We consider a system where the asset values of firms are correlated with the default thresholds. We first evaluate the probability of default of a single firm under the correlated assets assumptions. This extends Merton’s probability of default of a single firm under the independent asset...

Tubular daylight-guidance systems are linear devices that channel daylight into the core of a building. The development, over the last decade, of materials with high specular reflectance has led to a large number of passive zenithal systems; the most commercially successful type of daylight...

Purpose: This paper aims to critically explore the forces and critical features relating to the adoption of a new reporting and budgeting system (RBS) in Indonesian local governments. Design/methodology/approach: The study is based on an intensive analysis of document sources and interview...

This study is motivated by the dearth of models that provide good out-of-sample fit for exchange rates. That is, current models of exchange rate behaviour are poor predictors of subsequent currency movements. An attempt is made to determine if the relationship between exchange rates and...