This paper reports a new test of capital structure theories using a filtering technique to identify large investment projects. Contrary to the results of aggregate studies, firms respond to investment spikes by raising la rge amounts of external finance. Large firms raise debt finance and small firms issue new equity. These results run counter to predictions of the pecking order theory. New equ...

An influential theory argues that court-ordered school finance equalization undermines support for public schools. Residents of wealthy school districts who cannot keep their tax revenues for their own school districts may vote to limit school funding altogether. Proponents of this theory point to Serrano v. Priest, a 1977 decision of the California Supreme Court that mandated equalization of s...

Recent studies find evidence that the rates of return to holding common stocks and bonds are, to some extent, predictable over time. While measurement errors can induce spurious predictability, there seems to be an emerging consensus that predictable variation is an important stylized fact about asset returns. There are two competing views of this predictability. Some interpret This article stu...

Purpose This paper analyzes global interest in Internet information about decentralized finance (DeFi), embedded (EmFi), open (OpFi), ocean (OcFi) and sustainable (SuFi) the relationship among them. Design/methodology/approach The used a comparative methodology based on regression correlation analyses to assess DeFi, EmFi, OpFi, OcFi SuFi. Findings findings reveal that EmFi was more popular Asi...

We would like to thank participants at the Oxford-Princeton Mathematical Finance Workshop, especially Roger Lee and Peter Carr, the 6th Columbia-JAFEE Conference and seminar participants at Warwick Business School, Imperial College London, Heriot-Watt University, Humboldt University, University of Tokyo, Waseda University and Columbia University. The second author is supported by an Advanced Fe...

Evaluating FINESSE: a case study in group-based CAL The FINESSE project (Finance Education in a Scalable Software Environment) addresses problems associated with the teaching of finance courses in the U.K. Higher Education sector by constructing a networked, computer-based portfolio management game. The FINESSE consortium consists of finance lecturers at the Universities of Dundee, Strathclyde,...

It is argued that a Bitcoin-style money-like informational commodity may constitute an effective instrument for the further development of Islamic Finance. The argument involves the following elements: (i) an application of circulation theory to Bitcoin with the objective to establish the implausibility of interest payment in connection with Bitcoin, (ii) viewing a Bitcoin-like system as a mone...

External finance is critical for less established entrepreneurs, so poor investor protection can hinder competition. We model how lobbying for weaker investor protection reduces access to finance and decreases competition in countries where politicians are less accountable to voters. Weaker accountability thus produces a smaller economic elite. As empirical support for this result, in a broad p...

This article provides an overview of Geographic Information Systems (GIS) and the issues surrounding their use in mortgage finance and related industries. After a brief introduction to GIS and geographic data, the application of GIS technology to mortgage finance is explored. The article also examines organizational challenges in developing in-house GIS capability. GIS’s greatest potential cont...