This study focuses on the impact of the 2001 recession as well as the subsequent expansion on U.S. trade (i.e., retail and wholesale) firms' short-term assets and liabilities. The paper also analyzes the differential effects on long-term debt and cash flow levels between retail and wholesale...

Studying Corporate Environmental, Social and Governance responsibility (ESG) and its consequences remain a topical concern of the company's stakeholders including governmental and non-governmental organizations, investors and researchers over the past few decades. While most research has studied...

We model a risk-averse firm owner who wants to maximize the intertemporal expected utility of firm’s dividends. The optimal dynamic control problem is characterized by two stochastic state variables: the equity value, and profitability (ROA) of the _rm. According to the empirical evidence, we...