We incorporate large losses risks into the DeM arzo et al.(2012) model of dynamic agency and the q theory of investment.The large losses risks induce losses costs and losses arising from agency conflicts during the la...We incorporate large losses risks into the DeM arzo et al.(2012) model of dynamic agency and the q theory of investment.The large losses risks induce losses costs and losses arising from agency conflicts during the large losses prevention process.Both of them reduce firm’s value,distort investment policy and generate a deeper wedge between the marginal and average q.In addition,we study the implementation of the contract to enhance the practical utility of our model.The agent optimally manages the firm’s cash flow and treats the cash reservation and credit line as the firm’s financial slack,and hedges the productivity shocks and large losses shocks via futures and insurance contracts,respectively.展开更多
The concept of computability is defined more exactly and illustrated as an example of Boolean functions and cryptanalysis. To define a Boolean function is not necessary to record its formula. To do that the reduced (c...The concept of computability is defined more exactly and illustrated as an example of Boolean functions and cryptanalysis. To define a Boolean function is not necessary to record its formula. To do that the reduced (compact) description of values is determined in the truth table or in the statement of the problem. We obtain estimates of computation time, the volume of a compact descriptions and the range of variables under which it takes the value 0 or 1, depending polynomially on the number of arguments.展开更多
基金Supported by the National Natural Science Foundation of China(11571310 and 71371168)
文摘We incorporate large losses risks into the DeM arzo et al.(2012) model of dynamic agency and the q theory of investment.The large losses risks induce losses costs and losses arising from agency conflicts during the large losses prevention process.Both of them reduce firm’s value,distort investment policy and generate a deeper wedge between the marginal and average q.In addition,we study the implementation of the contract to enhance the practical utility of our model.The agent optimally manages the firm’s cash flow and treats the cash reservation and credit line as the firm’s financial slack,and hedges the productivity shocks and large losses shocks via futures and insurance contracts,respectively.
文摘The concept of computability is defined more exactly and illustrated as an example of Boolean functions and cryptanalysis. To define a Boolean function is not necessary to record its formula. To do that the reduced (compact) description of values is determined in the truth table or in the statement of the problem. We obtain estimates of computation time, the volume of a compact descriptions and the range of variables under which it takes the value 0 or 1, depending polynomially on the number of arguments.
