We offer a sketch of an Austrian theory corporate finance by studying the structure firms’ liabilities both on unhampered market and through monetary policy-induced business cycle. Building recent contributions time-structure savings, we show that booms are characterized increased leverage higher levels maturity mismatches for firms. Such fragilities to be corrected during busts.
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The phrase business cycle is usually used for short term fluctuations in macroeconomic time series. In this paper we focus on the estimation of business cycles in a bivariate manner by fitting two series simultaneously. The underlying model is thereby nonparametric in that no functional form is prespecified but smoothness of the functions are assumed. The functions are then estimated using pena...

Evidence suggests that banks, like firms, face financial frictions when raising funds. The authors develop a quantitative, monetary business cycle model in which agency problems affect both the relationship between banks and firms and the relationship between banks and their depositors. As a result, bank capital and entrepreneurial net worth jointly determine aggregate investment, and are impor...

In this paper, we argue that study of the effect of financial development and shocks on aggregate growth volatility will not be informative because they affect growth volatility through its different components. Financial development affects only the business cycle component of volatility and therefore, the effect on total volatility is dependent on its share in total volatility. On the contrar...

We asked respondents about their attitudes toward restriction of imports, their understanding of the principle of comparative advantage and their attitudes toward globalization and business. Respondents who favored import restrictions scored lower on the test of understanding of comparative advantage, and they had less favorable attitudes toward globalization and toward business. Import restric...

The purpose of this paper is to propose a hybrid model which combines locally linear embedding (LLE) algorithm and support vector machines (SVM) to predict the failure of firms based on past financial performance data. By making use of the LLE algorithm to perform dimension reduction for feature extraction, is then utilized as a preprocessor to improve business failure prediction capability by ...

due to increasing number of international tourists and the enhancing role of tourism in economies of countries and competing environment, recognizing determinants in attracting international tourists seems very essential than ever before. public and private sectors need to examine determinants and forecast tourism demand. the primary aim of this study is using econometric techniques to analyzin...

regarding the decentralization of credits management, this study examined the effect of fiscal policies on gross domestic product of the iranian provinces over the period 2001-2009. therefore, we used dynamic panel data and employed gmm-sys method to examine the model. the results show that the government expenditure and tax multiplier coefficients are less than one in short - run but greater t...

The focus of this study is on the challenges faced by managers in effectively dealing with the new management logic of increasing returns as the information and knowledge intensity of their transformation processes rises. Dealing with these challenges is especially relevant for companies currently making the transition from capital and physical labor intensive transformation processes (old econ...