The Stock Market and Corporate Investment: A Test of Catering Theory Christopher Polk London School of Economics Paola Sapienza Northwestern University‚ CEPR‚ and NBER We test a catering theory describing how stock market mispricing might influence individual firms’ investment decisions. We use discretionary accruals as our proxy for mispricing. We find a positive relation between abnormal investment and discretionary accruals; that abnormal investment is more sensitive to discretionary accruals
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Chapter 4 TAX INCENTIVES FOR HOUSEHOLD SAVING AND BORROWING Tullio Jappelli & Luigi Pistaferri We thank Patrick Honohan‚ Alberto Musalem and seminar participants at the World Bank Conference of April 8-9‚ 2002‚ for useful comments and Tea Trumbic for research assistance. Introduction Modern theories of intertemporal consumption choice emphasize that individuals may save for variety of motives: to smooth life-cycle fluctuations in income (the retirement‚ or life-cycle motive)‚ to face
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The Giver Page 1 of 182 The Giver Lois Lowry NOTICE This accessible media has been made available to people with bona fide disabilities that affect reading. This notice tells you about restrictions on the use of this accessible media‚ which could be a book‚ a periodical‚ or other content. Copyright Notice Title: The Giver Author: Lois Lowry Copyright 1993 by Lois Lowry This notice is not part of the copyrighted work‚ which begins below after the phrase "Begin Content". Bookshare distributes
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PeopleSoft Enterprise Payroll Process Integration Pack for SAP 8.9 PeopleBook April 2005 PeopleSoft Enterprise Payroll Process Integration Pack for SAP 8.9 PeopleBook SKU HRCS89MP1PIP-B 0405 Copyright © 1988-2005 PeopleSoft‚ Inc. All rights reserved. All material contained in this documentation is proprietary and confidential to PeopleSoft‚ Inc. (“PeopleSoft”)‚ protected by copyright laws and subject to the nondisclosure provisions of the applicable PeopleSoft agreement. No part of this documentation
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19843_05_c05_p141-172.qxd 12/7/05 9:43 AM Page 141 C H APTE R 5 FINANCIAL MARKETS AND INSTITUTIONS A Strong Financial System Is Necessary for a Growing and Prosperous Economy Financial managers and investors don’t operate in a vacuum—they make decisions within a large and complex financial environment. This environment includes financial markets and institutions‚ tax and regulatory policies‚ and the state of the economy. The environment both determines the available financial
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Girne American University History of Economics (Importance) Economic Planning History‚ Focusing some countries 10.01.2013 Globalisation and Economic Integration Umut KEKLİK Lecturer: Ercan GÜNDOĞAN SHORT CONTENTS Prologue_______________________________________________2 Definition and History of Economics_______________________5 Quick Skip Economic Planning History_____________________8 History of Some Proactive Countries Economic Planning______10 Germany______________________________________________10
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American Art and Architecture Two opposite forces have coexisted in American art since the establishment of the first colonies. On the one hand‚ American artists have been aware of their European cultural heritage and of continuing innovation in Europe; on the other hand‚ they have had to adapt European forms to the exigencies of their native situation. This interaction between rival forces is hardly unique to American art--all art grows within a tradition--but what distinguishes the American
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C H A P T E R 1 What Is Terrorism? After reading this chapter‚ you will be able to • discuss the most universally accepted definition of terrorism‚ and competing definitions of terrorism proposed by various scholars and institutions; • explain the history of terrorism and the different types of terrorism today‚ comparing old terrorism with new terrorism; • discuss the fifteen causes that explain why people resort to terrorism; and • describe the various facets of the terrorist’s identity
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Windows Azure Storage: A Highly Available Cloud Storage Service with Strong Consistency Brad Calder‚ Ju Wang‚ Aaron Ogus‚ Niranjan Nilakantan‚ Arild Skjolsvold‚ Sam McKelvie‚ Yikang Xu‚ Shashwat Srivastav‚ Jiesheng Wu‚ Huseyin Simitci‚ Jaidev Haridas‚ Chakravarthy Uddaraju‚ Hemal Khatri‚ Andrew Edwards‚ Vaman Bedekar‚ Shane Mainali‚ Rafay Abbasi‚ Arpit Agarwal‚ Mian Fahim ul Haq‚ Muhammad Ikram ul Haq‚ Deepali Bhardwaj‚ Sowmya Dayanand‚ Anitha Adusumilli‚ Marvin McNett‚ Sriram Sankaran‚ Kavitha
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CHAPTER 1 INTRODUCTION Capitalism and socialism‚ as two major economic systems‚ have shaped the past century to a great extent. After many wars and political games‚ it seems that the battle between the two systems has come to an end. Capitalism proved to be the stronger system and‚ as a result‚ globalization became the most descriptive attribute of the world economy in the current century. Most of the socialist countries decided‚ or were forced‚ to start a painful process of transition
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