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We relate the value of growth options in the firm's investment opportunity set to the level of debt in the firm's capital structure. Underinestment costs of debt increase and free cash flow benefits fall with additional growth options. Thus, if debt capaci ...
This paper proposes a computable dynamic game model of the strategic competition between Russia and developing countries (DCs), mainly represented by China, on the international market of emission permits created by the Kyoto Protocol. The model uses a for ...
The purpose of this paper is to present the new version of GEMINI-E3, which is the fifth and incorporates significant changes from the previous version in particular with respect to its size and its modularity. GEMINI-E3 is a Computable General Equilibrium ...
This paper develops a framework for analyzing the impact of macroeconomic conditions on credit risk and dynamic capital structure choice. We begin by observing that when cash flows depend on current economic conditions, there will be a benefit for firms to ...
We examine the impact of the U.S. bankruptcy procedure on the valuation of corporate securities and capital structure decisions. We provide closed-form solutions for corporate debt and equity values when defaulting firms can either liquidate their assets o ...
UrbanSim is an integrated transportation land-use model that has been under development since the late 1990s. It has received a significant amount of attention in the integrated modeling community. It is well known for its disaggregated approach. A number ...
Developing new techniques for human-computer interaction is very challenging. Vision-based techniques have the advantage of being unobtrusive and hands are a natural device that can be used for more intuitive interfaces. But in order to use hands for inter ...
Developing new techniques for human-computer interaction is very challenging. Vision-based techniques have the advantage of being unobtrusive and hands are a natural device that can be used for more intuitive interfaces. But in order to use hands for inter ...
UrbanSim is an integrated transportation land-use model that has been under development since the late 1990s. It has received a significant amount of attention in the integrated modeling community. It is well known for its disaggregated approach. A number ...
This paper proposes a dynamic-game theoretic model for the international negotiations that should take place to agree on a global mitigation scheme when the real extent of climate change due to anthropogenic emissions is known. The model assumes a non-coop ...
Laboratoire de recherche en économie et management de l'environnement2005