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Full-Text Articles in Social and Behavioral Sciences

Event Studies In Finance: Discussion, Carlo Drago Dec 2009

Event Studies In Finance: Discussion, Carlo Drago

Carlo Drago

No abstract provided.


Ceo Compensation And Performance In Family Firms By Barontini And Bozzi: Discussion, Carlo Drago Dec 2009

Ceo Compensation And Performance In Family Firms By Barontini And Bozzi: Discussion, Carlo Drago

Carlo Drago

No abstract provided.


On Some Covariance Inequalities For Monotonic And Non-Monotonic Functions, Martin Egozcue, Luis Fuentes García, Wing Keung Wong Sep 2009

On Some Covariance Inequalities For Monotonic And Non-Monotonic Functions, Martin Egozcue, Luis Fuentes García, Wing Keung Wong

Martin Egozcue

No abstract provided.


Liaisons Dangereuses: Increasing Connectivity, Risk Sharing, And Systemic Risk By Battiston, Delli Gatti, Gallegati, Greenwald And Stiglitz: Discussion, Carlo Drago Sep 2009

Liaisons Dangereuses: Increasing Connectivity, Risk Sharing, And Systemic Risk By Battiston, Delli Gatti, Gallegati, Greenwald And Stiglitz: Discussion, Carlo Drago

Carlo Drago

No abstract provided.


Mergers And Ceo Power, Felipe Balmaceda Assoc Prof. Sep 2009

Mergers And Ceo Power, Felipe Balmaceda Assoc Prof.

Felipe Balmaceda

In this paper I propose a model of mergers in which synergies and CEO power play a crucial role. A merger is modeled as a bargaining game between the acquiring and target board of directors with the gains from a merger divided according to the generalized Nash-bargaining solution. The model's implications are consistent with the available empirical evidence on stock returns, and yield some new untested implications that are mainly related to the relationship between CEO power, cor- porate governance and mergers. Finally, the model sheds light on the relationship between aggregate merger activity, synergies and CEO power. (JEL ...


A Nation In Dilemma, Professor Issam A.W. Mohamed Aug 2009

A Nation In Dilemma, Professor Issam A.W. Mohamed

Professor Issam A.W. Mohamed

following the Global financial Crisis there were economic collapses in all the world. Sudan officials claimed that the country was immune from that epidemic. Such declaration were truly weird as it has been deeply affected from the first instant. That article presented many questions about the economic and social conditions and the eminent southern Sudan, Darfur crises.


Economic Performance, Creditor Protection, And Labour Inflexibility, Felipe Balmaceda Assoc Prof., Ronald Fischer Full Professor Jul 2009

Economic Performance, Creditor Protection, And Labour Inflexibility, Felipe Balmaceda Assoc Prof., Ronald Fischer Full Professor

Felipe Balmaceda

We present a static general equilibrium model of an open economy where agents are heterogeneous in terms of observable wealth and there are endogenous credit constraints due to imperfect creditor protection. Improved credit protection, harder assets, and more efficient bankruptcy procedures increase output, investment, and credit penetration. Better credit protection and harder assets lead to higher interest rate spreads. In a capital constrained (unconstrained) economy, greater (lower) wealth inequality leads to higher (lower) investment and output. Interest rate spreads are lower in richer and more unequal economies in terms of their wealth distribution. We also show that increased labour protection ...


There Should Be Little Or No Liquidity Discounts For Controlling Interests In Closely Held Businesses, Michael Sack Elmaleh Jul 2009

There Should Be Little Or No Liquidity Discounts For Controlling Interests In Closely Held Businesses, Michael Sack Elmaleh

Michael Sack Elmaleh

The application of liquidity discounts to the appraised values of controlling interests in closely held businesses reflects a failure of the valuation community to fully appreciate the fact that these equity interests belong to a fundamentally different investment class than publicly traded securities. Investors in publicly traded securities have dramatically different expectations about the benefits and sacrifices of such investments, compared to the expectations of benefits and sacrifices of investors in closely held companies. Investors in publicly traded securities expect their minority interest investments to be highly liquid, yield free cash flow, and require no participation in the management of ...


Financial Regulation And Securitization: Evidence From Subprime Mortgage Loans, Benjamin J. Keys, Tanmoy K. Mukherjee, Amit Seru, Vikrant Vig Jul 2009

Financial Regulation And Securitization: Evidence From Subprime Mortgage Loans, Benjamin J. Keys, Tanmoy K. Mukherjee, Amit Seru, Vikrant Vig

Benjamin J. Keys

We examine the consequences of existing regulations on the quality of mortgage loans originations in the originate to distribute (OTD) market. The information asymmetries in the OTD market can lead to moral hazard problems on the part of lenders. We find, using a plausibly exogenous source of variation in the ease of securitization, that the quality of loan originations varies inversely with the amount of regulation: more regulated lenders originate loans of worse quality. We interpret this result as possible evidence that the fragility of lightly regulated originators' capital structure can mitigate moral hazard. In addition, we find that incentives ...


The Janjaweed And The Armed Movements Of Sudan, Professor Issam A.W. Mohamed Jun 2009

The Janjaweed And The Armed Movements Of Sudan, Professor Issam A.W. Mohamed

Professor Issam A.W. Mohamed

The emergence of the Janjaweed as an armed force working with the government to suppress rebellions in Darfur region outraged the international community. They were marked by brutality, destruction, burning, killings and mass rapes. They were also described as Arabs. However, that was not the whole picture, no one observed the living conditions of the Arabs or how were they victims also as the other inhabitants of Darfur. No one also observed that they were used by the Ingaz government to execute the dirty work and bear the consequences. The Arab tribes however, also had other thoughts as they realized ...


Assessing The Viability Of Investment In Sudan (1979-2008), Professor Issam A.W. Mohamed May 2009

Assessing The Viability Of Investment In Sudan (1979-2008), Professor Issam A.W. Mohamed

Professor Issam A.W. Mohamed

Most developing and underdeveloped countries beside Sudan suffer from low levels of income in addition to the low savings that are result from the lack of public savings channels. Hence, investments depend on the individuals' abilities on savings where they are major motivating vehicle for economic activity due to its direct correlation with capital accumulation process that increases the productive capacity for the national economy and help to create job opportunities and achieving economic development. Subsequently, the importance of the investment comes from the effective role that can be practiced on the national product. Currently, Sudan endures severe economic crisis ...


Policies To Mitigate Procyclicality, John Kiff, Jochen Andritzky, Laura Kodres, Jodi Scarlata, Andrea Maechler, Pamela Madrid, Aditya Narain, Noel Sacasa May 2009

Policies To Mitigate Procyclicality, John Kiff, Jochen Andritzky, Laura Kodres, Jodi Scarlata, Andrea Maechler, Pamela Madrid, Aditya Narain, Noel Sacasa

John Kiff

The present crisis has focused attention on how procyclicality in the financial system can have outsized effects. This paper examines the reasons for this, specifically focusing on regulations or market practices that can accentuate economic cycles. In this light, the paper thus discusses the role of private sector risk management practices (including liquidity risk management), compensation practices, capital adequacy requirements and provisioning rules, deposit insurance regimes, and monetary policy actions. While recognizing various practical limitations, new policy responses are identified that could help to mitigate procyclicality.


Rogue Counrty And Potential Cooperation: The United States And Sudan And Feasible Economic Partnership, Professor Issam A.W. Mohamed Apr 2009

Rogue Counrty And Potential Cooperation: The United States And Sudan And Feasible Economic Partnership, Professor Issam A.W. Mohamed

Professor Issam A.W. Mohamed

The United States declared Sudan as a rogue country in 1995 due to many political considerations. It has imposed many economic and political sanctions against it since that time which represented hindrance to development and resulted in economic crises. Oil explorations started long time by Total Oil Company and resumed by Chevron that halted her activities in Sudan after the flaring of the civil war between the Northern and Southern parts of the country. That work was resumed in 1996 by Chinese companies and was crowned by success and commercial production in 1999. Although the economic situations of Sudan improved ...


Who Cries For Sudan: من الذي يرثي السودان, Professor Issam A.W. Mohamed Apr 2009

Who Cries For Sudan: من الذي يرثي السودان, Professor Issam A.W. Mohamed

Professor Issam A.W. Mohamed

The institutional collapse in Sudan started long time ago. However, it has accelerator in the past years since Nivasha Comprehensive Peace Agreement and Darfur war.


A Two-Sided Auction For Legacy Loans, Peter Cramton Mar 2009

A Two-Sided Auction For Legacy Loans, Peter Cramton

Peter Cramton

On Monday, 23 March 2009, Treasury Secretary Geithner presented the Public-Private Investment Program as a key instrument to resolve the financial crisis (www.financialstability.gov). The Treasury’s description still leaves many issues unanswered. We flesh out the auction design for legacy loans. A two-sided auction is required. Both banks and private investors must compete in a transparent and competitive process.


Exploring Persistence In The Forward Rate Series, Derek Bond Feb 2009

Exploring Persistence In The Forward Rate Series, Derek Bond

Derek Bond

This presentation reviews the use of tests for non-linearity based on semi-parametric estimates of the fractional difference parameter


Financial Distress And Idiosyncratic Volatility: An Empirical Investigation, Lorán Chollete, Jing Chen, Rina Ray Jan 2009

Financial Distress And Idiosyncratic Volatility: An Empirical Investigation, Lorán Chollete, Jing Chen, Rina Ray

Lorán Chollete

No abstract provided.


Financial Implications Of Extreme And Rare Events, Lorán Chollete, Dwight Jaffee Jan 2009

Financial Implications Of Extreme And Rare Events, Lorán Chollete, Dwight Jaffee

Lorán Chollete

No abstract provided.


Dependence Of Macro Variables In The Us Economy, Lorán Chollete, Cathy Ning Jan 2009

Dependence Of Macro Variables In The Us Economy, Lorán Chollete, Cathy Ning

Lorán Chollete

No abstract provided.


Modeling International Financial Returns With A Multivariate Regime-Switching Copula, Lorán Chollete, Andreas Heinen, Alfonso Valdesogo Jan 2009

Modeling International Financial Returns With A Multivariate Regime-Switching Copula, Lorán Chollete, Andreas Heinen, Alfonso Valdesogo

Lorán Chollete

No abstract provided.


John Langshaw Austin: Evolution, Communication And Language Daily (John Langshaw Austin: Evolución, Comunicación Y Lenguaje Cotidiano) Spanish, Fernando Estrada Jan 2009

John Langshaw Austin: Evolution, Communication And Language Daily (John Langshaw Austin: Evolución, Comunicación Y Lenguaje Cotidiano) Spanish, Fernando Estrada

Fernando Estrada

In this paper the main purpose is to expose the relevance of focus of John L. Austin and their opposition a conception type on the communication. Austin elaborates - in its own terms - to “linguistic phenomenology,” with which revises some places thrashed critically. Those “you force illocutionary” and those “speech acts,” they will be central concepts in this analytic company. In the perspective of Austin should not make a mistake communication with information. The work that here develop it proposes some usually notices in defense of the normative functions of the language ordinary.


Labyrinth Of Modernity, Interpretation Of The Old Regime And The Revolution Of Alexis De Tocqueville (Laberinto De La Modernidad. Interpretación Del Antiguo Régimen Y La Revolución De Alexis De Tocqueville) Spanish, Fernando Estrada, José Daniel Parra Jan 2009

Labyrinth Of Modernity, Interpretation Of The Old Regime And The Revolution Of Alexis De Tocqueville (Laberinto De La Modernidad. Interpretación Del Antiguo Régimen Y La Revolución De Alexis De Tocqueville) Spanish, Fernando Estrada, José Daniel Parra

Fernando Estrada

CIPE in this book presents an interpretation of the Old Regime and the Revolution of Alexis de Tocqueville.


Meditations On Machiavelli (Meditaciones En Maquiavelo) Spanish, Fernando Estrada, José Daniel Parra Jan 2009

Meditations On Machiavelli (Meditaciones En Maquiavelo) Spanish, Fernando Estrada, José Daniel Parra

Fernando Estrada

The presentation of Machiavelli in the field of studies of Finance, Government and International Relations is twofold. First, show that we can better understand the problems of our time in the footsteps comprehensive than classical authors have left us. A student can recognize progressive power that were taking concepts such as politics, power, status, conflict, political parties, institutions, representation and social movements, from writing original authors as Florentine thinker.


How Best To Auction Natural Resources, Peter Cramton Jan 2009

How Best To Auction Natural Resources, Peter Cramton

Peter Cramton

I study the design of auctions of natural resources, such as oil or mineral rights. A good auction design promotes both an efficient assignment of rights and competitive revenues for the seller. The structure of bidder preferences and the degree of competition are key factors in determining the best design. With weak competition and additive values, a simultaneous first-price sealed-bid auction may suffice. With more complex value structures, a dynamic auction with package bids, such as the clock-proxy auction, likely is needed to promote the efficiency and revenue objectives. Bidding on production shares, rather than bonuses, typically increases government take ...


Auctioning The Digital Dividend, Peter Cramton Jan 2009

Auctioning The Digital Dividend, Peter Cramton

Peter Cramton

I begin by describing some of the problems of the simultaneous ascending auction. Then I present the package clock auction, which retains the benefits, while addressing the weaknesses, of the simultaneous ascending auction. I emphasize two essential elements of the package clock auction: the pricing rule and the activity rule. Along the way, I summarize both experimental and field results with the package clock auction.