The authors provide a reasonably user‐friendly and intuitive model for arriving at a company's optimal, or value‐maximizing, leverage ratio that is based on the estimation of company‐specific cost and benefit functions for debt financing. The benefit functions are downward‐sloping,...

Energy policies in China, including adopting renewable energy and thermal efficiency improvement, are expected to reduce carbon emissions associated with energy production. This study estimates the effects of energy choices on CO2 emissions and CO2 intensity using panel data for 2,741 counties...

This study examines the short- and long-term health consequences of prenatal exposure to air pollution by combining child health data from an original survey created in collaboration with the Air Pollution Index (API) from official Chinese statistics. We found that prenatal exposure to air...

We estimate firm-specific marginal cost of debt functions for a large panel of companies between 1980 and 2007. The marginal cost curves are identified by exogenous variation in the marginal tax benefits of debt. The location of a given company's cost of debt function varies with characteristics...

We study optimal capital structure by first estimating firm-specific cost and benefit functions for debt. The benefit functions are downward sloping reflecting that the incremental value of debt declines as more debt is used. The cost functions are upward sloping, reflecting the rising costs...

It has been generally recognised that the turbulent dispersion force plays an important role in interphase momentum transfer. However, the effect of the added mass stress on the momentum and mass transfer in bubble column bubbly flow has not been addressed appropriately. As the turbulent eddies...