Uncertainty, real options, and cost behavior: Evidence from Washington State hospitals

Article Abstract:

An implication of the real-options theory of investment that uncertainty leads firms to prefer technologies with low fixed and high variable costs is examined, using a sample of 831 departments in 59 Washington State hospitals over the 1977-1994 period. The results imply that the cost behavior is not fully determined by technology rather it is subject to managerial actions that are affected by uncertainty.

Financial management, Washington, DC, Cost Control Techniques, Company investment, Investments, Technology application, Washington, D.C., Cost control, Hospitals, State, State hospitals, Cost reduction

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What's my line? A comparison of industry classification schemes for capital market research

Article Abstract:

The broadly available industry classification schemes in a variety of applications common to capital market research are discussed. The four classification schemes compared are Standard Industrial Classification (SIC) codes, North American Industry Classification System (NAICS) codes, Global Industry Classifications Standard (GICS) system and Fama and French (FF) algorithm.

United States, Industry classification

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Does auditor quality and tenure matter to investors> evidence from the bond market

Article Abstract:

The relation between auditor characteristics (quality and tenure) that are important to the capital markets and the cost of debt financing is examined. The result suggests that auditor quality and tenure matter to capital market participants through their dual roles of providing information and insurance.

Product quality, Quality management, Auditors, Credit market, Credit markets

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