Business Commons^™

The State Of The Region: Hampton Roads 2006, James V. Koch, Vinod Agarwal, Adrianne Barrett, David Basco, John R. Broderick, Chris Colburn, Vicky Curtis, Steve Daniel, Susan Hughes, Marshall Hutto, Elizabeth Janik, Mark Koch, Feng Lian, Terry Lindvall, Sharon Lomax, Janet Molinaro, John A. Sokolowski, Ray White, Gilbert Yochum

Economics Faculty Books

This is Old Dominion University's seventh annual State of the Region report. While it represents the work of many people connected in various ways to the university, the report does not constitute an official viewpoint of Old Dominion, or it's president, Roseann Runte.

The report maintains the goal of stimulating thought and discussion that ultimately will make Hampton Roads an even better place to live. We are proud of our region's many successes, but realize that it is possible to improve our performance. In order to do so, we must have accurate information about "where we are" and a sound …

Insurance Against Misinformation In The Securities Market, Tom Baker

All Faculty Scholarship

Prepared at the request of the Task Force to Modernize Securities Legislation in Canada, this study describes and evaluates evaluate a new capital markets insurance concept: securities misinformation insurance. This new insurance would compensate investors for losses caused by securities law violations. The most powerful objection to this new concept is that investors do not need a new insurance program for securities misinformation losses. Individual and institutional investors already can spread securities misinformation losses by holding a diversified portfolio. Nevertheless, a securities misinformation insurance program has the potential to provide systemic benefits: improved compliance with securities laws (resulting from cost …

Harnessing Growth Spillovers For Rural Development: The Effects Of Regional Spatial Structure, Edward Feser, Andrew Isserman

Edward J Feser

Many rural development strategies seek to leverage urban to-rural growth spillovers. This paper concludes that their success depends on the spatial structure surrounding the target rural counties. We develop a county-level spatial growth model to identify the positive spread and negative backwash effects of urban to rural spillovers in the lower 48 states over the 1990-2000 period. Instead of the conventional, fallacious substitution of metropolitan and nonmetropolitan for urban and rural, we consider the urban and rural character of each county. Mostcounties have both urban and rural populations, and we classify each as urban, mixed urban, or rural depending on …

Intra-Firm Specialization, Income Distribution, And International Trade, Haiwen Zhou

Economics Faculty Publications

The impact of international trade on a firm’s degree of specialization and income distribution is studied in a general equilibrium framework in which firms engage in oligopolistic competition. International trade increases a firm’s degree of specialization, but the number of goods a country produces may not change. Trade may lower the welfare of the scarce factor of production. Sufficient conditions for a country’s welfare to increase with trade are provided.

The Essential Role Of Securities Regulation, Zohar Goshen, Gideon Parchomovsky

All Faculty Scholarship

This Article posits that the essential role of securities regulation is to create a competitive market for sophisticated professional investors and analysts (information traders). The Article advances two related theses-one descriptive and the other normative. Descriptively, the Article demonstrates that securities regulation is specifically designed to facilitate and protect the work of information traders. Securities regulation may be divided into three broad categories: (i) disclosure duties; (ii) restrictions on fraud and manipulation; and (iii) restrictions on insider trading-each of which contributes to the creation of a vibrant market for information traders. Disclosure duties reduce information traders' costs of searching and …

Regulatory Responses To Investor Irrationality: The Case Of The Research Analyst, Jill E. Fisch

All Faculty Scholarship

An extensive body of behavioral economics literature suggests that investors do not behave with perfect rationality. Instead, investors are subject to a variety of biases that may cause them to react inappropriately to information. The policy challenge posed by this observation is to identify the appropriate response to investor irrationality. In particular, should regulators attempt to protect investors from bad investment decisions that may be the result of irrational behavior?

This Article considers the appropriate regulatory response to investor irrationality within the concrete context of the research analyst. Many commentators have argued that analyst conflicts of interest led to biased …

The Equilibrium Content Of Corporate Federalism, William W. Bratton, Joseph A. Mccahery

All Faculty Scholarship

No abstract provided.