The policy response to the recent financial crisis has broadly focused on two themes: 1) Increasing the banking sectorsâ resilience to future financial shocks: 2) Improving credit availability to households and firms via lowering both short and long-term ...
We propose a model that jointly determines the capital structure and investment decisions taking business cycle and debt maturity into account. It endogenously determines the triggers of investment/disinvestment and default, which depend on the state of th ...
This thesis examines the effects of financing frictions on corporate decisions using dynamic models. Accounting for financing frictions helps reconcile a number of regularities that are hard to explain within the Modigliani-Miller framework. For instance, ...
In this study, we discuss the difference regarding thermo-economic and environmental (water intake) aspects between two methods of biomass hydrolysis. A thermo-economic model was developed using Aspen Plus® and MATLAB software in order to analyze the energ ...
The sugarcane sector in Brazil has undergone a major modernization in the last thirty years. Embracing the biorefinery concept, this sector is investigating bioproduct diversification and mostly putting a lot of effort and investment on second generation e ...
Estimates of intangible capital stock are of prime importance for accurate measurement of productivity growth. Aggregate intangible capital stock is usually estimated using the so-called Corrado-Hulten-Sichel (CHS) new growth accounting framework. Yet this ...
Liberalization and the introduction of sector-specific regulators has caused the position of State-owned enterprises (SOEs) of network industries to change not only within national economies, but also vis-a-vis their respective States. In response, many SO ...
We propose a model of a firm's reversible investment decision with macroeconomic conditions based on optimal switching of a diffusion regime. The switching costs and the cash flow generated from the firm depend on a business cycle alternating via a Markov ...
Corporate disclosure is the most important source of information about the firm for the outside investors. While some disclosure of public firms is mandated by regulation, firm managers can provide extra information at their discretion by making voluntary ...
Wind is a variable and uncontrollable source of power with a low capacity factor. Using energy storage facilities with a non-firm connection strategy is the key to maximum integration of distant wind farms into a transmission-constrained power system. In t ...
