Lemmon, Roberts, and Zender (2008) provide evidence suggesting that corporate capital structures are surprisingly persistent; that firm fixed effects account for a significant portion of the observed variation in corporate capital structures; and that there is a pattern of convergence of corporate capital structures over event time. We argue that Lemmon, Roberts, and Zender’s evidence is consis...

In this study, a customized indicator system for sustainable value drivers (SVDs) of enterprises was developed. We combined intellectual capital (IC) components and corporate social responsibility (CSR) factors to create corporate stakeholder value and sustainable competitive advantages. We reviewed the literature on IC and CSR to extract value drivers and construct an SVDs index, with the expe...

We model a capital market in which some proportion of investors get utility from owning firms that undertake spending on corporate social responsibility (CSR). We also assume different categories of firms: those with good CSR fundamentals and those with poor CSR fundamentals. We develop an equilibrium in which investors’ CSR considerations influence their financial portfolio decisions, influenc...

Using data from three countries (US, Italy and Australia) and surveying related studies from several other countries in Europe, we investigate the effects of the New Basel Capital Accord on bank capital requirements for small and medium sized enterprises (SMEs). We find that, for all the countries, banks will have significant benefits, in terms of lower capital requirements, when considering sm...

Because schools operate in such complex environments the effects of various forms of social capital on outcomes is difficult to delineate without careful and detailed analysis. Therefore the challenge to be faced when addressing the quantification of Social Capital at school is considerable. This has led some to argue that qualitative research is necessary to achieve an understanding of the com...

The results from subgroup regression analysis of the high-tech listed companies show that intellectual capital not only has a significant influence on corporate value creation, but also has a significant influence on the perception and evaluation to companies’ market value by capital market. Company’s life cycle indeed has significant effects on the relations between intellectual capital and co...

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...

It is essential for insurance regulation to have a clear picture of the risk measures that are used. We compare different mathematical interpretations of the Solvency Capital Requirement (SCR) definition that can be found in the literature. We introduce a mathematical modeling framework that allows us to make a mathematically rigorous comparison. The paper shows similarities, differences, and p...