This paper investigates information disclosures made by the chairpersons of boards of directors in 120 failing UK companies. There are four main findings. Firstly, chairpersons excessively blame poor performance on exogenous factors rather than managerial decisions. Secondly, almost half of chairpersons do not candidly disclose problems that are apparent when they write their statements. Thirdl...

Brander and Lewis (AER, 1986) show that ...rms with limited liability can use debt to commit to aggressive behavior in Cournot markets. In our duopoly experiments, we ...nd that subjects choose much less debt than predicted by theory. Although subjects try to exploit the strategic advantage of debt, they do not (want to) acknowledge possible strategic advantages of opponents’ debt. Replacing qu...

In a diffusion model of an enterprise with variable scale, conditions are given for the maximization of ‘profit’ (expected total discounted withdrawals) to lead to bankruptcy almost surely. The optimal withdrawal policy is an ‘overflow policy’: the withdrawal rate is zero if the asset level is below a ‘barrier’, and equal to the maximum rate if the asset level is at least equal to the barrier. ...

Alzheimer's disease (AD) is the most common neurodegenerative disorder characterized by progressive cognitive decline leading to dementia. The amyloid precursor protein (APP) is a ubiquitous type I transmembrane (TM) protein sequentially processed to generate the β-amyloid peptide (Aβ), the major constituent of senile plaques that are typical AD lesions. There is a growing body of evidence that...

Optimizing renewable energy harvesting is of major importance in the following decades. In order to increase performance and efficiency, an ideal balance mechanical piezoelectric properties must be targeted. For this purpose, approach ceramic auxetic honeycomb structures made (Ba,Ca)(Zr,Ti)O3 (BCZT) which produced via injection molding considered. The main design parameter structural angle ? va...

At percent, Zn stress tolerance using novel genetic resources is an important mitigation strategy for plant breeding. In this study, thirty-five durum wheat genotypes with different growth habits were evaluated under normal (non-stress) and Zn deficient stress during the 2014-15 cropping season. A total of ten Zn stress tolerance indices including stress tolerance index (STI), relative zinc-def...

In this paper we construct a modeling for detection of banks which are experiencing serious problems. Sample and variable set of the study contains 30 banks of Iran during 2006-2014 and their financial ratios. Well known multivariate statistical technique (principal component analysis) was used to explore the basic financial characteristics of the banks, and discriminant Logit and Probit models ...

A series of PA1111/BaTiO3 nanocomposites with different BaTiO3 contents are prepared by the in-situ salification-melt polymerization procedure. The morphological, spectroscopic studies and property characterization conducted. results indicate that proposed compositing method can effectively disperse nanoparticles in PA1111 matrix, as-prepared exhibit improved dielectric piezoelectric properties...

Exploiting the analogy with the private provision of a public good, this paper studies debt restructuring with an arbitrary number of creditors using mechanism design. Creditors differ in the value they expect to receive in bankruptcy, and this value is private information. As with public goods, too little debt forgiveness is granted in equilibrium relative to the first best. Creditors are more...