Research ...nds that ...rms’ investment and dividend policies are distorted by irreversibility and ...nance constraints. Whereas the existing literature examines these features separately, this paper considers their interaction. The main theoretical result concerns the separation of the investment and payout thresholds. The ordering of investment and distribution activities is endogenously dete...

It is now established that under quite general circumstances, including in models with jumps, existence of a solution to a re ected BSDE is guaranteed under mild conditions, whereas existence of a solution to a doubly re ected BSDE is essentially equivalent to the so-called Mokobodski condition. As for uniqueness of solutions, it holds under mild integrability conditions. However, for practical...

We examine how the legal protection of outside shareholders and the appropriative costs that they induce in‡uence the incentives for private …rms to go public. A higher degree of protection of shareholders can increase the appropriative costs associated with the con‡ict between managers and shareholders. To counteract this e¤ect the managers/owners increase the share of the …rm they retain so t...

The Oaxacan Spiny-tailed Iguana Ctenosaura oaxacana is a restricted species to the Isthmus of Tehuantepec in Southern Oaxaca, Mexico. This reptile is one of the less known iguanid species. We census-tracked a population in the South ofNiltepec, Oaxaca, Mexico from May 2010 to April 2011. Throughout one year, a total of 10 line transects were situated and recorded in the study area to determine ...

In this paper we use panel data on …rms from Brazil and China to investigate the role of …nancial constraints for borrowing and investment. We develop a structural investment model, in which borrowing is costly but sometimes necessary to …nance investment. Structural parameters are estimated by matching simulated model moments to empirical data, using a simulated minimum distance estimator. The...

Desertification in Qinghai-Xizang (Tibet) Plateau is part of Chinese desertification. In the past decades, due to the climate warming, the climate condition in Qinghai-Xizang (Tibet) Plateau has been relatively dry. This has resulted in permafrost degradation and other environmental problems. In addition, the vegetation and the soil layer were also destroyed by unreasonable economic activities....

In this paper we consider two polar dynamical models in which rms use debt (loans) to nance their investment expenditure, a three-dimensional supply driven one and a sophisticated 20D Keynesian growth model. In the rst type of model debt accumulation of rms interacts with income distribution and resulting capital stock and employment growth patterns. In the second high dimensional model we have...