This article develops and implements a Real Options approach to value renewable natural resources in the case of Marine Fisheries. The model includes two sources of uncertainty: the resource biomass and the price of fish, and it can be used by fisheries to optimally adapt their harvesting...

The literature on the optimal harvest of fisheries has concentrated on a single fishing area with biomass uncertainty and to a lesser degree also with price uncertainty. We develop and implement a stochastic optimal control approach to determine the harvest that maximizes the value of a fishery...

This article develops and implements a Real Option approach to value renewable natural resources in the case of Marine Fisheries. The model includes two sources of uncertainty: the resource biomass and the price of fish, and it can be used by fisheries to optimally adapt their harvesting...

Tax loss carry forward (TLCF), the accumulated corporate losses that can be applied to future or past taxable income, form an important asset in the corporate portfolio. In our sample (1964 - 2014) TCLF was on average equal to 17% of pretax income with considerable cross sectional variation. We...

This paper empirically examines the impact of exposure to climate change risk on the firm's financing decisions. We study publicly traded firms listed in the U.S. from Compustat between 2002 and 2020. Our analysis contributes to the literature by establishing a direct relationship between...