For several decades, International development and financing institutions have considered gross national income (GNI) the economic touchstone for assessing and evaluating countries’ eligibility for development assistance. TheWorld Bank first developed the metric in 1960s as the basis for decisions on concessional financing through International Development Association (IDA). Since its establish...

In the newsvendor problem, a decision maker chooses an inventory order quantity prior to the realization of a random demand. The decision maker faces a trade-off between ordering too many and having leftover inventory versus ordering too few and missing out on potential sales. Keeping the net profit structure constant, we study how the timing of the payments affects the inventory decisions. Spe...

Both market timing and investment-based theories of corporate financing predict underperformance after firms raise capital, but only market timing predicts that the composition of financing (equity compared to debt) should also forecast returns. In cross-sectional tests, we find that the amount of net financing is more important than its composition in explaining future stock returns. In the ti...