We study an optimal dividend problem under a bankruptcy constraint. Firms face a trade-off between potential bankruptcy and extraction of profits. In contrast to previous works, general cash flow drifts, including Ornstein–Uhlenbeck and CIR processes, are considered. We provide rigorous proofs of continuity of the value function, whence dynamic programming, as well as uniqueness of the solution...

Insurance companies are among the service organizations, which maintain close relationships with their clients by providing insurance services. Clients are the most important resource for service companies. And profitability of insurance companies undoubtedly hinges on clear analysis of client satisfaction and improved productivity of service providers. An important factor of client satisfactio...

Regional bonds are an alternative for local governments to obtain funds finance regional development. In the process of issuing bonds, collateral is needed in form assets ensure fulfillment investors' rights. Although guarantee issuance has been regulated Article 55 Law no. 33 2004 concerning Fiscal Balance between Central Government and Governments, its implementation will be difficult do beca...

The Sukuk market has become the fastest growing segment of the Islamic financial services industry. Governments and other corporate entities have started tapping the local and international Sukuk markets in order to raise the required funds. The investor base is also expanding and Sukuk has now become a popular and obvious choice for retail investors in a number of jurisdictions. However, becau...

The stock of sovereign debt is typically measured at face value. Defined as the undiscounted sum of future principal repayments, face values are misleading when debts are issued with different contractual forms or maturities. In this paper, we construct alternative measures of the stock of external sovereign debt for 100 developing countries from 1979 through 2006 that correct for differences i...

Islamic finance has great potential in encouraging the development of social and economic infrastructure. The rapid improvement sector increasingly good growth have a positive impact on infrastructure Countries Organization Cooperation (OIC). study analyzed financial CO2 emissions 12 OIC countries including United Arab Emirates, Indonesia, Jordan, Kazakhstan, Kuwait, Lebanon, Malaysia, Nigeria,...

To understand the role of green credit in maintaining economic sustainability, we develop theoretical hypotheses including expectation, supervision and capital allocation channels to explain the impacts of green credit. Then, we use hybrid econometric models by using Chinese-listed enterprises in the energy-saving and environmental sectors from 2007 to 2015 as the research sample to verify the ...