In this paper, we address the issues of coal supply and blending pertaining to an electric utility company in Taiwan. Since the fuel used by coal-fired power plants are mainly imported in bulk from overseas sources, the planning of coal shipping and blending is of great economic importance. This...

Urban regeneration strategies in the UK have placed considerable emphasis on the development of homeownership and particularly low-cost homeownership. The paper assesses the long-term viability of local homeownership initiatives in public sector communities by reference to case studies in four...

Urban regeneration strategies in the UK have placed considerable emphasis on the development of homeownership and particularly low-cost homeownership. The paper assesses the long-term viability of local homeownership initiatives in public sector communities by reference to case studies in four...

The financing of R&D provides a potentially important channel to link finance and economic growth, but there is no direct evidence that financial effects are large enough to impact aggregate R&D. U.S. firms finance R&D from volatile sources: cash flow and stock issues. We estimate dynamic R&D...

The study of the investment-cash flow (ICF) sensitivity constitutes one of the largest literatures in corporate finance, yet little is known about changes in the ICF relationship over time, and the literature has largely ignored how rising R&D investment and developments in equity markets have...

Does auditor independence increase the quality of financial disclosures, and is regulation necessary to realize such improvements? Conventional wisdom answers "yes!," but lacks support from scholarly studies. We thus investigate whether auditor independence affects earnings quality in ways that...

We explore the importance of new public firms and public equity finance for R&D and creative destruction in the US high-tech sector. Over 1900 new public firms enter high-tech manufacturing between 1970 and 2004; they are increasingly R&D intensive and rely extensively on public equity finance in...

This study assesses how customer value affects a firm's market orientation and consequently, competitive advantage and organizational performance in a service industry -- the global hotel industry. The findings show that if a firm perceives its customers as valuing service, the firm is more...

Despite widespread interest in the key role that venture capital plays in financing young, high-tech firms, little is known about the relative performance of venture-backed firms over the long-run. Using data from the U.S. high-tech sector, this paper examines the performance and financing of...