Importantly, firms tend to switch to a new main bank that holds a higher share of equity in the firm and thus has stronger power. The results also suggest that after switching, firms obtain additional access to bank loans but, on average, have lower profits due to bigger interest payments....
Bank Market PowerMonetary PolicyDisintermediationThis paper develops a micro-founded general equilibrium model of payments to study the impact of a central bank digital currency (CBDC) on intermediation of pridoi:10.2139/ssrn.3331135Chiu, Jonathan...
Trade-off theory changes M-M’s proposition about firm value. In this approach the total value of a firm is still the sum of equity financing and debt financing (D + E), but these two elements must be considered: 1. Present value of future taxes saved because of interest tax deductions...
Emerson wrote about the emergence of an “unbalanced ratio” of exchange under the influence of power. He meant that if one side, party A, wield social power over another, party B, then the exchange ratio is likely to favor the first. However, this supposedly unbalanced ratio of exchange ...
Marx theorized that, as the working class and poor were subjected to worsening conditions, a collective consciousness would raise more awareness about inequality, and this would potentially result in revolt. If, after the revolt, conditions were adjusted to favor the concerns of the proletariat, the...
Now there is palpable enthusiam about Stephanie Kelton and the economic theory she is a proponent of and once Democrats win back the House, MMT has a high likelihood of becoming governing economic theory in the United States even with Trump in office (I will explain later why).在她最近在...
Brene Brown, Ph.D. has a great poston her blog about what the recent events at Penn State have to teach us aboutshameand organizational culture. When the culture of an organization mandates that it is more important to protect the reputation of a system and those in power than it is to...
2.“Cultural turn”in translation studies, which is advocated by AndréLefevere in hismanipulation theory, brings about new dimensions and approaches to translation studies and soon becomes an important trend in this field.AndréLefevere提出的操纵理论是翻译研究文化派中的一种著名理论。
(PPP; calculated using World Bank data for 2011). The corresponding means are $2.26 (sd 3.38) and $4.95 (sd 7.39), respectively. About 24% of our subjects fall below the official poverty line of the Vietnamese government.Footnote1Income was measured by asking farmers about different ...
First, it tests two theories of executive's pay that have received much less attention than agency theory: managerial power theory and tournament theory. Second, it draws upon empirical data from China, a major economy in a transitional stage from socialism to capitalism with high levels of ...