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I explore the role of the Just-in-Time (JIT) inventory system in the increase of cash holdings among U.S. manufacturing firms. I first demonstrate the empirical importance of JIT in shaping cash policy. I then develop a model to analyze the mechanism through which JIT affects cash and quantify its impact. In the model, both cash and inventory can serve as(More)
  • Viktoria Hnatkovskay, Vadim Marmery, +4 authors Henry E. Siu
  • 2009
This paper presents testing procedures for comparison of misspeci…ed calibrated models. The proposed tests are of the Vuong-type (Vuong, 1989; Rivers and Vuong, 2002). In our framework, an econometrician selects values for the parameters in order to match some characteristics of the data with those implied by the competing theoretical models. We assume that(More)
  • Evgeny Lyandres, Berardino Palazzo, +9 authors Zsuzsa Huszar
  • 2015
We demonstrate theoretically and empirically that strategic considerations are important in shaping cash policies of innovative firms. In our model, firms decide whether to invest in innovation while facing uncertainty regarding the structure of ensuing product markets. Cash holdings reduce innovative firms’ dependence on external financing and, therefore,(More)
A quantitative description of specific ion effects is an essential and focused topic in colloidal and biological science. In this work, the dynamic light scattering technique was employed to study the aggregation kinetics of colloidal particles in the various alkali ion solutions with a wide range of concentrations. It indicated that the activation energies(More)
A novel method based on particle filter has been proposed for Rayleigh channel state estimate and tracking in this paper. After receiving a symbol, the particles approximate the channel state at a higher temperature and a sequential resampling is taken to generate the initial particles for the lower temperature particle filter . With this simulated(More)
Power networks with renewable energy always encounter the imbalance between supply and demand. One case is that during the peak load, generation is normally low or zero and other generation plants adjust more to meet with requirement. The other is during peak generation period, the generated power will exceed the load and be injected to the grid, which will(More)
In this paper, we argue that limited asset market participation (LAMP) plays an important role in explaining international business cycles. We show that when LAMP is introduced into an otherwise standard model of international business cycles, the performance of the model improves significantly, especially in matching cross-country correlations. To perform(More)
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