This paper presents a financial statement analysis that distinguishes leverage that arises in financing activities from leverage that arises in operations. The
Having seen one too many David Letterman show, I decided that it was time for me to put together my own list for the best accomplishments of my discipline, Fina
This study surveys the literature examining the privatization of state-owned enterprises(SOEs). We overview the history of privatization, the theoretical and
La versión española de este artículo se puede encontrar en http://ssrn.com/abstract=279460 Most finance textbooks
The efficient market hypothesis is a special case in finance. It explains only tiny fractions of observed phenomena. Perhaps its major contribution is a forma
The existence and the enforcement of insider trading laws in stock markets is a phenomenon of the 1990s. A study of the 103 countries that have stock markets re
Behavioral Economics is the combination of psychology and economics that investigates what happens in markets in which some of the agents display human limitati
In a decade of transition, fear of a leviathan state is giving way to increased focus on oligarchs who “capture the state.” In the capture economy, th
Our purpose is to provide a review of the development of the modern theory of corporate finance. Through the early 1950s the finance literature consisted in lar
Recent research on corporate governance has documented large differences between countries in ownership concentration in publicly traded firms, in the breadth a
We survey 392 CFOs about the cost of capital, capital budgeting, and capital structure. Large firms rely heavily on net present value techniques and the capital
Despite the apparent divergence in institutions of governance, share ownership, capital markets, and business culture across developed economies, the basic law
Six new aggregate measures capturing various dimensions of governance provide new evidence of a strong causal relationship from better governance to better deve
SUBJECT AREAS: Corporate Finance, Valuation, Capital Budgeting, Investment Policy, Economic Value Added, EVA, Market Value Added, MVA, Net Present Value, NPV, c
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Comparative research has shown that, even at the level of the largest firms, corporate ownership structure tends to be highly concentrated, with dispersed owner
We examine the economics of financing small business in private equity and debt markets. Firms are viewed through a financial growth cycle paradigm in which dif
This article analyzes the economics of small business finance and the private equity and debt markets in which these businesses raise funds. The framework used
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This paper presents the “multifractal model of asset returns” (“MMAR”), based upon the pioneering research into multifractal measures by Man