Investment decisions, price-earnings ratios and finance. Evidence from firm-level data

Economic theory suggests that firm’s investment depend on future growth opportunities, measured for example by price-earnings ratios, but might be dampened by inefficient financial markets. This paper tests these hypotheses using an unbalanced panel of 9,000 listed firms from 41 developed and developing markets, from 1990 to 2006. The empirical results confirm that managers use the information contained in the price-earnings ratios to make investment decisions. Moreover, stock market development and the specialization of the financial system towards arm’s length instead of bank financing has a positive effect on firms’ investment decisions. Taken together, these results suggest that firms with higher growth opportunities accumulate more capital and that the stock market has a key role in channelling funds toward investment projects.Investment decisions, Price-earnings ratios, Financial development, Financial structure, Panel data

A nonexistence result for sign-changing solutions of the Brezis-Nirenberg problem in low dimensions

We consider the Brezis-Nirenberg problem: \begin{equation*} \begin{cases} -\Delta u = \lambda u + |u|^{2^* -2}u & \hbox{in}\ \Omega\\ u=0 & \hbox{on}\ \partial \Omega, \end{cases} \end{equation*} where $\Omega$ is a smooth bounded domain in $\mathbb{R}^N$, $N\geq 3$, $2^{*}=\frac{2N}{N-2}$ is the critical Sobolev exponent and $\lambda>0$ a positive parameter. The main result of the paper shows that if $N=4,5,6$ and $\lambda$ is close to zero there are no sign-changing solutions of the form $$u_\lambda=PU_{\delta_1,\xi}-PU_{\delta_2,\xi}+w_\lambda,$$ where $PU_{\delta_i}$ is the projection on $H_0^1(\Omega)$ of the regular positive solution of the critical problem in $\mathbb{R}^N$, centered at a point $\xi \in \Omega$ and $w_\lambda$ is a remainder term. Some additional results on norm estimates of $w_\lambda$ and about the concentrations speeds of tower of bubbles in higher dimensions are also presented.Comment: 21 page

Multiple Positive solutions of a (p1,p2)(p_1,p_2)-Laplacian system with nonlinear BCs

Using the theory of fixed point index, we discuss existence, non-existence, localization and multiplicity of positive solutions for a $(p_1,p_2)$-Laplacian system with nonlinear Robin and/or Dirichlet type boundary conditions. We give an example to illustrate our theory.Comment: arXiv admin note: text overlap with arXiv:1408.017

The Fishermen’s Village: A Case Study of a Bagong Lipunan Improvement of Sites and Services Project in Bago Aplaya, Talomo, Davao City

This article is a product of a nine-month training and application program implemented by the micro component of the Economic and Social Impact Analysis/Women in Development (ESIA/WID) and the Food Systems Program of the East-West Center Resource Systems Institute (RSI). It deals with the Bagong Lipunan Improvement of Sites and Services (BLISS) project and assesses whether it has lifted the quality of life of the intended beneficiaries. It also hopes to aid planners in improving and modifying strategies towards a greater success.social safety net programs, health sector, social services, livelihood projects

Alternating sign multibump solutions of nonlinear elliptic equations in expanding tubular domains

Let $\Gamma$ denote a smooth simple curve in $\mathbb{R}^{N}$, $N\geq2$, possibly with boundary. Let $\Omega_{R}$ be the open normal tubular neighborhood of radius 1 of the expanded curve $R\Gamma:=\{Rx\mid x\in \Gamma\smallsetminus\partial\Gamma\}$. Consider the superlinear problem $-\Delta u+\lambda u=f(u)$ on the domains $\Omega_{R}$, as $R\rightarrow \infty$, with homogeneous Dirichlet boundary condition. We prove the existence of multibump solutions with bumps lined up along $R\Gamma$ with alternating signs. The function $f$ is superlinear at 0 and at $\infty$, but it is not assumed to be odd. If the boundary of the curve is nonempty our results give examples of contractible domains in which the problem has multiple sign changing solutions