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Economics

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Determinants of participation in accelerated vehicle-retirement programs

Article Abstract:

Vehicle-retirement programs are being considered as a means of controlling pollution by encouraging the early retirement of old vehicles for scrap. This is because older vehicle models have no or less efficient emissions control devices than newer models. However, participation rates in such programs are difficult to estimate since they depend on the scrap prices offered. A model of the scrappage decision is developed to support a subsequent econometric participation framework. The results indicate that the decision to scrap depends upon the gap between the scrap price and the owner's price.

Economic aspects, Environmental aspects, Pollution, Control, Vehicles, Participation

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Working capital and fixed investment: new evidence on financing constraints

Article Abstract:

Working capital, which consists of current assets minus current liabilities, can provide a source of liquidity to firms under financing constraints, a category that includes more than half of the publicly traded manufacturing companies. It is predicted that working capital investment is sensitive to fluctuations of cash flow, and that the long-term impact of financing constraints are better estimated through controlling for smoothing with working capital. Both predictions are supported through a data sample and regressions.

Analysis, Finance, Investments, Corporations, Corporate finance, Working capital

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