We study the role of fiscal policy in a complete markets model where the only friction is the nonpledgeability of human capital. We show that the competitive equilibrium is constrained inefficient, le
This paper uses accounting concepts-particularly the concept of Return on Investment (ROI)-to reveal the quantitative value of scientific research pertaining to a major US...
The lists of companies involved in ETSs are taken from the official website of China’s Ministry of Ecology and Environment. The financial data are obtained from the China Stock Market and Accounting R
