Prior work on leverage implicitly assumes capital availability depends solely on firm characteristics. However, market frictions that make capital structure relevant may also be associated with a firm's source of capital. Examining this intuition, we find firms that have access to the public bond markets, as measured by having a debt rating, have significantly more leverage. Although firms with a rating are fundamentally different, these differences do not explain our findings. Even after controlling for firm characteristics that determine observed capital structure, and instrumenting for the possible endogeneity of having a rating, firms with access have 35% more debt. Copyright 2006, Oxford University Press.

/pdf/does-the-source-of-capital-affect-capital-structure-oxexa094wg.pdf

Does the Source of Capital Affect Capital Structure

Objects. The ~ b s t rac t ~ b j ect forms the fundamental base class for the entire design and all other classes are derived from this base class. The Abstract Object class defines and characterizes all the essential properties every class in this 404 OBJECT-ORIENTED SIMULATION

Handbook of Simulation

Mainstream research in priority dispatching has considered jobs with equal delay penalties, thereby ruling out strategic differentiation of customer orders. We develop and test efficient dispatchin...

Priority rules for job shops with weighted tardiness costs

: This thesis investigates the problem of constraint-directed reasoning in the job-shop scheduling domain. The job-shop scheduling problem is defined as: selecting a sequence of operations whose execution results in the completion of an order, and assigning times (i.e., start and end times) and resources to each operation. The number of possible schedules grows exponentially with the number of orders, alternative production plans, substitutable resources, and possible times to assign resources and perform operations. The acceptability of a particular schedule depends not only on the availability of alternatives, but on other knowledge such as organizational goals, physical limitations of resources, causal restrictions amongst resources and operations, availability of resources, and preferences amongst alternatives. By viewing the scheduling problem from a constraint-directed search perspective, much of this knowledge can be viewed as constraints on the schedule generation and selection process. In this thesis, we present a system called ISIS. ISIS uses a constraint-directed search paradigm to solve the scheduling problem. ISIS provides: a knowledge representation language (SRL) for modeling organizations and their constraints; hierarchical, constraint-directed scheduling of orders, which includes: constraint-directed bounding of the solution space; context-sensitive selection of constraints, and weighted interpretation of constraints; analytic and generative constraint relaxation; and techniques for the diagnosis of poor schedules.

/pdf/constraint-directed-search-a-case-study-of-job-shop-5gox5qeuan.pdf

Constraint-Directed Search: A Case Study of Job-Shop Scheduling

In this paper, we argue that consideration of firm strategy can help illuminate the choices managers make between debt and equity financing. Within an industry, the form of competition that each firm chooses will determine the strategic value to the firm of maintaining financial slack. Our empirical analysis yields strong support for the proposition that financial slack should be a particularly critical strategic imperative for firms pursuing a competitive strategy premised on innovation. We also demonstrate that firms pursuing such a strategy that fail to recognize the value of financial slack are likely to perform poorly. Copyright © 2003 John Wiley & Sons, Ltd.

/pdf/the-capital-structure-implications-of-pursuing-a-strategy-of-ba0rs25tx4.pdf

The capital structure implications of pursuing a strategy of innovation

This paper describes a multi-period, chance constrained mathematical programming model to compute for each period, the firm's optimal debt to equity ratio and the optimal maturity distribution of its debt. The model assumes that the firm's objective is to maximize total value of the firm, and that the firm operates in a world of uncertainty, with corporate income taxes and bankruptcy costs. Finally, the actual coupon rate paid by the firm which is commensurate to the risk of default is endogenously determined by the model.

Optimal capital structure: A multi-period programming model for use in financial planning

In this paper we consider the problem of scheduling “n” independent fades on “m” parallel processors. Each job consists of a single operation with a specific processing time and due date. The processors are identical and the operation of the system is non-preemptive. The objective is to schedule the jobs in such a way that the total tardiness of the n jobs is as small as possible. For the case of a single processor with n jobs, there exists algorithms which provide optimal solutions. On the other hand currently available optimal scheduling algorithms for multiple processors can handle only small problems. Therefore, practitioners are forced to use heuristic methods to schedule their jobs on multiple processors. This raises questions of the following nature: “Are we scheduling our jobs reasonably well? Are there other schedules with which our total tardiness can be lowered substantially? How far off might the heuristic solution be, from the optimal solution?” The study reported in this paper focuses on a h...

Evaluation of a heuristic for scheduling independent jobs on parallel identical processors

This paper deals with the design of priority rules for job shops that process multi-level assembly jobs. Specifically, it explores the means by which the structural complexity of jobs can be incorporated explicitly into priority rules to reduce job lead times. The job lead time is viewed as consisting of two components: flow time and job staging delays. The primary focus of the paper is on the development of a class of priority rules that is aimed at reducing the staging delay. The class of priority rules that is developed is then used in combination with rules that are effective for the flow time component. The combined rule results in the improvement of the lead time performance. The paper also includes experimental results on sets of jobs of varying degrees of complexity. These results provide a comparative perspective on the performance of priority rules that have been examined in the earlier research literature as well as the rules specifically developed in this paper.

/pdf/priority-assignment-procedures-in-multi-level-assembly-job-c8574avccp.pdf

Priority assignment procedures in multi-level assembly job shops

https://pure.tue.nl/ws/files/3301534/588899.pdf

Due date assignment procedures with dynamically updated coefficients for multi-level assembly job shops

Dynamic priority dispatching rules in job shops require the computation of all job priorities in a work center queue every time a machine in the work center becomes idle. This is extremely costly. Alternative priority update procedures are studied and comparative results in terms of performance measures and costs are reported. Ease of implementation of the various procedures in a real world job shop environment is discussed. A second problem related to an anomaly in ratio type dynamic priority rules is also studied; a simple modification to remove the anomaly is suggested and the performances of the "old" and "modified" procedures are compared.

Julius Surkis

Papers

Optimal capital structure: A multi-period programming model for use in financial planning

Evaluation of a heuristic for scheduling independent jobs on parallel identical processors

Priority assignment procedures in multi-level assembly job shops

Due date assignment procedures with dynamically updated coefficients for multi-level assembly job shops

Priority Update Intervals and Anomalies in Dynamic Ratio Type Job Shop Scheduling Rules