24,320 research outputs found
A note on infinitely distributive inverse semigroups
We show that in any infinitely distributive inverse semigroup the existing
binary meets distribute over all the joins that exist.Comment: 3 page
Sup-lattice 2-forms and quantales
A 2-form between two sup-lattices L and R is defined to be a sup-lattice
bimorphism L x R -> 2. Such 2-forms are equivalent to Galois connections, and
we study them and their relation to quantales, involutive quantales and
quantale modules. As examples we describe applications to C*-algebras.Comment: 30 pages. Contains more detailed background section and corrections
of several typos and mistake
Capital Structure and Regulation in U.S. Local Telephony: an Exploratory Econometric Study
The paper aims at empirically investigating the relationship between regulation and the capital structure of the regulated firm, A key aspect of the referred relationship pertains a leverage effect according to which debt could be increased as a response to previous physical capital investment with an ultimate goal of inducing higher rates. Theoretical models like Spiegel and Spulber [1997, RAND Journal of Economics] highlight that effect. The present paper considers a panel data set of local exchange carriers-LECs in the U.S. and investigate Granger causality between changes in long-term debt (NDEBT) and gross investment (INV) in physical capital. The evidence accruing from a dynamic panel data estimation indicates an uni-directional causality from INV to NDEBT and therefore is, to a large extent, consistent with a leverage effect and with the notion that the size of the firmĂ´s investment project can impose a restriction on the amount of new debt. The result prevails independent of a control variable that indicates the regulatory regime.regulation; capital structure; dynamic panel data
Capital Structure and Regulation in U.S. Local Telephony: An Exploratory Econometric Study
The paper aims at empirically investigating the relationship between regulation and the capital structure of the regulated firm, A key aspect of the referred relationship pertains a leverage effect according to which debt could be increased as a response to previous physical capital investment with an ultimate goal of inducing higher rates. Theoretical models like Spiegel and Spulber [1997, RAND Journal of Economics] highlight that effect. The present paper considers a panel data set of local exchange carriers-LECs in the U.S. and investigate Granger causality between changes in long-term debt (NDEBT) and gross investment (INV) in physical capital. The evidence accruing from a dynamic panel data estimation indicates an uni-directional causality from INV to NDEBT and therefore is, to a large extent, consistent with a leverage effect and with the notion that the size of the firm´s investment project can impose a restriction on the amount of new debt. The result prevails independent of a control variable that indicates the regulatory regime.regulation, capital structure, dynamic panel data
Concentration and market size: lower bound estimates for the Brazilian industry
The paper estimates the lower bound for market concentration taking as reference the framework advanced by Sutton (1991). Quantile regression methods were considered in the context of the Brazilian manufacturing industry in 2005 and separate estimates were obtained for exogenous and endogenous sunk cost industries. The evidence favoured a convergence of the concentration lower bound towards zero in exogenous sunk costs industries in line with previous empirical evidence for developed countries. In contrast, the magnitude was similar in the case of endogenous sunk cost industries what might reflect the low technological effort in that emerging economyconcentration market size
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