Different kinds of conflicts are increasing day by day in the world. The increase of disputes and mutual conflicts cause countries continue to devote high amounts of resources to the defence industry for national security. In order to obtain the maximum benefit from defence spending, the defence...

In response to technological change, U.S. corporations have been investing more in intangible capital. This transformation is empirically associated with lower leverage and greater cash holdings, and commonly explained as a precautionary response to reduced debt capacity. We model how firms'...