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In this paper, we build on a single product, finite horizon, periodic review inventory management setting and include key financial aspects such as working capital constraints, payment delays and multiple sources of financing. We numerically solve for the ...
We provide the first systematic study of liquidity in the foreign exchange market. We find significant variation in liquidity across exchange rates, substantial illiquidity costs, and strong commonality in liquidity across currencies and with equity and bo ...
Is the human brain wired for wealth? The setting is the high-velocity financial environment. Undoubtedly, the development of sophisticated derivative instruments has improved the allocation of risk across economies, highlighting the nexus between banking a ...
Although the gas market in the European Union was opened up with two major directives in 1998 and 2003, competition in Europe is still developing slowly. One major cause is the insufficient availability of gas that is not contracted by long-term contracts ...
We prove that, in a heterogeneous economy with scale-invariant utilities, the yield of a long term bond is determined by the agent with maximal expected marginal utility. We also prove that the same result holds for the long term forward rates. Furthermore ...
[1] Nutrient transfer from soils to surface waters is associated with large, hydrologically induced fluctuations. Consequently, stream-based estimation of long-term changes in nutrient leaching is masked by variations of stream discharge. Using high-resolu ...
The vast majority of plant and animal species reproduce sexually despite the costs associated with sexual reproduction. Genetic recombination might outweigh these costs if it helps the species escape parasite pressure by creating rare or novel genotypes, a ...
Both deterministic and probabilistic approaches can be used to establish spinning reserve requirements. It has been proved that determining reserve requirements based on probabilistic approaches results in more economical efficiency. So, a probabilistic se ...
Are some banks prone to perform poorly during crises? If yes, why? In this paper, we show that a bank's stock return performance during the 1998 crisis predicts its stock return performance and probability of failure during the recent financial crisis. Thi ...
The pulp and paper (P&P) industry in industrially mature countries is facing a long-term crisis. Large and modern manufacturing facilities in tropical regions emerge as new competitors. The constant increase of energy costs has also contributed to the fina ...
