This dissertation examines four specific aspects of capital structure and dividend policy.The first issue concerns the determinants of capital structure dynamics. The primaryobjective is to examine whether stock returns are important factors in firm?s capitalstructure choice, and if so, whether...

This paper outlines an approach to Bayesian semiparametric regression in multiple equation models which can be used to carry out inference in seemingly unrelated regressions or simultaneous equations models with nonparametric components. The approach treats the points on each nonparametric...

This dissertation presents three theoretical essays on insider trading in financial markets. The first essay studies the workings of a cash market and a futures market under uncertainty. The model in this essay is an extension of work by Danthine (Journal of Economic Theory, 1978), in which...

The current debate on inflation stabilization is led by Thomas Sargent and Rudiger Dornbusch. The two names stand for different ideas, approaches, and methods. The controversy ignited around the interpretation of the term "credibility" and how to establish credible policy. The two views appear...

Depending on the contractual arrangement, fluctuations in materials prices expose different parties involved in a construction contract to various degrees of risk. In general, owners and/or contractors face the risk of losses when the prices of materials move upwards. Suppliers, on the other...

The dissertation examines an informal financial institution in Cameroon: the Rotating Saving and Credit Association. Its describes the operational procedures. RoSCAs are associations formed by a core of individuals who willingly and regularly contribute periodically a fixed or variable amount to...

The aim of this research is to investigate the hypothesis that the government may have interfered with the functioning of the private sector in Brazil, through the economic phenomenon which has been referred to in the economic literature as the "crowding-out" effect.

This paper examines the nature of mortgage credit rationing across geographic markets and time. Particular attention is paid to the response of conventional mortgage supply to higher risk conditions associated with regional recessions. We develop a series of four indirect tests based on the...

Traditional financial theories see capital structure as a result of mainly financial, tax and growth factors (Modigliani & Miller, 1958). But corporate governance theories (Jensen & Meckling, 1976) and business strategy theories (Barton & Gordon, 1988) suggest that ownership structure and...