I study the egalitarian way of distributing resources across generations. Distributional equity deeply conflicts with the Pareto principle: efficient allocations cannot guarantee that i) each generation be assigned a consumption bundle that is at least as large as an arbitrarily small fraction of the bundle assigned to any other generation and that ii) each generation finds its assigned bundle ...

Introduction On March 1, 2006, the Government of Ontario enacted the Local Health System Integration Act, which created 14 Local Health Integration Networks (LHINs) (2005, 2006). These organizations are charged with strategic purchasing; they will not directly provide services. Each LHIN is responsible for planning, integrating and funding healthcare services in its region. About two thirds of ...

Based on the premise that non-trading reflects illiquidity, we hypothesize that managers use stock splits to attract more uninformed trading so that market makers can provide liquidity services at lower costs, which increases investors’ trading propensity and improves liquidity. The improvement allows investors to face reduced liquidity risk and require a lower liquidity premium, which in turn ...

all societies face the need to make judgments about what interventions (both public health and personal medical) to provide to their populations under reasonable resource constraints. their decisions should be informed by good evidence and arguments from health technology assessment (hta). but if hta restricts itself to evaluations of safety, efficacy, and cost-effectiveness, it risks being vie...

This paper recognizes two main factors that cause the capital requirement to affect the weighted average cost of capital and hence the investment behavior ofbanks: underpriced debt resulting from the deposit insurance and information asymmetry between managers and the stock market. For a bank enjoying a low cost of debt (deposits), an increased proportion of equity financing raises the weighted...

The cost of equity for banks equates to the compensation that market participants demand investing in and holding banks’ equity, has important implications transmission monetary policy financial stability. Notwithstanding its importance, is unobservable therefore needs be estimated. This occasional paper provides estimates listed unlisted euro area using a three-step methodology. In first step,...