We examine the asset pricing implications of a neoclassical model of repeated investment and disinvestment. Prior research has emphasized a negative relation between productivity and equity risk that results from operating leverage when capital adjustment is costly. In general, however, expansion and contraction options affect risk in the opposite direction: they lower equity risk as profitabil...

The literature provides conflicting assessments about firms’ leverage decisions. We argue that econometric mis-specifications have influenced many past conclusions, because the estimated regression models implicitly impose strong, but unwarranted, assumptions on the data. This study estimates a partial-adjustment model for a firm’s leverage decision. Our model recognizes that a firm’s target ca...

The purpose of this paper is to construct a dynamic stochastic production frontier incorporating the sluggish adjustment of inputs, to measure the speed of adjustment of output, and to compare the technical efficiency estimates from this dynamic model to those from a static model. Assuming that the adjustment speed of all inputs is similar for every production unit, a linear partial adjustment ...

this paper presents fuzzy and conventional performance of model reference adaptive control(mrac) to control a dc drive. the aims of this work are achieving better match of motor speed with reference speed, decrease of noises under load changes and disturbances, and increase of system stability. the operation of nonadaptive control and the model reference of fuzzy and conventional adaptive contr...

Wind observations collected at citizen weather stations (CWSs) could be an invaluable resource in climate and meteorology studies, yet these are underutilised because scientists do not have confidence their quality. These wind speed systematic biases, likely caused by improper instrumentation station sitings. Such biases introduce spatial inconsistencies that prevent comparison of spatially lim...

this research applies and compares the market leverage lally method, ibbotson and sinquefield method and siegel method, to present alternative measures for market risk premium (mrp) estimation and test forecasting power of these methods in calculating expected rate of return. the higher level of leverage implies greater risk of investment in a specified stock, so higher return is expected by in...