods. However, today's market conditions, changing economic technological conditions force make policy forecast changes. Policy estimation changes regarding deprecia...

Will people report both posttraumatic growth and depreciation following a highly stressful event? Using the Posttraumatic Growth Inventory as the measure of growth, two studies compared responses to equivalent items designed to assess depreciation. Both types of change were reported, but growth was reported at much higher levels, and there was no correlation between growth and depreciation. Sma...

Materials and methods A literature review was performed for selected indicators of benchmarking. This study used secondary data (financial statements) to identify industry standards for hospitals. Data on hospital expenditures of public hospitals were categorised into 5 groups (input mix), which included salary, compensation, drugs, material supply and other expenses. In addition, selected fina...