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We develop a credit-risk model to study the informational role of investment in an economy susceptible to large liquidity shocks. Firms' investment decisions carry information about their asset quality, thereby mitigating informational frictions when firms enter bankruptcy. An increase in aggregate investment can reduce the informational value of investment, depressing firms' recovery values. Therefore, policies boosting investment can decrease debt and firm values by reducing the informational value of investment. The presence of debt overhang may enhance firm value by making firms' investment decisions more informative. We present suggestive empirical evidence consistent with model predictions on the relation between firms' investments and recovery rates.

This paper aims to investigate the impact of corporate dividend policy on the capital structure in the Korean stock market. To distinctly discern the voluntariness of changes in corporate dividend policy, we analyze companies that, following a substantial increase, do not reduce dividends for the subsequent two years or, after a significant decrease, do not raise dividends for the following two years. Our empirical findings indicate that companies that increase dividends experience a significant decrease in both book and market leverage, even after controlling for variables such as target leverage ratios. This result suggests that a large increase in dividends can effectively reduce information asymmetry, leading to a lower cost of equity. On the contrary, after a decrease in dividends, both book leverage and market leverage significantly increase, revealing a symmetric relationship between dividend policy and capital structure. In conclusion, large dividend increases in Korean companies not only reduce information asymmetry but also lower the cost of equity capital, resulting in observable changes in the leverage ratio.

This paper provides a comprehensive exploration of the historical evolution and contemporary transformations inherent in cultural landscapes, framed within the narrative of a cultural odyssey. The concept of cultural landscapes extends beyond the physical arrangement of landscape elements, encompassing social and cultural customs and economic dynamics in both tangible and intangible aspects of heritage. Instead of being confined to a linear evolutionary model of sacred-historic landscape development, these sites are understood to exist across different historical periods such as ancient, medieval, etc. reflecting their multifaceted nature.

The paper utilizes a thorough and systematic examination of existing literature, covering several disciplines such as cultural studies, anthropology and environmental studies. The methodology prioritizes a holistic approach by including succinct discussion of many locations to improve the analysis. The collection of qualitative data on the cultural importance of eco-heritage involves conducting participant observations and focus group talks to capture a diverse range of perspectives.

The paper highlights the importance of preserving and interpreting cultural landscapes as living, evolving entities. By recognizing diverse layers of history and cultural significance within these sites, research suggests strategies for integrating sustainable practices in the management of cultural landscapes.

This work makes a substantial contribution to the academic field by examining the intersection where cultural heritage and eco-transformations converge. By embarking on a cultural odyssey, the paper not only charts the progress of societies but also sheds light on the transformative impact of eco-heritage interactions. The novel perspectives offer a new framework for scholars, policymakers and practitioners to analyze and value the complex interrelationships between cultural legacy and ecological changes.