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This paper develops a model of valuation of investment projects which includes nano-medical scientific and industrial dynamics, and its regulation. First critically analyzes the literature on valuation of investments, arguing that the methodology of real options is the most appropriate. It is a model that overcomes the major limitations of valuation tools of traditional investment projects and reflects the complexity of the economics involved.

We show that the theorems in Hansen (2021a) (the version accepted by Econometrica), except for one, are not new as they coincide with classical theorems like the good old Gauss-Markov or Aitken Theorem, respectively; the exceptional theorem is incorrect. Hansen (2021b)corrects this theorem. As a result, all theorems in the latter version coincide with the above mentioned classical theorems. Furthermore, we also show that the theorems in Hansen (2022)(the version forthcoming in Econometrica) either coincide with the classical theorems just mentioned, or contain extra assumptions that are alien to the Gauss-Markov or Aitken Theorem.

The odds of success in creative industries like the book, music or movie industry are often said to be particularly low. A 1763 rule by Denis Diderot, for example, says that only one out of ten published books is a commercial success. Yet, representative evidence on new-product success rates and their development over time is scarce. Furthermore, the standard approach to use sales as success measure can be misleading from the producer's perspective. This paper presents a novel approach to empirically identify producer success by incorporating the standard terms of contract between creator and producer into a parsimonious model of information diffusion (word-of-mouth). The model is applied to a random sample of novels. Parametric and semiparametric estimates imply a success rate between 10 and 15\% for this market. Set against Diderot's rule, these results suggest that new-product success in the book industry has been fairly constant over time.

This paper presents the differential approach to applied demand analysis. The demand systems of this approach are general, having coefficients which are not necessarily constant. We consider the Rotterdam parameterization of differential demand systems and derive the absolute and relative price versions of the Rotterdam model, due to Theil (1965) and Barten (1966). We address estimation issues and point out that, unlike most parametric and semi-nonparametric demand systems, the Rotterdam model is econometrically regular.

In this paper, we employ Semi-APARCH model to measure and analyze the long-term and the short-term risk of Chinese 16 listed commercial banks between January 2007 and December 2013, and provide an early warning method for financial regulation by developing a scale function. We find that, first, during the financial crisis of 2008-2009, the long-term risk levels of Chinese banking industry as a whole and the individual commercial banks are very higher, they gradually declined to the normal level only after 2010. Secondly, the current risk of Chinese banks and banking industry is at lower level. Thirdly, the surging of overnight rate in 2013 increased the risk level of commercial banks, which could increase more, of which the regulator should be more cautious. Fourthly, the leverage-effects in the short-term risk of Chinese commercial banks are lower; t-distribution shows a fat-tail. Fifthly, the scale functions of commercial banks are highly correlated, the correlation coefficients are close to 1, which indicates a significantly systematically correlations between the long-term risk of Chinese commercial banks.

This article deals with the unemployment problem in Europe. While the prevailing explanations sources of unemployment such as jobless growth, rigid labour markets and the process of globalization are rejected, it is argued that technological backwardness, slow growth and investment rates are responsible for the high European unemployment rate. A change in the mix of economic policy implemented in Europe is proposed in order to decelerate real interest rate, increase investments, GDP and employment.

This study investigates the relationship between road infrastructure stock and total factor productivity (TFP) using R-JIP2017, a database of productivity by industry for each prefecture in Japan, which allows us to estimate TFP with considering the quality of inputs. Specifically, using the growth accounting method, we estimated TFP for each industry in each prefecture from 1972 to 2012, after the period of high economic growth. Afterwards, we conducted a panel data analysis to explain the estimated TFP by road stock. The results of a panel unit root test indicated the existence of unit roots in the road infrastructure stock. Therefore, unlike many previous studies, a panel autoregressive distributed lag (ARDL) model was used as the empirical model, considering the nonstationarity of the variables. The results of the analysis indicated that road stock had a positive and significant relationship with TFP at the 5% level in the majority of industries, even after the period of rapid economic growth. Further, we found that the two-way fixed effects model, which does not consider the non-stationarity of road infrastructure stock, could produce misleading results.

The Union was constituted and functioned based on the principle of unification of the norms with a view to generating a superior level of the standard of living of its citizens. It follows the same desideratum but this time by grouping a continually increasing quantity of resources (natural, human, financial etc.), to the detriment of quality, we could say. After ’90 the enlargement was more powerful than before this seems to change the mechanisms of new members inclusion. I our perception the inclusion process was replace with a “communicating recipients” process. In this context it was talked about the effects that the integration of Romania into the European Union will generate at the level of the trading companies, which will materialize into a series of mutations concerning their marketing and management. The first question is “Why?” the Romanian companies have to approach and implement the principles of top management, learning from the experience of the West-European countries. This question would be even more pertinent for the joint or foreign companies developed in Romania. These companies have brought their own know-how, developed in their countries of origin, many of them members of the European Union (some even founding members), and so it is normal to ask the question: “What is the logic of the appearing of these mutations and of the need for changes in the management processes?”, “Why do the management principles, methods and techniques have to be revised?”. The shortest reply is “Due to the mutation inside the EU”.

This paper investigates the significance of corporate governance in the wake of recent developments in a global perspective. It also highlights the major corporate governance issues in public sector undertakings in India and their impact on accountability and performance compared to private sector. The various aspects like managerial autonomy, board structure, roles undertaken by non-executive directors and compliance with SEBI policies have been presented for which public sector undertakings need to develop well-defined strategies and strongly emphasize on planning and execution aspects.

Executive Summary included in the Paper