The capital structure choice and the consumption tax

The consumption tax affects the consumer, but also affects the wealth of the producer because of the tax incidence effect. It affects cash flows from corporate investment, bears influence on capital budgeting choices on investment timing and financing and the respective agency conflicts between shareholders and creditors. In the context of irreversible investment, our model shows that consumption taxation delays investment and precipitates default. Furthermore, we find that the consumption tax has a negative effect on the agency costs of debt, the yield spreads and the optimal leverage ratio. Finally, the model also produces implications for governmental tax policy.peer-reviewe

Industrial structure and regional change: The case of Greek economy, 1963-1969

[Δε διατίθεται περίληψη / no abstract available][Δε διατίθεται περίληψη / no abstract available

Επίσκοπος και Επισκοπική εξουσία στους Ιερούς Κανόνες

Το θέμα της διπλωματικής εργασίας είναι η θεολογική θέση του Επισκόπου στην Εκκλησία και πως αυτή αποτυπώνεται στην εκκλησιολογία μέσα από τους Ιερούς Κανόνες.The subject of diplomatic work is the theological position of the Bishop in the Church and how this is reflected in ecclesiology through the Sacred Canons

Challenges for the comprehensive management of cloud services in a PaaS framework

The 4CaaSt project aims at developing a PaaS framework that enables flexible definition, marketing, deployment and management of Cloud-based services and applications. The major innovations proposed by 4CaaSt are the blueprint and its lifecycle management, a one stop shop for Cloud services and a PaaS level resource management featuring elasticity. 4CaaSt also provides a portfolio of ready to use Cloud native services and Cloud-aware immigrant technologies

Illiquidity, return and risk in G7 stock markets: interdependencies and spillovers

Trading activity in G7 stock markets reflects not only the macroeconomic and financial impact of these G7 economies in international economic growth, but also their financial interdependence. While this nexus of major stock market has been explored in terms of volatility and return spillovers, there has been no combined analysis of return, volatility and illiquidity spillovers. We study illiquidity spillovers because they are transmissions of trading activity and, thereof, transmissions of information and market sentiment. We discover Granger-causal associations between risk, return and illiquidity across G7 stock market and also within each stock market. Our findings bear significance for the regulation of international financial markets and also for international portfolio diversification

Illiquidity, return and risk in G7 stock markets: interdependencies and spillovers

Trading activity in G7 stock markets reflects not only the macroeconomic and financial impact of these G7 economies in international economic growth, but also their financial interdependence. While this nexus of major stock market has been explored in terms of volatility and return spillovers, there has been no combined analysis of return, volatility and illiquidity spillovers. We study illiquidity spillovers because they are transmissions of trading activity and, thereof, transmissions of information and market sentiment. We discover Granger-causal associations between risk, return and illiquidity across G7 stock market and also within each stock market. Our findings bear significance for the regulation of international financial markets and also for international portfolio diversification

Restriction of essential amino acids dictates the systemic metabolic response to dietary protein dilution

Dietary protein dilution, where protein is reduced and replaced by other nutrient sources without caloric restriction, promotes metabolic health via the hepatokine Fgf21. Here, the authors show that essential amino acids threonine and tryptophan are necessary and sufficient to induce these effects

Irreversible investment, managerial discretion and optimal capital structure

We explore the significance of employee compensation and alternative (reservation) income on investment timing, endogenous default, yield spreads and capital structure. In a real-options setting, a manager's incentive to under(over)invest in a project is associated to labor income he has to forego in order to work on the project, the manager's salary, his stake on the project's equity capital and his subsequent income, should he decide to terminate operations. We find that the optimal level of coupon payments decreases with managerial salary and ownership stake while it is increasing in the manager's reservation income. Yield spreads (optimal leverage ratios) are increasing (decreasing) in the manager's salary and ownership stake, while they are decreasing (increasing) in the manager's reservation income. Exploring agency costs of debt as deviations from a value-maximizing investment policy, we document a U-shaped relationship between agency costs of debt and the managerial compensation parameters: the manager's reservation income, salary and ownership share.Agency conflicts Irreversible investment Managerial compensation Capital structure

On the quadratic valuation of American call options: challenging the functional form

This paper extends the framework of semi-analytical approximations to the valuation of American options by exploring the performance of competing functional forms for the value of an American option. The value function of the early exercise premium is modelled as a product of two functions, one being a function of time and the other being a function of price. The accuracy of the suggested functional form is verified through numerical tests.American options; quadratic approximation.