Agent-based computational economics (ACE) - while adopted comparably widely in other domains of managerial science - is a rather novel paradigm for management accounting research (MAR). This paper provides an overview of opportunities and difficulties that ACE may have for research in management accounting and, in particular, introduces a framework that researchers in management accounting may employ when considering ACE as a paradigm for their particular research endeavor. The framework builds on the two interrelated paradigmatic elements of ACE: a set of theoretical assumptions on economic agents and the approach of agent-based modeling. Particular focus is put on contrasting opportunities and difficulties of ACE in comparison to other research methods employed in MAR.

The increasingly complex economic and financial environment in which we live makes the management of liquidity in payment systems and the economy in general a persistent challenge. New technologies are making it possible to address this challenge through alternative solutions that complement and strengthen existing payment systems. For example, the interbank balancing method can also be applied to private payment systems, complementary currencies, and trade credit clearing systems to provide better liquidity and risk management. In this paper we introduce the concept of a balanced payment system and demonstrate the effects of balancing on a small example. We show how to construct a balanced payment subsystem that can be settled in full and, therefore, that can be removed from the payment system to achieve liquidity-saving and payments gridlock resolution. We also briefly introduce a generalization of a payment system and of the method to balance it in the form of a specific application (Tetris Core Technologies), whose wider adoption could contribute to the financial stability of and better management of liquidity and risk for the whole economy.

The surprising finding reported in Deyugina and Molitor (2020) that a hurricane as devastating as Katrina reduced the mortality of residents of New Orleans merits close scrutiny because it is inconsistent with intuition, theory and prior evidence (e.g., Laditka et al. 2010; Rhodes et al. 2010; Fussel and Lowe 2014; Calvo et al. 2015). In this article, I provided a thorough review and critical assessment of the evidence provided by DM to support their conclusions. I find the evidence wanting.

A significant number of the non-financial firms listed at Nairobi Securities Exchange (NSE) have been experiencing declining financial performance which deter investors from investing in such firms. The lenders are also not willing to lend to such firms. As such, the firms struggle to raise funds for their operations. Prudent financing decisions can lead to financial growth of the firm. The purpose of this study is to assess the effect of short-term debt on financial growth of non-financial firms listed at Nairobi Securities Exchange for a period of ten years from 2008 to 2017. Financial firms were excluded because of their specific sector characteristics and stringent regulatory framework. The study is guided by Agency Theory and Theory of Growth of the Firm. Explanatory research design was adopted. The target population of the study comprised of 45 non-financial firms listed at the NSE for a period of ten years from 2008 to 2017. The study conducted both descriptive statistics analysis and panel data analysis. The result indicates that, short term debt explains 45.99% and 25.6% of variations in financial growth as measured by growth in earnings per share and growth in market capitalization respectively. Short term debt positively and significantly influences financial growth measured using both growth in earnings per share and growth in market capitalization. The study recommends that, the management of non-financial firms listed at Nairobi Securities Exchange to employ financing means that can improve the earnings per share, market capitalization and enhance the value of the firm for the benefit of its stakeholders.

This paper studies the impact of an university opening on incentives for human capital accumulation of high school students in its neighborhood. The opening causes an exogenous fall on the cost to attend university, through the decrease in distance, leading to an incentive to increase effort $-$ shown by the positive effect on students' grades. I use an event study approach with two-way fixed effects to retrieve a causal estimate, exploiting the variation across groups of students that receive treatment at different times $-$ mitigating the bias created by the decision of governments on the location of new universities. Results show an increase of $0.028$ standard deviations in test grades, one year after the opening, and are robust to a series of potential problems, including some of the usual concerns in event study models.

Do firm dynamics matter for the transmission of monetary policy? Empirically, the startup rate declines following a monetary contraction, while the exit rate increases, both of which reduce aggregate employment. I present a model that combines firm dynamics in the spirit of Hopenhayn (1992) with New-Keynesian frictions and calibrate it to match cross-sectional evidence. The model can qualitatively account for the responses of entry and exit rates to a monetary policy shock. However, the responses of macroeconomic variables closely resemble those in a representative-firm model. I discuss the equilibrium forces underlying this approximate equivalence, and what may overturn this result.

The article pays close attention to obtaining gender assessments in the world of work, which made it possible to characterize the effectiveness of social policy aimed at achieving gender equality.

Previous literature shows that prevalent risk measures such as Value at Risk or Expected Shortfall are ineffective to curb excessive risk-taking by a tail-risk-seeking trader with S-shaped utility function in the context of portfolio optimisation. However, these conclusions hold only when the constraints are static in the sense that the risk measure is just applied to the terminal portfolio value. In this paper, we consider a portfolio optimisation problem featuring S-shaped utility and a dynamic risk constraint which is imposed throughout the entire trading horizon. Provided that the risk control policy is sufficiently strict relative to the asset performance, the trader's portfolio strategies and the resulting maximal expected utility can be effectively constrained by a dynamic risk measure. Finally, we argue that dynamic risk constraints might still be ineffective if the trader has access to a derivatives market.