We develop a yield-based capital budgeting method that solves the inconsistencies of the internal rate of return (IRR) and its alternatives with the shareholders' wealth maximization objective. We thus provide an efficient technique for managers who exhibit in practice a large preference for...

Many pricing models imply that nominal interest rates contain information on inflation expectations. This has lead to a large empirical literature that investigates the use of interest rates as predictors of future inflation. Most of these focus on the Fisher hypothesis in which the interest...

The nexus of population dynamics and environmental degradation has been discussed widely in the extant literature. Most related studies have utilized carbon emission as a proxy of environmental quality. However, carbon emission does not capture the multidimensional nature of environmental...