We study the impact of financial innovations on real investmentdecisions within the framework of an incomplete market economy comprisedof fi rms, investors, and an intermediary. The fi rms face uniqueinvestment opportunities that arise in their business operations and canbe undertaken at given...

Retailing is an industry characterized by wide variations in the financial performance of firms measured by their stock returns and the incidence of bankruptcy, and in the operating performance of firms measured by their gross margins, inventory turns, gross margin return on inventory, and...