Financial policy making is deemed essential for achieving higher economic dividends. There is a need to study the neglected area of working capital management with special emphasis on its efficiency. This paper directs attention to study this topic for listed chemical sector of Pakistan. The current practice is examined in light of a nine year panel data from the State Bank of Pakistan. Reviewe...

Individuals differ in both inherited and acquired abilities, but only the latter differ among countries and time periods. Human capital analysis deals with acquired capabilities which are developed through formal and informal education at school and at home, and through training, experience, and mobility in the labor market. Just as accumulation of personal human capital produces individual eco...

This paper studies the impact of financial constraints on the persistency of high markups in a class of markets, including public procurement, known by practitioners as bidding markets. We develop an infinite horizon model in which two firms optimally reinvest working capital and bid for a procurement contract each period. Working capital is constrained by the firm’s cash from previous period a...

This paper uses multivariate dynamic panel analysis to examine the response of international financial flows to natural disasters. The models estimated for a large sample of developing countries point to differentiated responses of specific types of financial flows. The results show that remittance inflows increase significantly in response to shocks to both climatic and geological disasters. T...

OBJECTIVES To estimate indirect costs through human capital approach and intangible costs through willingness-to-pay (WTP), and identify factors potentially affecting these costs in multiethnic Asian patients with knee osteoarthritis (OA). METHODS Data were collected through face-to-face interviews among knee OA patients. Human capital approach was used to estimate indirect costs by multiplyi...

INTRODUCTION OPAL (IST-2000-28295) is an EC funded project that has recently started at Napier University. It offers an opportunity to explore links between social computing and social capital. The objective is to build and evaluate a computer application that may improve the quality of online partnerships.by allowing new candidates to acquire an extensive understanding of a range of potential ...

We provide novel evidence on how frictions in the financing of working capital amplify and propagate the effect of economic shocks over time. We propose a test for this idea in a situation where firms must pay for inputs in advance of production, and face credit constraints and seasonal variation in profitability. Persistent input price shocks lead to stronger immediate and longer-term drops on...

Shimer (2005) argues that a search and matching model of the labor market in which wage is determined by Nash bargaining cannot generate the observed volatility in unemployment and vacancy in response to reasonable labor productivity shocks. This paper examines how incorporating monopolistically competitive firms with a working capital requirement (in which firms borrow funds to pay their wage ...