Sun, Titman, and Twite (2014) find that risky capital structure characteristics, such as high leverage, high share of debt due in the near future and high share of variable-rate debt, significantly reduce the cumulative total returns of US REITs over the 2007-2009 financial crisis. In this paper we show that preparing ahead of the crisis significantly influenced the cumulative return over the c...

researchers in their reviewing of international market literature which practical experiences in iran indicate it demonstrate that to choose a foreign market there are two approaches: expansion and systematic approach. firms that use expansion approach, through the culturally and geographically similar markets starts working in international markets. however, in systematic approach, firms use a...

This paper examines whether the economic crisis induced by COVID-19 pandemic exhibits a Schumpeterian “cleansing” of less productive firms. Using firm-level data collected for 34 economies up to 18 months into crisis, study finds that firms have higher probability permanently closing during suggesting process cleansing out unproductive activities is occurring. The also uncovers strong and negat...

anotomical boundary of atrioventricular node reentrant tachycardia (avnrt) is composed of fast and slow pathways right atrium in upper turnaround and common distal pathway in lower turnaround. we performed electophsiologic study (eps) in 152 patients and could show the existence of distal common pathway with decremental conduction properties in approximately 40 patients.

This paper discusses the theoretical and policy debate on the Crisis in South East Asia. After contrasting competing interpretations of the crisis, the paper presents stylized facts about fundamental imbalances in the economies of the region before the currency collapse. Then, it reviews current theories of currency and financial instability, assessing them as interpretive schemes of the crisis...

Using particle system methodologies we study the propagation of financial distress in a network of firms facing credit risk. We investigate the phenomenon of a credit crisis and quantify the losses that a bank may suffer in a large credit portfolio. Applying a large deviation principle we compute the limiting distributions of the system and determine the time evolution of the credit quality ind...

To reduce the risk of another financial crisis, the Dodd-Frank Act requires that trading in certain derivatives be backed by clearinghouses. Critics mount two main objections: a clearinghouse shifts risk instead of reducing it; and a clearinghouse could fail, requiring a bailout. This Article's observation that clearinghouses engage in liquidity partitioning answers both. Liquidity partitioning...

This study evaluates a model of the relationship between HR strategy and organizational performance in locally owned Taiwanese companies and in Taiwanese-owned firms operating in China. The pressure many East Asian economies feel as a consequence of globalization and the fallout from the 1997 Asian financial crisis means that flexible and adaptive employment systems are potentially useful in ai...

East Asian economies caught in the recent crisis have seen their output contract fiercely despite enormous real exchange rate depreciation. Why are relative prices not maintaining demand and output at pre-crisis levels? We investigate the idea that there are negative supply-side shifts due to balance sheet effects. Specifically, we use the framework of Kiyotaki and Moore (1997) to explore the i...

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