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. By exploiting the real-option approach, we examine how the inability to force sellers to meet the contract time …Time overruns are common in public works and are not confined to inherently complex tasks. One explanation advanced in … when the contract does not provide for any compensation for late-delivery. -- Public Procurement ; Fixed-Price Contracts …
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In this paper we apply a real-option model to study the effects of tax rate uncertainty on a firm's decisions. In doing so, we depart from the relevant literature, which focuses on fully equity-financed investment projects. By letting a representative firm borrow optimally, we show that debt...
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In a continuous-time framework we study the technology and investment choice problem of a continuous co …
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Using a comprehensive high-frequency foreign exchange dataset, we present evidence of time-of-day effects in foreign … pattern across a range of currencies and time zones. We also find that this pattern is reflected in order flow and suggest …
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