We model the channels through which public expenditure on infrastructure influences firm value and shapes its investment decisions via both adjustment costs and marginal profitability of capital. We test these hypotheses by using a large panel of Italian firms. Empirical results show that infrastructure interacts with revenues and costs in shaping firm’s profitability of capital and influences ...

Matt Spiegel for their comments and suggestions. Abstract This paper develops a model of optimal capital structure with stochastic interest rate which is assumed to follow a mean-reverting process. Closed-form solutions are obtained for both the value of the firm and the value of its risky debt. The paper finds that the current level and the long-run mean of the interest rate process play disti...

Background and Aim: The health financing system is "the process of collecting, pooling and managing financial resources and purchasing healthcare services”. Iran's health financing system is facing challenges. The aim of this study was to evaluate the Iranian health financing system.         Materials and Methods: This descriptive study retrospectively evaluated the health financing system of...

by using a model of development, called developmental state, which appeared during the history of development in east asia region, the current essay tries to present a review on possibility of iran’s transition to economic development. it is supposed that the ground is prepared for iran’s transition to development through effective state intervention in economy. unlimited access of iran to a ve...

This study employs the vector autoregressive model (VAR), impulse response function and variance decomposition to impact of oil price shocks on components government spending both oil-exporting importing countries over period from 1980 2018. While vast majority previous studies focused spending, this emphasized these current capital expenditure. It was found that affect expenditure positively i...

Many studies have documented that human capital formation is important to boost output both empirically and theoretically. However, on the implications of employment are still scanty, especially for developing countries. Against this background, study investigates shock long-run government financing education health in Nigeria using a vector error correction model (VECM). The results show forec...

This study examines the impact of government educational expenditure and school enrolment on economic growth in Ghana over period 1970-2017. The research employs autoregressive distributed lag (ARDL) technique based results Phillips-Perron unit root test. findings show that within (1970-2017) has an insignificant effect both long-run short-term. It is also revealed while primary secondary rates...

The study examined the relationship between tax structure and exchange rate, capital expenditure using secondary data obtained from Central bank of Nigeria Federal inland revenue annual bulletin for period 1994 to 2022 multiple regression auto regressive distributive lag. Tax was divided into direct indirect consisting PPT, CIT VAT while dependent variable proxied by rate expenditure. Unit root...