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Our Clumsy System Is Best For Church And Market, Nathan B. Oman 2010 William & Mary Law School

Our Clumsy System Is Best For Church And Market, Nathan B. Oman

Popular Media

No abstract provided.


Research For Management Policy, Shyam Sunder 2010 Yale University

Research For Management Policy, Shyam Sunder

Shyam Sunder

No abstract provided.


Modularity Moderating Between Governance And Competence Perspectives: The Effect Of Knowledge Interdependence On Firms’ R&D Scope Decisions, Won Hee Lee, Sebastian K. Fixson 2010 Samsung Economic Research Institute

Modularity Moderating Between Governance And Competence Perspectives: The Effect Of Knowledge Interdependence On Firms’ R&D Scope Decisions, Won Hee Lee, Sebastian K. Fixson

Technology, Operations & Information Management Working Papers

Uncertainty has long been understood as a stimulus for firms to manage their boundaries, i.e., to define the scope of their activities. However, two to some extent competing strategy perspectives – governance and competence – predict that firms faced with uncertainty would either increase or decrease their scope of activities, respectively. In an attempt to reconcile these conflicting positions, we propose a model in which the system-level property knowledge interdependence moderates the effect of technological uncertainty on firms‟ R&D scope decisions. To test our model empirically, we develop a new set of measures for knowledge interdependence and technological uncertainty, and ...


Agency Problems In Corporate Finance, Indraneel Chakraborty 2010 University of Pennsylvania

Agency Problems In Corporate Finance, Indraneel Chakraborty

Publicly Accessible Penn Dissertations

I investigate: (i) Agency problems between debt and equity holders, and their impact on capital structure and investment policy; (ii) Agency problems between firm managers and capital providers.

The first chapter, "Investment and Financing under Reverse Asset Substitution", shows that banks place investment and borrowing restrictions on firms that are in lending relationships even when firms face no risk of bankruptcy, in order to continue extracting surplus from the firms over multiple periods. This agency problem is especially severe for firms that suffer from larger information asymmetries with the credit market. I use the term Reverse Asset Substitution (RAS) to ...


The Effect Of Etfs On Stock Liquidity, Sophia JW Hamm 2010 University of Pennsylvania

The Effect Of Etfs On Stock Liquidity, Sophia Jw Hamm

Publicly Accessible Penn Dissertations

This paper investigates the effect of the introduction of exchange-traded funds (ETFs) on the liquidity of individual stocks. Prior analytical studies suggest that uninformed investors strictly prefer trading ETFs to trading individual stocks in order to avoid trading against informed investors. As a result of uninformed investors’ migration, the markets for individual stocks are predicted to become illiquid as ETFs become widely available. Using ETF trading and holdings data between 2002 and 2008, I test the hypothesis that the higher the percentage of a firm’s shares held by ETFs, the higher the adverse selection cost to trade the firm ...


Resources, Institutional Environments And Firm Scope: Evidence From An Emerging Economy, Nan Zhou 2010 University of Pennsylvania

Resources, Institutional Environments And Firm Scope: Evidence From An Emerging Economy, Nan Zhou

Publicly Accessible Penn Dissertations

This dissertation investigates how institutional environments and firm resources influence firm scope. Building on strategy and international business literatures, I propose that institutional environments influence firm scope through the impacts on both the development of internal resources and the availability of external resources. In Chapter 2, I disaggregate the concept of institutional distance into different dimensions from an institutional perspective and empirically test the validity of the multi-dimensional approach in the sample of U.S. and Chinese firms by exploring the effects of distance on the foreign expansion strategies. The results also show that Chinese firms do have different strategic ...


Housing Policy, Wealth Formation And The Singapore Economy, Sock-Yong PHANG 2010 Singapore Management University

Housing Policy, Wealth Formation And The Singapore Economy, Sock-Yong Phang

PHANG Sock Yong

This paper evaluates the contribution of housing policy in Singapore to financial sector development, housing wealth formation and macro-economic performance, both retrospectively and prospectively. It provides an overview of past housing policies and traces the linkages to the financial sector. Housing policy as effected through the Housing and Development Board and the Central Provident Fund (CPF) hampered the development of the commercial housing loans sector and domestic financial markets, but contributed to the overall growth and stability of the housing loans market and associated financial institutions. Housing policy and the trend of housing asset inflation contributed significantly to the formation ...


Affordable Homeownership Policy: Implications For Housing Markets, Sock-Yong PHANG 2010 Singapore Management University

Affordable Homeownership Policy: Implications For Housing Markets, Sock-Yong Phang

PHANG Sock Yong

Affordable homeownership is a policy that is often accorded a great deal of policy attention by governments of many countries. In this paper, we examine the market implications of setting a housing price to income ratio target for a market segment by the government. The policy requires active intervention by the government with regard to the targeted sector. We use a simple model of the housing market with a homeownership affordability target to derive the market implications of such targets. In the presence of uncertainty and resource constraints, the objective of homeownership affordability is achieved for the targeted group at ...


Tourism Growth In Singapore: An Optimal Target, Habibullah KHAN, Sock-Yong PHANG, Rex S. TOH 2010 National University of Singapore

Tourism Growth In Singapore: An Optimal Target, Habibullah Khan, Sock-Yong Phang, Rex S. Toh

PHANG Sock Yong

No abstract provided.


Housing Prices And Aggregate Consumption In Singapore, Sock-Yong Phang 2010 Singapore Management University

Housing Prices And Aggregate Consumption In Singapore, Sock-Yong Phang

PHANG Sock Yong

No abstract provided.


The Singapore Model Of Housing And The Welfare State, Sock Yong PHANG 2010 Singapore Management University

The Singapore Model Of Housing And The Welfare State, Sock Yong Phang

PHANG Sock Yong

While Singapore is not generally regarded as a welfare state, the provision of housing welfare on a large scale has been a defining feature of its welfare system. The extensive housing system has played a useful role in raising savings and homeownership rates as well as contributing to sustained economic growth in general and development of the housing sector in particular. Few would dispute the description of Singapore’s housing policies as 'phenomenally successful' (Ramesh, 2003). Singapore’s economic growth record in the past four decades has brought it from third world to first world status (Lee, 2000), with homeownership ...


Motor Vehicle Taxes As An Environmental Management Instrument: The Case Of Singapore, Ngee-Choon Chia, Sock-Yong Phang 2010 National University of Singapore

Motor Vehicle Taxes As An Environmental Management Instrument: The Case Of Singapore, Ngee-Choon Chia, Sock-Yong Phang

PHANG Sock Yong

No abstract provided.


From Efficiency-Driven To Innovation-Driven Growth: Perspectives From Singapore, Sock-Yong Phang, Kim Song TAN 2010 Singapore Management University

From Efficiency-Driven To Innovation-Driven Growth: Perspectives From Singapore, Sock-Yong Phang, Kim Song Tan

PHANG Sock Yong

No abstract provided.


Bank Lending And Real Estate In Asia: Market Optimism And Asset Bubbles, Winston T. H. KOH, Roberto S. MARIANO, Andrey Pavlov, Sock-Yong Phang, Augustine H. H. TAN, Susan M. Wachter 2010 Singapore Management University

Bank Lending And Real Estate In Asia: Market Optimism And Asset Bubbles, Winston T. H. Koh, Roberto S. Mariano, Andrey Pavlov, Sock-Yong Phang, Augustine H. H. Tan, Susan M. Wachter

PHANG Sock Yong

This paper investigates the Asian real estate price run-up and collapse in the 1990s. We identify financial intermediaries’ underpricing of the put option imbedded in non-recourse mortgage loans as a potential cause for the observed price behavior. This underpricing is due to behavioral causes (lender optimism and disaster myopia) and/or rational response of lenders to market incentives (agency conflicts, deposit insurance, or limited liability of bank shareholders). The empirical evidence suggests that underpricing occurred in Thailand, Malaysia, and Indonesia. Consequently, these countries experienced a more severe market crash than Hong Kong and Singapore, where underpricing was kept under control ...


The Great Academic-Practitioner Divide: A Tale Of Two Paradigms, D. McNatt, Myron Glassman, Aaron Glassman 2010 Boise State University

The Great Academic-Practitioner Divide: A Tale Of Two Paradigms, D. Mcnatt, Myron Glassman, Aaron Glassman

D. Brian McNatt

For decades, many academicians have expressed concern about the gap between themselves and practitioners. In those decades, much has been written about the probable causes of and methods for narrowing this gap. Despite the dialog and the efforts to narrow it, the gap remains. This paper explores four assumptions related to the gap. We use paradigm theory to examine the "academic world" and the "practitioner world" and to explain how the separate worlds perpetuate the gap. We then propose that academicians either accept the gap or legitimize the pracademic viewpoint. a paradigm that reconciles the differences between the academic and ...


Current U. S. Labor Union Periodicals, Susan Lacette 2010 Cornell University

Current U. S. Labor Union Periodicals, Susan Lacette

Bibliographies

The Catherwood Library has been building and maintaining a collection of union literature since it was founded in 1946. Among the key resources of this collection are our extensive holdings of labor union periodicals. In addition to the current and historic titles that can be found in our library, many labor union periodicals are now available on the web. This bibliography lists Cornell University Library location information for current U.S. labor union periodicals as well as Internet sites for periodicals in this class.


Evaluation Of Hedging Techniques As Instruments To Minimise The Impact Of Transaction And Translation Risks In Global Business Market, George E. Ekeha 2010 Regent University College, Ghana and University of Leicester, UK

Evaluation Of Hedging Techniques As Instruments To Minimise The Impact Of Transaction And Translation Risks In Global Business Market, George E. Ekeha

George E Ekeha

The current global economic development has made it possible for corporate executives to operate anywhere they wish over the world. This opportunity, however, depends on the need and strategy of the company concern. Some companies go into the global market in order to exploit an opportunity that has been identified. Others go global as a market expansion strategy. Others may be due to the fact that the company has reached the maturity stage in its local market, they would have no choice than to go global in order to be in business.

Companies have many choices by which they can ...


What Americans Can Learn From Sports Day In Canada?, Rick Burton 2010 Syracuse University

What Americans Can Learn From Sports Day In Canada?, Rick Burton

Rick Burton

No abstract provided.


What Americans Can Learn From Sports Day In Canada?, Rick Burton, Norm O'Relly 2010 Syracuse University

What Americans Can Learn From Sports Day In Canada?, Rick Burton, Norm O'Relly

Rick Burton

No abstract provided.


Genios Eclipsados, Guillermo Arosemena 2010 SelectedWorks

Genios Eclipsados, Guillermo Arosemena

Guillermo Arosemena

No abstract provided.


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