This paper examines the effects of costly external financing on the optimal timing of a firm’s investment. By altering the optimal investment timing, costly financing affects current investment and the sensitivity of investment to internal cash flow. Importantly, the relation between the cost of external funds and investment-cash flow sensitivity is non-monotonic. Investment-cash flow sensitivi...

Calculating total cast of bank resources procurement methods which include current -free loan deposit, saving interest-free loan deposit, regular and net short-term investment deposit, long-term investment deposit and surety bond cash deposit and presenting their optimal integration require precise scientific studies. Hence, this study is an attempt to know which methods are the best optimal in...

This paper argues that the electric power industry must move toward a model in which transmission service is viewed as a commercial activity, a business. The current models of integrated utilities and quasi-public, not-for-profit Independent System Operators have led to a trend of under-investment. The current model of transmission operation divorces ownership and control and, as a not-for-prof...

This paper argues that the electric power industry must move toward a model in which transmission service is viewed as a commercial activity, a business. The current models of integrated utilities and quasi-public, not-for-profit Independent System Operators have led to a trend of under-investment. The current model of transmission operation divorces ownership and control and, as a not-for-prof...

We examined the multivariate life-history trajectories of age 0 and age 1 female Gambusia affinis to determine relative effects of age-based and environment-based cues on reproductive investment. Age 0 females decreased reproductive investment prior to the onset of fall and winter months, while age 1 females increased reproductive investment as the summer progressed. The reproductive restraint ...

Regulators across many different jurisdictions and industries have recently adopted the practice of setting access prices based on the current costs of providing the relevant facilities. Though widely regarded as being efficient, the efficiency implications of using current costs instead of historical costs have not been formally analyzed. Our analysis shows that given stochastic costs, forward...