We use the August 2007 crisis episode to gauge the causal effect of financial contracting on real firm behavior. We identify heterogeneity in financial contracting at the onset of the crisis by exploiting ex-ante variation in long-term debt maturity structure. Using a difference-in-differences matching estimator approach, we find that firms whose long-term debt was largely maturing right after ...

A corporation’s ability to uphold valuable long-term investments is a critical component of the business’s sustainability. Combining views upper echelons theory and agency theory, this study argues that myopic managerial behavior detrimental firm’s investment. We construct an indicator assessing myopia based on textual analysis approach. The moderating effect suggested negative impact lessened ...

Trading frictions in financial markets affect more long-term than short-term bonds, generating an upward-sloping yield curve. Long-term financing is expensive economies with higher trading so firms choose to borrow and invest shorter horizons lower productivity projects. The theory guides a new identification of the slope liquidity spread data. We measure calibrate model for United States, coun...

The aim of this paper is to develop an optimal long-term bond investment strategy which can be applied to real market situations. This paper employs Merton’s intertemporal framework to accommodate the features of a stochastic interest rate and the time-varying dynamics of bond returns. The long-term investors encounter a partial information problem where they can only observe the market bond pr...

conclusions the stereotactic brachytherapy for patients with circumscribed and relatively small size tumors appears to be a safe, feasible, and minimally-invasive treatment. results thirteen patients were male and 16 were female, with the median age of 29 years (range, 2.5 – 64 years). the median follow-up was 95 (range, 6 – 240) months. based on pignatti classification, 10 patients were at low...