Hasil untuk "Capital. Capital investments"

E. Lambin, P. Meyfroidt

B. Dunn, H. Kamath, J. Tarascon

Ariel Fiszbein, Norbert R. Schady, F. Ferreira et al.

Bronwyn H. Hall, Bronwyn H. Hall, J. Lerner

G. Daily, S. Polasky, J. Goldstein et al.

Nathan Nunn

John R. Graham, Campbell R. Harvey

B. Bernanke, M. Gertler

G. Grossman, E. Helpman

F. Cunha, James J. Heckman, Lance Lochner et al.

This paper presents economic models of child development that capture the essence of recent findings from the empirical literature on skill formation. The goal of this essay is to provide a theoretical framework for interpreting the evidence from a vast empirical literature, for guiding the next generation of empirical studies, and for formulating policy. Central to our analysis is the concept that childhood has more than one stage. We formalize the concepts of self-productivity and complementarity of human capital investments and use them to explain the evidence on skill formation. Together, they explain why skill begets skill through a multiplier process. Skill formation is a life cycle process. It starts in the womb and goes on throughout life. Families play a role in this process that is far more important than the role of schools. There are multiple skills and multiple abilities that are important for adult success. Abilities are both inherited and created, and the traditional debate about nature versus nurture is scientifically obsolete. Human capital investment exhibits both self-productivity and complementarity. Skill attainment at one stage of the life cycle raises skill attainment at later stages of the life cycle (self-productivity). Early investment facilitates the productivity of later investment (complementarity). Early investments are not productive if they are not followed up by later investments (another aspect of complementarity). This complementarity explains why there is no equity-efficiency trade-off for early investment. The returns to investing early in the life cycle are high. Remediation of inadequate early investments is difficult and very costly as a consequence of both self-productivity and complementarity.

Steven B. Andrews, R. Burt

The study analyzes the social structure of competition. It addresses the consequences of voids in relational and resource networks. Competitive behavior can be understood in terms of player access to "holes" in the social structure of the competitive arena. Those "structural holes" are network gaps between players which create entrepreneurial opportunities for information access, timing, referrals, and for control. A player brings capital to the competitive arena and walks away with profit determined by the rate of return where the capital was invested. The rate of return is keyed to the social structure of the competitive arena. Each player brings three kinds of capital to the competitive arena: financial capital, such as money and investments; human capital, such as his or her natural qualities and skills; and social capital, i.e. networks of other players. Social capital is the final determinant of competitive success. Something about the structure of a player's network (his or her relations with other players, such as colleagues, friends, and clients), and the location of the player's network in the structure of the arena defines the player's chances of getting higher rates of return. These chances are enhanced by two kinds of network benefits for those who can exploit structural holes: information and control. Opportunities for success are many, but it is information that plays a central role in seizing them; structural holes determine who knows about opportunities, what they know, and who gets to participate. Structural holes also generate control benefits, giving certain players an advantage in negotiating their relationships. Following sociological theory, a player who derives benefit from structural holes by brokering relationships between other conflicted players is called tertius gaudens. The essential tension in tertius strategies is not hostility of participants, but rather uncertainty; no one has absolute authority in the relationship under negotiation. The findings of empirical research indicate that structural holes are advantageous to suppliers and customers, but not to producers in their negotiated transactions, because suppliers and customers benefit from competition among producers. The information and control benefits of structural holes are advantageous to managers, and the managers who develop those benefits are an asset to the firm employing them. Managers with networks rich in structural holes often reach promotion faster. Hole effects are most evident for managers operating on a social frontier, i.e. in places where two social worlds meet. Social frontiers involve continual negotiations of the expectations of the manager and those of the people across the frontier, and thus more entrepreneurial skill is required. The most serious frontier is the political boundary between top leadership and the rest of the firm. To move up the corporate ladder, a manager has to transform his or her frame of reference from that of an employee protected by the firm, to that of a leader responsible for the firm. The findings also indicate that women and entry-rank men tend to be promoted earlier because they build hierarchical networks around a strategic partner who helps them break into higher ranks. Although the reported differences between the manager networks have clear implications for promotions, there are no differences among managers in their tendencies to have one network rather than another, which is especially striking with respect to the sex and rank differences that are observed to be important in distinguishing network effects. Structural holes provide a theoretical connection between micro and macro levels of sociological analysis. The structural hole argument extends other theories, such as personality theory, interface theory of markets and population ecology, and resource dependence and transaction cost theory

Erik Brynjolfsson, L. Hitt

Erik Brynjolfsson, L. Hitt, Shinkyu Yang

S. Kothari, Ted E. Laguerre, A. Leone

R. Blundell, L. Dearden, C. Meghir et al.

M. Puri, M. Puri, Rebecca Zarutskie

Kofi Nyantakyi Asare

The learning and practice of accounting in recent times has been impacted by digital technologies such as artificial intelligence (AI), blockchain, enterprise resource planning (ERP) systems, cloud platforms, and data analytics. Existing studies have been examined in specific contexts, yet the comprehensive study of their global intellectual structure and links to sustainability is underexplored. The study focuses on conducting a bibliometric analysis of 7,302 Scopus-indexed publications from 2000 to 2024 at the intersection of digital transformation, accounting information systems (AIS), information technology (IT), and sustainable development. VOSviewer was used for network visualization, and Excel was employed for descriptive analysis to track publication trends, leading journals, authors, institutions, and countries and to map co-authorship, co-citation, and keyword co-occurrence networks. The findings show a rise in research output after 2017, motivated by interest in blockchain, AI, and ESG-related reporting. While emerging hubs such as Indonesia and India are gaining prominence, the United States and China dominate global output. The intellectual framework of the discipline is grounded in traditional information systems theories (TAM, TPB, and the IS success model), organizational viewpoints (resource-based perspective), and accounting-specific applications, but contemporary trends include machine learning, blockchain, and sustainability. Progression in the theme shows a shift from studies on ERP and MIS adoption towards advanced analytics, fintech, and the integration of ESG factors. Still, the reliance on the Scopus database and the limitation to English-language publications narrow the scope of the study to ignore publications in languages other than English; therefore, future studies should expand database coverage and integrate bibliometric mapping with systematic content reviews.

Sang Hu, Zihan Zhou

This paper studies the dividend and capital injection problem under a diffusion risk model with general discount functions. A proportional cost is imposed when injecting capitals. For exponential discounting as time-consistent benchmark, we obtain the closed-form solutions and show that the optimal strategies are of threshold type. Under general discount function which leads to time-inconsistency, we adopt the definition of weak equilibrium and obtain the extended HJB equation system. An explicit solution is derived under pseudo-exponential discounting where three cases of the dividend and capital injection thresholds are obtained. Numerical examples show that large capital injection cost may lead to no capital injection at all, while larger difference in group discount rate leads to higher equilibrium value function.

Yossi Azar, Niv Buchbinder, Roie Levin et al.

Correa et al. [EC' 2023] introduced the following trading prophets problem. A trader observes a sequence of stochastic prices for a stock, each drawn from a known distribution, and at each time must decide whether to buy or sell. Unfortunately, they observed that in this setting it is impossible to compete with a prophet who knows all future stock prices. In this paper, we explore the trading prophets problem when we are given initial capital with which to start trading. We show that initial capital is enough to bypass the impossibility result and obtain a competitive ratio of $3$ with respect to a prophet who knows all future prices (and who also starts with capital), and we show that this competitive ratio is best possible. We further study a more realistic model in which the trader must pay multiplicative and/or additive transaction costs for trading which model dynamics such as bid-ask spreads and broker fees.

Shane Babcock, Maxwell Farrington, John Gugliotti

The Human Capital Ontology (HCO) is an ontology that represents data standards maintained and employed by the Office of Personnel Management (OPM) to represent Human Capital Operations and to classify job positions. The HCO is an extension of the Common Core Ontologies and the upper-level Basic Formal Ontology (BFO). HCO provides representation of OPM Natures of Action (NOA) that are used to identify human resource personnel actions, as well as their corresponding codes. HCO also represents Occupational Groups and Job Families, the Occupational Series into which these subdivide, as well as their corresponding codes, used by OPM to classify and grade both white- and blue-collar jobs in the Federal Government. HCO also encodes crosswalks between OPM Occupational Series and corresponding Standard Occupational Classification Codes maintained by the U.S. Bureau of Labor Statistics.