Spherical Symmetric Solutions in Ho\v{r}ava-Lifshitz Gravity and their Properties

Non-projectable Ho\v{r}ava gravity for a spherically symmetric configuration with $\lambda=1$ exhibits an infinite set of solutions parametrized by a generic function $g^{2}(r)$ for the radial component of the shift vector. In the IR limit the infinite set of solutions corresponds to the invariance of General Relativity under a spacetime reparametrization. In general, not being a coordinate transformation, the symmetry in the action responsible for the infinite set of solutions does not have a clear physical interpretation. Indeed it is broken by the matter term in the action. We study the behavior of the solutions for generic values of the parameter $g^{2}(r)$.Comment: References adde

Stock Market Development and Economic Growth

financial markets development, economic growth, economic development, stock markets development

Stock Market Development and Economic Growth: A Matter of Information Dynamics

The aim of this paper is to provide further insights into the linkages between stock market development and economic growth. When it is not possible to distinguish between investment projects with different rates of return, market valuation of those projects is an “average value” reflecting the expected return across all investment opportunities. Consequently, as in a typical lemon’s market, higher return projects are penalised since they attract lower than fair prices. This informational cost, or dilution cost, depends on the degree of informational asymmetry in the market, as well as on the type of financial contract issued by the firm to finance those projects – typically, equity or debt. On this basis, we interpret the development of stock market as the result of a change in the level of informational costs which decrease with capital accumulation and induce firms to switch from debt financing to a less costly equity financing.Credit Markets, Economic Growth, Information Asymmetries, Stock Markets

BANKRUPTCY COSTS, DILUTION COSTS AND STOCK MARKET DEVELOPMENT

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