In winter 1383, the center for Research of Majlis Shura Islamic of Iran (CRMSII) published a proposal on the logic of the prevailing profit rate that the commercial banks pay/charge on long-term bank loans requiring the executive branch of Islamic Republic to lower the average rate of profit by 4.5 percent within 18 months of passage of the bill by Majlis, to reduce government budget defi...

Abstract We study U.S. banks’ payout policy in 2007–2008. benchmark these payouts against before the crisis, measure stock price reactions to announcements of dividend changes, and analyze changes relation between growth future performance. Further, we examine cross-sectional variation gauge possible motives underlying decisions do not find that banks have a higher willingness take risk or ince...

In this research, a model is designed to assess the effect of banking facilities over private sector investment. In this model, private investment is a function of non-oil GDP, and with a time lag, of import of capital goods, investment of public sector and the real facilities granted by the banking system to the private sector. The effects of the model indicate a meaningful effect of the ...

In this paper, I investigate whether venture-backed companies can be negatively affected when others that share the same investor perform poorly. To this end, I examine the impact of the collapse of the technology bubble on non-information-technology (non-IT) companies held alongside internet companies in venture portfolios. Using a difference-in-differences framework, I find that the end of th...

Using a stochastic sequential game in ergodic equilibrium, this paper models limit order book trading dynamics. It deduces investor surplus and some agents’ strategies from depth’s stationarity, while bypassing altogether agents’ intricate forecasting problems. Market inefficiency adjusts to induce equal supply and demand for liquidity over time. Consequently, at a given bid-ask spread surplus ...

JEL Classification O34, K41, G24, M41, M42. A survey of patent litigation in the Taiwan electronics industry between 2010 and 2015 provides insight into the causes and economic consequences of patent litigation. This survey had three key what were the findings of this study? First, companies with patents for new inventions are more likely to file plaintiff-initiated lawsuits and less likely to ...

Rating agencies are often criticized for being biased in favor of borrowers, for being too slow to downgrade following credit quality deterioration, and for being oligopolists. Based on a model that takes into account the feedback effects of credit ratings, I show that: (i) rating agencies should focus not only on the accuracy of their ratings but also on the effects of their ratings on the pro...

Markets for IPOs and debt issuances are syndicated, in the sense that a bidder who wins a contract may invite losing bidders to join a syndicate that together fulfills the contract. We show that in markets with syndication, standard intuitions from industrial organization can be reversed: Collusion may become easier as market concentration falls, and market entry may in fact facilitate collusio...

X-ray spectra of Seyfert galaxies have revealed a new type of X-ray spectral feature, one which appears to offer important new insight into the black hole system. XMM revealed several narrow emission lines redward of Fe Kα in NGC 3516. Since that discovery the phenomenon has been observed in other Seyfert galaxies, e.g. NGC 7314 and ESO 198-G24. We present new evidence for a redshifted Fe line ...