We present a simple menu cost model which explains the finding that firms are more likely to adjust prices upward than downward. Asymmetric adjustment to shocks arises naturally, even without trend inflation, from the desire of firms to keep industry prices as high as is sustainable and the non-convexity due to menu costs. It implies that aggregate demand shocks have asymmetric effects — negati...

This paper examines the response of U.S. manufacturing industries and plants to changes in trade costs using a unique new dataset on industry-level tariff and transportation rates. Our results lend support to recent heterogeneous-firm models of international trade that predict a reallocation of economic activity towards high-productivity firms as trade costs fall. We find that industries experi...

This paper develops a real options model of capital structure to understand two distinct roles played by intellectual capital in corporate financing decisions. First, intellectual capital limits a firm’s debt capacity because of its low liquidation value. Second, intellectual capital enhances a firm’s debt capacity through its positive impact on the earnings dynamics. We show that the former is...

s teel industries play a key role in the national economy and welfare of the society in many steel manufacturer countries. it is found that manufacturing and consuming of steel products would be a key indicator to measure and evaluate economic and industrial performance of a country. nowadays, countries with the large natural oil and gas resources (e.g. iran) attempt to select an alternative ec...

Evaluation of the competitiveness of high-tech industry is a technical decision-making issue involving multiple criteria. It is also a practical path to promote a country’s competitiveness. However, the competitiveness indicators in high-tech industry often act and react upon one another. Moreover, different dimensions and indicator weights also affect the evaluation results. In this paper, the...

Sustainable development has been widely considered as an important issue in the hightech industry. The purpose of this study is to investigate the factors motivating sustainability development strategies adoption and implementation and to study the relationships between the motivating factors and the readiness of implementation at strategic level (management willingness) and tactical level (res...