between advertising and subsequent net cash flows for Taiwan's mutual fund industry. Based on a comprehensive mutual fund … dataset and allowing for a precise estimation of fund inflows and outflows, we find that there is positive advertising … advertising works well during relatively low interest rate environments, which are generally interpreted as exhibiting low cost of …

Creativity is a certain feature of human nature, and one can expect it to be very complex issue determined by social … creativity must originate from the existence of a surplus above the fair salary. Human capital model allows for estimation of its …