In this paper we present a four-level market model that accounts for airport capacity extension, fleet investment, aircraft scheduling, and ticket trade. In particular, budget-constrained airports decide on the first level on their optimal runway capacity extension and on a corresponding airport charge. Airports anticipate optimal long-term fleet investment of airlines on the second level, opti...

Asymmetric information regarding project prospects causes dilution, leading to adverse selection and inefficiencies in the market for new investments. However, if the market obtains information about the firm over time, issuing callable convertible securities with restrictive call provisions is optimal. Even when the market’s information is noisy, such securities can be designed to make the pay...

Small firms are thought to encounter various difficulties implementing strategic alliances. Due to these problems, they may be less able to reap the benefits of alliance adaptation, and the changes that occur in alliances over time often will not coincide with the small firm’s interests. The evidence we present on contractual renegotiations in alliances suggests that small firms are no more or ...

The Malaysian economy has experienced robust economic growth over the past few decades, averaging around 6 per cent a year since 2000. With competitive pressure for resources from non-agriculture sectors, there is likely to be an inadequate capacity increase agricultural production. Attaining agriculture business performance continued relevance remains demanding in Eleventh Malaysia Plan. Ancho...

This study explores how information technology, operating cost, and operational efficiency are related to each other in banking. It is well known that the adoption of information technology can reduce organizational operating cost and improve operational efficiency. However, the intuitive impacts should be evaluated in greater detail. This paper proposes a framework for measuring the performanc...

We apply theories of capital market failure to analyze optimal financing of risky higher education. In the market solution, students can only finance their education through debt. There is underinvestment in human capital, because some students with socially profitable investments in human capital will not invest in education due to adverse selection problems in debt markets and because insuran...

For a field K, rational function φ ∈ K(z) of degree at least two, and α ∈ P(K), we study the polynomials in K[z] whose roots are given by the solutions in K to φ(z) = α, where φ denotes the nth iterate of φ. When the number of irreducible factors of these polynomials stabilizes as n grows, the pair (φ,α) is called eventually stable over K. We conjecture that (φ, α) is eventually stable over K w...