We introduce ambiguity about the asset value dynamics of a firm into trade-off framework capital structure. characterize investors’ preferences by recursive multiple priors utility. show that equity holders’ aversion significantly reduces optimal leverage and debt capacity. In particular, holders with sufficiently strong perceive their to be “too valuable lose” upon bankruptcy therefore optimal...

A contingent claims model with differential beliefs between debt and equity holders about the asset’s growth rate and volatility is used to study the impact of differential information between debt and equity holders on firm value, optimal capital structure, the timing of investment and other variables such as the credit spreads. The model explains the existence of debt constraints when debt ho...

the aim of this study was to investigate the role of livestock cooperatives in improving economic status of animal holders in hamedan province. the study has used a surveying methodology. for gathering data a structured questionnaire was used and its reliability was calculated by cronbach's alpha test and it was (α=0.80). the research samples consisted of 300 animal holders (beef cattle breeder...

Future developments in AI and robotics, brain interfaces, the Internet and virtual and augmented reality, will make possible new types of integration of humans and machines which will change how we think, learn and live. This paper uses a story about a future scenario involving systems of this kind to respond to crises and disasters to explore the possibilities of collective intelligence and co...

This paper examines the role of the supervisory authorities for the enforcement of the EU data protection regulation. It therefore examines the case law of the Court of Justice of the European Union and the upcoming legislative changes under the General Data Protection Regulation, which includes detailed provisions for the cooperation of all European supervisory authorities. It is concluded tha...