This study examines the association between the cost of debt capital and corporate governance practices. Utilizing a unique data set of firm-level corporate governance practices that is provided by the Korea Corporate Governance Service (KCGS), this study examines whether sound corporate governance practices reduce agency costs and thus the default risk and cost of debt capital of a firm. The f...

In Chapter 26 we discussed how rising per capita incomes over long periods of time can be explained by population growth, capital accumulation, and technological progress. Is there some way that we can measure how much of observed growth in per capita incomes is due to each factor separately? An obvious problem in trying to do so is that “technological progress,” though obvious in many aspects ...

the production function relates total product P to the labor L, capital C, land T (terrain), and other inputs that combine to produce it. The function expresses a technological relationship. It describes the maximum output obtainable, at the existing state of technological knowledge, from given amounts of factor inputs. Put differently, a production function is simply a set of recipes or techni...

he Federal Reserve System provides services to depository financial institutions through the twelve Federal Reserve Banks. According to the Monetary Control Act of 1980, the Reserve Banks must price these services at levels that fully recover their costs. The act specifically requires imputation of various costs that the Banks do not actually pay but would pay if they were commercial enterprise...

OBJECTIVE To explore the variance of unit costs of hospital medical services due to different costing methods employed in the analysis. METHODS Retrospective and descriptive study at Kaengkhoi District Hospital, Saraburi Province, Thailand, in the fiscal year 2002. The process started with a calculation of unit costs of medical services as a base case. After that, the unit costs were re-calcu...

This paper presents a model which captures the technological spillovers created by foreign direct investment in Transition Economies. Skill-biased technological change is linked with endogenous labor supply which allows for unemployment. The technological spillover is divided into a neutral technological change and a skill-biased technological change. The first effect makes labor and capital mo...

This paper extends the standard neoclassical model by considering a technology sector through which an economy with limited human capital attempts to catch up with a given “locomotive” pushing exogenously technical progress. In periods of technological stagnation, economies close enough to the frontier may find it optimal to not catch up, which reinforces worldwide technological sclerosis. Unde...

Capital markets perform two distinct functions: provision of capital and facilitation of good governance through information production and monitoring. I argue that the governance function has more impact on the efficiency with which resources are utilized within the firm. Based on industry level data across thirty-eight countries, I present evidence suggesting a positive relation between marke...