We study a dynamic model of firm whose shareholders learn about its profitability and, face costs external financing and holding cash. The shareholders' problem involves notoriously challenging singular stochastic control with two-dimensional degenerate diffusion process. solve it by means an explicit construction value function, derive corporate life-cycle two stages: “probation stage” where i...

In this paper, we present our experience in applying collaborative filtering to real-life corporate data. The quality of collaborative filtering recommendations is highly dependent on the quality of the data used to identify users’ preferences. To understand the influence that highly sparse server-side collected data has on the accuracy of collaborative filtering, we ran a series of experiments...

While firm-level capital growth rates exhibit positive spikes, and rise as fast as they fall, the average capital growth rate across firms exhibits negative spikes, and declines faster than it recovers. We develop a dynamic model of investment that reconciles these empirical patterns. The model features costly reversibility, cyclical macroeconomic shocks, and uncertainty about the state of the ...

decision making and problem solving are especially important skills for business and life. as an innovation leading corporate, sony has gradually lost their superiority in innovation and core competences under more and more intensive competition environment. this report is made to investigate sony current procedure on its solving problems and making decision, analyze approaches and tools used b...

I provide empirical evidence that badly governed firms respond more to aggregate shocks than do well governed firms. I build a simple model where managers are prone to over-invest and where shareholders are more likely to tolerate such a behavior in good times. The model successfully explains the average profit differences as well as the cyclical behavior of sales, employment and investment for...

This paper examines the predictive power of credit spreads from the corporate bond market. The high-yield bond spread and investment-grade spread can explain 68 per cent and 42 per cent of output variations one year ahead, while the term spread based on government debts can explain only 12 per cent of them. For output forecasts up to one year ahead, the corporate bond spreads also outperform po...

The data systems, policies and procedures, corporate culture, and public face of an agency or institution make up its organizational interface. This case study describes how user interfaces for the Bureau of Labor Statistics web site evolved over a 5-year period along with the larger organizational interface and how this co-evolution has influenced the institution itself. Interviews with BLS st...

Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities. In this paper describes a risk management approach designed to support the Risk Management Methodology and adapted to d...