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We propose a structural model with a joint process of tangible assets (marker) and firm status for the pricing of corporate securities. The firm status is assumed to be latent or unobservable, and default occurs when the firm status process reaches a default threshold at the first time. The...
Persistent link: https://www.econbiz.de/10010847575
We propose a structural model with a joint process of tangible assets (marker) and firm status for the pricing of corporate securities. The firm status is assumed to be latent or unobservable, and default occurs when the firm status process reaches a default threshold at the first time. The...
Persistent link: https://www.econbiz.de/10010950005
This paper focuses on the workplace accidents of Gecamines in a comparative perspective. Copper industry has been the cornerstone of Congolese economy since the colonial era. Katanga province is well known for its reserves of copper and cobalt. Many accidents occurred in mining operations of...
Persistent link: https://www.econbiz.de/10011096733
This paper explores the long-run impacts of tax policy in a two-country model of endogenous growth with variable labor supply. We focus on international spillover effects of tax reforms under alternative trade structures. It is shown that if the instantaneous utility function of the...
Persistent link: https://www.econbiz.de/10010780743
This paper investigates trade patterns and the gains from trade in a Chamberlinian-Ricardian model with a CES type of upper-tier utility function. It is shown that a strong tendency toward complete specialization emerges under free trade and that free trade is preferable to autarky from the...
Persistent link: https://www.econbiz.de/10010882912
The sum of reciprocals of Mersenne primes converges to 0.51645417894078856533・・・.
Persistent link: https://www.econbiz.de/10011070644
This passage mainly deals with the problem of why different transition countries have different transition mode and different economic performance. According to this research, it has been found that the economic system of the traditional socialist countries played an important role in their...
Persistent link: https://www.econbiz.de/10011070645
An informal transfer arrangement within a community redistributes incomes. While this may improve the welfare by mitigating the income inequality, it will also a ect households’ decisions on labor migration, a way to expand incomes. This paper theoretically examines the transfer arrangement...
Persistent link: https://www.econbiz.de/10011149654
This paper reexamines the main findings of Cardarelli et al. (2002), and Contenaro and Vidal (2006), who show that regional asymmetries undermine the implicit collusion of tax coordination in a repeated game model of capital tax competition. In particular, this paper investigates how increasing...
Persistent link: https://www.econbiz.de/10005572725
The purpose of this paper is to reveal how fiscal policy cooperation can result from repeated interactions in an asymmetric model of capital tax competition. We investigate how regional differences in the per capita capital endowments and/or production technologies affects the willingness of...
Persistent link: https://www.econbiz.de/10005572726