A perpetual youth overlapping generations model is presented in which the presence of financial frictions can create the crowd-in effect of asset bubbles that promotes capital accumulation. The existence of asset bubbles increases the equilibrium interest rate. Although the increased interest rate excludes less productive agents from production activity, these agents benefit from the liquidity ...

The relation between a firm’s stock return and its intangible investment ratio and asset tangibility is derived under the intangible-asset-augemnted (IAA) q-theory framework. Using firm level data and the Generalized Method of Moments (GMM), we estimate the model and three main results emerge. First, the IAA q-theory captures the value premium and the relation between R&D intensity and stock re...

Bernanke (2005) hypothesized that a "global savings glut" was causing large trade imbalances. However, we show that the global savings rates did not show a robust upward trend during the relevant period. Moreover, if there had been a global savings glut there should have been a large investment boom in the countries that imported capital. Instead, those countries experienced consumption booms. ...

Endowment is one of the most important sources income globally for higher education institutions, and it should be invested permanent use. Unfortunately, such funds are not optimally managed in Malaysia’s public universities. Therefore, this study was conducted to find ways manage effectively among universities with highest recorded collection endowment funds. The participating were: Universiti...

BACKGROUND Universal health coverage is high on national health agendas of many countries at the moment. Absence of financial hardship is a key component of universal health coverage and should be monitored regularly. However, relevant household survey data, which is traditionally needed for this analysis is not frequently collected in most countries and in some countries, has not been collecte...

Most recent evidence is provided for fiscal years 2009 through 2013 where the University experienced consistent growth in Net Assets, Operating Revenues, Endowment Investments, Capital Investments and Bond Indebtedness. The University’s Statement of Changes in Net Assets (SRECNA), [1] Statement of Unrestricted Net Assets (SUNA), [2] as well as the Statement of Net Assets (SNA) [3] and operation...

as the most perfect divine religion, the holy islam contains comprehensively complete programs leading human-being to prosperity and salvation. one of the recommendations highly emphasized in the religion of islam is charitable endowment. though being not compulsory, endowment is highly advised in the religion and has a well-deserved role in elevating our souls and providing spirituality for th...

Over the past two decades, endowments have become an increasingly important component of the typical university’s resource base. We examine how U.S. doctoral institutions’ endowment payout policies and spending decisions are affected by financial market shocks to endowments. While most endowments have formal payout policies intended to smooth payouts over time, we find that universities are mor...

The static trade-off and pecking order capital structure theories are analyzed and applied to nonprofit organizations. In addition, this paper also considers how nonprofits adjust their leverage over time. The analyses consider the unique role of donor-restricted endowments in the decision to borrow, as well as different types of borrowing by nonprofits. The results indicate that nonprofit capi...

in the past few decades, capitalist economic system has witnessed different financial crises the most important of which is the 2008 financial crisis. the crisis had different causes that the main causes are innovations and financial assets without actual backing (real underlying asset) and their developing by financial institutions. namely, financial institutions, especially banks, developed t...