company’s value depends on its longterm ability to generate cash to fund value-creating growth and pay dividends to its shareholders. Even so, investment managers commonly base their stock selections on short-term earnings and portfolio tracking error rather than discounted cash flow (DCF)—the standard for valuing financial assets in well-functioning capital markets. Financial analysts fixate o...

We use the August 2007 crisis episode to gauge the causal effect of financial contracting on real firm behavior. We identify heterogeneity in financial contracting at the onset of the crisis by exploiting ex-ante variation in long-term debt maturity structure. Using a difference-in-differences matching estimator approach, we find that firms whose long-term debt was largely maturing right after ...

In theory, competitive electricity markets can provide incentives for efficient investment in generating capacity. We show that if consumers and investors are risk averse, investment is efficient only if investors in generating capacity can sign long-term contracts with consumers. Otherwise the uncovered price risk increases financing costs, reduces equilibrium investment levels, distorts techn...

This paper addresses the theme of interprofessional education for health and social care professionals as it affects the development of the workforce. The drivers for change in the UK, typified by the Bristol Royal Infirmary and Victoria Climbié inquiries and the response to these in the form of Department of Health policy, are discussed. The need for rapid development of the evidence base arou...

This paper studies foreign exchange risk premium using the uncovered interest rate parity framework in a single country context. The analysis is performed using weekly data on foreign and domestic currency deposits in Armenian banking system. The paper provides the results of the simple tests of uncovered interest parity condition, which indicate that contrary to established view dominating in ...

Using search directions of a recent class of three--term conjugate gradient methods, modified versions of the Hestenes-Stiefel and Polak-Ribiere-Polyak methods are proposed which satisfy the sufficient descent condition. The methods are shown to be globally convergent when the line search fulfills the (strong) Wolfe conditions. Numerical experiments are done on a set of CUTEr unconstrained opti...

This study tested Rusbult’s (1980, 1983) investment model of relationship commitment and stability using data from both partners of 3,627 married couples. As predicted, spouses’ satisfaction, investments, and quality of alternatives were unique predictors of their commitment to the marital relationship. Additionally, commitment assessed at the initial testing predicted marital termination or st...

This paper reviews recent research results of the venture capital field. The paper indicates that main contents of the theory are that how agency problems brought about by the information asymmetry through the contract design are solved and the value-added management service is provided. A number of empirical evidences provided by documents from some aspects such as the fund raising and the sel...

This chapter provides a review of the rapidly developing literature on investment performance evaluation. The goals are to summarize the significant forces and contributions that have brought this field of research to its current state of knowledge and to suggest directions for future research. This review is written for a reader who is familiar with financial economics but not the specific lit...

We analysed a multiplex of financial and environmental networks between OECD countries from 2002 to 2010. Foreign direct investments and portfolio investment showing the flows in equity securities, short-term, long-term and total debt, these securities represent the financial layers; emissions of NOx, PM10, SO2, CO2 equivalent and the water footprint associated with international trade represen...