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Traditionally the codomain of a utility function is the set of real numbers. This choice has the advantage of ensuring the existence of a continuous representation but does not allow to represent many preference structures that are relevant to utility theory. Recently, some authors have started a systematic study of utility representations that are not real-valued, introducing the notion of a Debreu chain. We continue their analysis defining two Debreu-like properties, which are connected to a local continuity of a utility representation. The classes of locally Debreu and pointwise Debreu chains here introduced enlarge the class of Debreu chains. We give several examples and analyze some properties of these two classes of chains, with particular attention to lexicographic products. 相似文献
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The study reported here examines the financing choices of small and medium-sized firms, i.e., those most vulnerable to information
and incentive problems, through the lens of the business life cycle. We argue that the controversy in the empirical literature
regarding the determinants of capital structure decisions is based on a failure to take into account the different degrees
of information opacity, and, consequently, firms' characteristics and needs at specific stages of their life cycles. The results
show that, in a bank-oriented country, firms tend to adopt specific financing strategies and a different hierarchy of financial
decision-making as they progress through the phases of their business life cycle. Contrary to conventional wisdom, debt is
shown to be fundamental to business activities in the early stages, representing the first choice. By contrast, in the maturity
stage, firms re-balance their capital structure, gradually substituting debt for internal capital, and for firms that have
consolidated their business, the pecking-order theory shows a high degree of application. This financial life-cycle pattern
seems to be homogeneous for different industries and consistent over time. 相似文献
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Optimal sampling designs for audit, minimizing the mean squared error of the estimated amount of the misstatement, are proposed. They are derived from a general statistical model that describes the error process with the help of available auxiliary information. We show that, if the model is adequate, these optimal designs based on balanced sampling with unequal probabilities are more efficient than monetary unit sampling. We discuss how to implement the optimal designs in practice. Monte Carlo simulations based on audit data from the Swiss hospital billing system confirms the benefits of the proposed method. 相似文献
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La Rocca Maurizio Staglianò Raffaele La Rocca Tiziana Cariola Alfio Skatova Ekaterina 《Small Business Economics》2019,53(4):1051-1078
Small Business Economics - For the first time, this paper examines the way in which cash holdings affect firm operating performance in a wide sample of European small and medium-sized enterprises... 相似文献
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Maurizio La Rocca Raffaele Staglianò Tiziana La Rocca Alfio Cariola 《Applied economics》2013,45(41):4442-4457
This article sheds light on the mixed empirical evidence concerning financial constraint and investment sensitivity to cash flow. The literature suggests that measuring financial constraint is far from straightforward, and we therefore propose a cluster analysis procedure to identify unambiguous groups of constrained firms. We found the investment results to be highly sensitive to cash flow for financial constraint firms. Moreover, in line with previous research, our results showed that the traditional criteria used to identify financially constrained firms led to ambiguous interpretations. Overall, our results propose that the cluster analysis can be used to encompass the various single-criterion approaches, thereby providing a finer measurement of the financial constraint construct and deeper insight into the relationship between investment sensitivity to cash flow and financial constraint. 相似文献
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