This paper seeks to encompass elements of both the Modigliani and Miller (1958, 1963) and Jensen and Meckling (1976) approaches to optimal capital structure within a unified framework with shadow costs of incomplete information. Making the most of the major work of Merton (1987), Leland (1996, 1998) and Bellalah (2001a), we put forward a model that reflects the interaction of financing decision...

This paper looks at the effect of shareholder horizon on corporate behavior. In perfect capital markets, corporate behavior should be insensitive to shareholder horizon, but when investment opportunities are not well valued by the market, shareholder horizon matters. We first present a simple framework to show that shareholder horizon should be looked at in conjunction with stock misvaluation. ...

Abstract There is mixed evidence on whether the marginal dollar spent corporate social responsibility due to agency problems. We propose an approach by modeling how 2003 dividend tax cut, which increased after-tax insider ownership and better aligned managerial shareholder interests, affected firm responsibility. confirm key predictions of our model: following moderate insider-ownership firms e...

The corrosion sensitivity of several austenitic stainless steels (316L, 316Ti, Sanicro28, Sanicro35) and nickel-based alloys (Hastelloy G30 Hastelloy G35) was determined at elevated temperatures in food grade phosphoric acid (FGPA). materials were submerged a harsh environment >85 wt% FGPA ranging from 80 to 160°C. main aim understand the phenomena occurring such define temperature range for wh...

The impact of three levels of sea salt (0.0, 8.0, and 16.0 mS/cm2) on six varieties of soybean (Crawford, G21, G22, G35, G82, and G83) was studied. Growth criteria, photosynthetic pigments, soluble sugars, soluble protein, free amino acids, free proline, and protein profile of soybean varieties were investigated under sea salt stress. Results of this study showed a considerable decrease in grow...

In this study a simulation analysis is applied to address the change in banks liquidity demand due to a shift in settlement method brought about by adopting Real Time Gross Settlement System. At the first stage of this research, we use a data generator model along with some information on the time distribution of coded cheques over a working day in order to produce intraday flow of payment...

Salinity is a major abiotic stress that affects plant growth and productivity. To cope with salt stress, plants express large number of responsive genes proteins are involved in wide range cellular functions. In the present study, halophytic Suaeda maritima (L.) Dumort. were hydroponically exposed to NaCl for understanding molecular mechanisms behind salinity tolerance using PCR-based Suppressi...