We will present a topological approach to the Arrow impossibility theorem of social choice theory that there exists no binary social choice rule (which we will call a social welfare function) which satisfies the conditions of transitivity, independence of irrelevant alternatives (IIA), Pareto principle and non-existence of dictator. Our research is in line with the studies of topological approa...

Although existing theories predict a causal link between informational frictions in financial markets and a firm’s choice of asset liquidity, the lack of an exogenous and clean measure of informational frictions hinders the precise identification of this link. Using the discontinuous requirement of financial reporting introduced by Section 404 of the Sarbanes-Oxley Act, we identify a causal eff...

1 Corresponding Author, Phone: 404-894-8412, FAX: 404-894-9342, e-mail: [email protected] ABSTRACT Since no simulation model is perfect, any simulation model for modeling a system’s physical behavior can be refined further. Hence, the question faced by a designer is – “How much refinement of a simulation model is adequate for a particular design problem?” To answer this question, we...