This paper develops a model of how the financial system is organized to most effectively create safe assets and analyzes its implications for asset prices, capital structure, and macroeconomic policy. In the model, financial intermediaries choose to invest in the lowest risk assets available in order to issue safe securities while minimizing their reliance on equity financing. Although househol...

Text data analysis has found its way in many applications, and our study focuses on the financial fields. Previous studies in financial indicator prediction are mostly based on econometric models. In recent years, with the advance of text mining techniques, more and more studies employ financial news as the data source for analysis. Most studies, however, aim to predict stock prices, identify t...

This study examined the growth rates in agricultural investments and output in Nigeria from 19702009 using ordinary least square in a time series analysis. Findings revealed that agricultural investments and growth recorded a growth rate of 37.44 percent and 30.47 percent in the prefinancial sector reform periods. The result for the financial sector reform periods showed a growth rate of 23.00 ...

Anticipating the Effects ofMedicaid Expansion on Surgical Care TheAffordableCareActexpandedMedicaidcoverage toadults with incomesup to 133%of the federalpoverty level, but a subsequentSupremeCourt rulingdeterminedCongress couldgive states the option to expand. In September of 2013, the state of Michigan approved expansion. Beginning inApril 2014,more than 400 000 adults will be newly eligible f...

Economic geographers are directing increasing attention to international expansion by leading retail TNCs. However, there has been minimal examination of the financing methods of these firms and, while the major retail TNCs have supply relationships in subSahara Africa, so far none have opened stores on the continent. Therefore in this paper we analyse expansion into sub-Sahara Africa by a seco...

The institutionalisation of an information system is possible only if it is sustained and legitimated by organizational actors and individuals. The system reviewed in this study, the SIAFEM – Integrated System for State Financial Administration, is a large governmental system adopted by the State of Sao Paulo as an accounting and cash management system. Once implemented, it became institutional...

We propose a new approach to the analytical approximation of transition densities typically arising in finance. This allows to obtain an expansion of the price of financial derivatives using as starting point the classical Black&Scholes formula. Explicit error estimates for the expansion truncated at any order are available. A numerical test is presented and possible applications to Monte Carlo...

In this paper, we develop a multi-objective stochastic programming approach for supply chain design under uncertainty. Demands, supplies, processing, transportation, shortage and capacity expansion costs are all considered as the uncertain parameters. To develop a robust model, two additional objective functions are added into the traditional comprehensive supply chain design problem. So, our m...

We analyzed the expansion process of town centers in the rural area of Changjiang delta since middle of 1980s and its mechanism using satellite images. The local industries played the most important role in urbanization of rural areas through investing their profits and paying their taxes to the town finance. Therefore, expansion of the town center was regulated by the growth of local industrie...

We propose a framework for understanding recurrent historical episodes of vigorous economic expansion accompanied by extreme asset valuations, as exhibited by the U.S. in the 1990s. We interpret this phenomenon as a high-valuation equilibrium with a low effective cost of capital based on optimism about the future availability of funds for investment. The key to the sustainability of such an equ...