intellectual capital is most vital enabler of enterprises. managing intellectual capital effectively can greatly enhance the competitive advantages of any enterprises. this study focused on how the enterprises utilize intellectual capital, in order to strengthen the competitiveness of enterprises. this research established a novel assessment model to measure the performance of intellectual capi...

Contrary to the predictions of standard economic theory, capital market liberalization has been a mixed blessing for many countries. Liberalization of debt inflows exposes economies to the risk of crises stemming from sudden changes in investor sentiment. Equity market liberalizations, on the other hand, have promoted growth in almost every liberalizing country. Yet equity market liberalization...

The Data Nerlove assembled a cross-section data set for 1955. The set contains 145 …rms in 44 states. The variables are: total costs, factor prices (the wage rate, the price of fuel, the rental rate of capital) and output. Rental rate of capital: Although …rms own capital (e.g. power plants), standard investment theory (Jorgenson 1963) tells us that (as long as there are no costs in changing th...

For most of the postwar period, Europe’s capital markets remained largely closed to international capital flows. This paper explores the costs of this policy. Using the familiar event-study methodology, we examine the extent to which restrictions of current and capital account convertibility affected stock returns. We find that the delayed introduction of full currency convertibility increased ...

Based on a general framework for computing the aggregate human capital stock under heterogeneity across population cohorts, the paper derives the “true” functional relationship between the aggregate human capital stock, average years of schooling, and average work experience. Under the scenarios considered here, the macro-Mincer (log-linear) functional relationship between these variables is ob...

This note offers a general proof of the converse of Hartwick’s rule, namely that — in an economy with stationary instantaneous preferences and a stationary technology — an efficient constant utility path is characterized by the value of net investments being zero at each point in time. In a one consumption economy with two stocks — a stock of a natural resource and a stock of man-made capital —...

This paper analyses the impact of effective average and marginal tax rates on the size of the capital stock owned by foreign affiliates of US multinational companies. We use data on 20 OECD countries, 1983-1998. A simple two-stage model of location choice, and investment conditional on location, identifies the role of each form of effective tax rate. The results indicate a large and significant...

Like the stock market, the human capital market consists of a wide range of assets, i.e. educations. Each young individual chooses the educational asset that matches his preferred combination of risk and return in terms of future income. A unique register-based data set with exact information on type and level of education enables us to focus on the shared features between human capital and sto...

Stock price bubbles are often on productive assets and occur in a sector of the economy. In addition, their occurrence is often accompanied by credit booms. Incorporating these features, we provide a two-sector endogenous growth model with credit-driven stock price bubbles. Bubbles have a credit easing effect in that they relax collateral constraints and improve investment efficiency. Sectoral ...