专业

e, the overall expenditure limit can be viewed as a highly ideological decision. The size of the budget is a reflection of a mitment to provide goods, services, and social protection, and provides

es equityholders an incentive to invest suboptimally. More specifically the debt contract provides that, if an investment yields large returns well above the face value of the debt, equityholders will

ucture。 however, they do not consider dynamic deterioration in the firm’s credit quality. In DeMarzo and Fishman (2020), agents draw down on credit lines when cash flows are insufficient to pay debt

aselI is used in more than 100 countries,far more than was initially expected. Despite this apparent success in achieving its primary goals,it is clear that Basel I has also had some unintended and

se with an institution’s ebanking initiatives depending on the volatility and pricing of the acquired deposits. The Inter provides institutions with the ability to market their products and services

iqueness include expenditures on research and development over sales (RD/S), selling expenses over sales (SEIS), and quit rates (QR), the percentage of the industry39。 s total work force that

risations and access rights can be established in either a centralised or distributed manner within a bank and are generally stored in databases. The protection of those databases from tampering or

tion of economic benefits, consumer demand and environmental benefits of a unified, enterprise based on scientific and normative principles, through purposeful and planned to develop products and

mathematical models。 • ensure objectiveness and pleteness of the results by paring expert estimations and results from mathematical models。 • time and costs of the decision making process is

ty。 GROWTHit1 = ratio of the beginning book value of equity of firm i over the beginning market value of equity。 LEVERAGEit1 = financial leverage (liabilities over equity) of firm i at the beginning