The most important reason why companies worldwide applied significant or moderate use of automation in 2021 was to improve their operational efficiency, as well as to support their IT security team. A
This paper presents a simple model of market equilibrium to explain why firms that maximize the value of their shares pay dividends even though the funds could instead be retained and subsequently dis
Based on explicit present value calculations, the paper criticizes the view that the PAYGO system wastes economic resources. In present value terms, there is nothing to be gained from a transition to
