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This paper is an updated version of a previous working paper, Capital Budgeting in the Presence of Managerial Overconfidence and Optimism, by the same authors. Financial support by the Rodney L. white Center for Financial Research is gratefully acknowledged. The authors would like to thank Andrew Abel, Jonathan Berk, Domenico Cuoco, David Denis, Janice Eberly, Robert Goldstein, Peter Swan, and seminar
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the standard theory of co.apters 1 and 2 when we covered Modigliani-Miller As we discussed in the Ch apital structure that has been the mainstay of text- books is the trade-off theory This argues that the benefit of debt is the tax shield and the cost is the deadweight costs of bankruptcy. The tradi tional view was that these deadweight
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The term adverse selection comes originally from insurance applications. An insurance contract may attract high-risk individuals, with the result that the pool of insured customers may be riskier than the population at large Adverse selection is now used generically to describe situations of asymmet ric information, particularly market settings in which some individuals have private information about their characteristics and where the individuals
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Chapter 2 The Modigliani-Miller theorem \When capital markets are perfect and complete, corporate decisions are trivial.\ 2.1 Arrow-Debreu model with assets 2.1.1 Primitives
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The principal-agent problem describes a class of interactions between two parties to a contract, an agent and a principal. The legal origin of these terms suggests that the principal engages the agent to act on his(the principal s behalf. In economic applications, the agent is not necessarily an employe
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The principal-agent problem The principal-agent problem describes a class of interactions between two parties to a contract, an agent and a principal. The legal origin of these terms suggests that the principal engages the agent to act on his(the principals) behalf. In economic applications, the agent is not necessarily an employe of the principal. In fact, which of two individuals is regarded as the agent and which as the principal depends on the nature of the incentive problem
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精密机械设计的基础知识 1概论 一机器设计应满足以下要求: 1、功能要求 2、可靠性要求 3、精度要求 4、经济性要求 5、外观要求 二零件设计满足要求: 三零件的主要失效形式:
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《地理科学进展》:中国与“一带一路”沿线国家贸易格局及其经济贡献(邹嘉龄、刘春腊、尹国庆、唐志鹏)
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本专业培养适应社会、经济和科学技术发展的需求,培养具有扎实的综合素质及创新能力,能够胜任高等院校和科研院所的科学研究和教学工作,或生物高新技术产业领域的技术服务或经营管理岗位的高级人才
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电子商务实验是对已经学习过的电子商务专业知识进行复习、加深和运用。 用实践的形式来巩固知识、理解知识和综合运用知识,把在专业理论课中学习过 的知识点,图解成可以操作的活动和过程,联结成一个知识体系,并再现到实践 中,指导学生完成对知识的认知、验证、应用和创新的活动 电子商务的教学实验在于通过模拟电子商务活动过程和观察实际电子商务 活动来巩固电子商务知识,了解电子商务专业知识的具体应用,体会电子商务专 业知识的作用,同时,电子商务实验也为学生提供了参与电子商务活动的机会, 不仅使学生能够直接感受到电子商务活动规律,促使学生运用电子商务知识完成 电子商务活动,更在于让学生发现电子商务经营模式、系统设计、技术选择、市 场推广等方面存在的问题和潜力,发现现存模式中的问题,提出改进意见。 作为一门课程的电子商务实验具有教学实验性和科学实验性的双重属性
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