Managers engage in income smoothing either to communicate private information about future earnings to investors (informativeness hypothesis) or to distort financial performance for opportunistic purposes (opportunism hypothesis). Business cycles and the monitoring role of institutional ownership may affect the earnings informativeness of income smoothing. The purpose of this research is to exa...

This paper examines the effects of environmental zoning policies on lakefront land development, sorting, and economic welfare in a model where agents are heterogeneous in preferences and income. Agents consume lakefront amenities that are endogenous to development and the sorting process yields lakes which differ by amenities and frontage prices. Our findings include the following: i) lakes bec...

The objectives of the research are to analyse the main features of small businesses of South and West Hungary, to identify the main tendencies of their operation and development and to determine the main motivating factors in their business management processes. The area under examination covers rural county Zala, rural county Somogy, and the settlements located by the Western shore of lake Bal...

This paper studies the business cycle dynamics of income and wealth distributions in the context of the neoclassical growth model where agents are heterogeneous in initial wealth and non-acquired skills. Our economy admits a representative consumer which enables us to characterize distributive dynamics by the evolution of aggregate quantities. We show that inequality in both wealth and income f...