Business Commons^™

Waiting For The Confidence Fairy: An Analysis Of European Sovereign Bond Spreads Before And After The Financial Crisis, David Uresti

Open Access Theses & Dissertations

The 2008 Financial Crisis that began in the United States caused widespread panic throughout the financial sector which resulted in the collapse of some companies and large losses for others. The availability of credit declined even as investor confidence continued to deteriorate. The European periphery concluded that the Financial Crisis would be relegated to the American economy. However, in 2009 Greece suffered a credit downgrade that signaled that the financial shock entered European shores. Shortly thereafter Spain suffered a credit downgrade followed by Italy in 2010. Suddenly the threat of default by a number of European countries became very real. …

The Broken Buck Stops Here: Embracing Sponsor Support In Money Market Fund Reform, Jill E. Fisch

All Faculty Scholarship

Since the 2008 financial crisis, in which the Reserve Primary Fund “broke the buck,” money market funds (MMFs) have been the subject of ongoing policy debate. Many commentators view MMFs as a key contributor to the crisis because widespread redemption demands during the days following the Lehman bankruptcy contributed to a freeze in the credit markets. In response, MMFs were deemed a component of the nefarious shadow banking industry and targeted for regulatory reform. The Securities and Exchange Commission’s (SEC) misguided 2014 reforms responded by potentially exacerbating MMF fragility while potentially crippling large segments of the MMF industry.

Determining the …

From Chrysler And General Motors To Detroit, David A. Skeel Jr.

All Faculty Scholarship

In the past five years, three of the most remarkable bankruptcy cases in American history have come out of Detroit: the bankruptcies of Chrysler and General Motors in 2009, and of Detroit itself in 2012. The principal objective of this Article is simply to show that the Grand Bargain at the heart of the Detroit bankruptcy is the direct offspring of the bankruptcy sale transactions that were used to restructure Chrysler and GM. The proponents of Detroit’s “Grand Bargain” never would have dreamed up the transaction were it not for the federal government-engineered carmaker bankruptcies. The Article’s second objective, based …

Revisiting Compensating Wage Differentials: The Evidence From Employer-Provided Health Insurance, Dan Qu

Business Review

This paper uses 1996 and 2001 Survey of Income and Program Participation to examine the evidence for compensating wage differentials associated with employer-provided health insurance (EHI) in the United States. The results provide no evidence of a tradeoff between wages and EHI coverage. On the other hand, the results do suggest that employees who work in states with income taxes are more likely to receive EHI than those in states without income taxes. Fixed effects, first differencing and instrumental variable estimation are used to address the potential ability bias and endogeneity problems in wage models with EHI as an independent …

Asset Price Bubbles With Specific Focus On Stock Prices In Pakistan, Nawaz Ahmad, Rizwan Raheem Ahmed, Yaseen Ahmed Meenai

Business Review

This research paper is an attempt to investigate Asset Price Bubbles (APB) with reference to Pakistan stock market. The analysis of time series graph shows a linear trend between Consumer Price Index (CPI) and Money Supply Index (M2I) whereas a nonlinear trend with stock prices. Moreover, the graph also shows an unequal spread with the stock prices, which indicate Heteroskedasticity. Then, descriptive statistics test shows high Standard Deviations for stock prices compared with CPI and M2I, which indicate a higher volatility in stock prices. Finally, the hypothesis test for equality of variance concluded the presence of Asset Price Bubbles by …

East Asia, Investment, And International Law: Distinctive Or Convergent?, Beth A. Simmons

All Faculty Scholarship

International investment agreements (IIAs) are the primary legal instruments designed to protect and encourage foreign direct investment world-wide. This article argues that Asia has used IIAs just as much as have other regions of the world to attract foreign direct investment, but that Asia’s pattern of agreement provisions is somewhat distinctive. States in East and Southeast Asia have tended to enter into agreements that strike a balance somewhat more favorable to host states than to foreign firms, at least when compared to the rest of the world. This may be due to high growth in the region, which tends to …

Introduction To Institutional Investor Activism: Hedge Funds And Private Equity, Economics And Regulation, William W. Bratton, Joseph A. Mccahery

All Faculty Scholarship

The increase in institutional ownership of recent decades has been accompanied by an enhanced role played by institutions in monitoring companies’ corporate governance behaviour. Activist hedge funds and private equity firms have achieved a degree of success in actively shaping the business plans of target firms. They may be characterized as pursuing a common goal – in the words used in the OECD Steering Group on Corporate Governance, both seek ‘to increase the market value of their pooled capital through active engagement with individual public companies. This engagement may include demands for changes in management, the composition of the board, …

The Rule Of Reason And The Scope Of The Patent, Herbert J. Hovenkamp

All Faculty Scholarship

For a century and a half the Supreme Court has described perceived patent abuses as conduct that reaches "beyond the scope of the patent." That phrase, which evokes an image of boundary lines in real property, has been applied to both government and private activity and has many different meanings. It has been used offensively to conclude that certain patent uses are unlawful because they extend beyond the scope of the patent. It is also used defensively to characterize activities as lawful if they do not extend beyond the patent's scope. In the first half of the twentieth century the …

New Environmental Demands And The Future Of The Helsinki−Tallinn Freight Route, Olli-Pekka Hilmola, Harri Lorentz, Dawna L. Rhoades

Publications

The environmental friendliness of short sea shipping has been justified in Europe by the ensuing lower congestion at hinterlands and unneeded large-scale infrastructure investments on roads and railways. However, the attractiveness of short sea shipping is about to change. This is because of increasing environmental regulations (International Maritime Organization (IMO) sulfur regulation in the Baltic Sea and planned CO2 emissions trading) and increased world market oil prices. In this research, we analyze this potential change using data envelopment analysis on the existing transportation chain alternatives in the Helsinki (Finland)−Tallinn (Estonia) short sea route (chains using either roro, ropax or container …

Player Compensation And Team Performance: Salary Cap Allocation Strategies Across The Nfl, Max Winsberg

CMC Senior Theses

The National Football League’s salary cap constrains the available resources each franchise is allotted to spend on player personnel. I examine the effects of executive management’s compensation allocation strategies on team performance from 2006 to 2013. The findings suggest that spending more than the league-average on offensive lineman hurts overall team performance. Spending above the league average on both the offensive line and quarterback positions negatively affects offensive performance as well. This supports previous research stating that taking a superstar-approach to cap distribution negatively affects team performance. Furthermore, I find evidence of increased compensation inequality among players under the Collective …

The (Il)Legitimacy Of Bankruptcies For The Benefit Of Secured Creditors, Charles W. Mooney Jr.

All Faculty Scholarship

This paper explores the legitimacy—or illegitimacy—of filing and maintaining a case under the Bankruptcy Code when the sole or principal beneficiary or beneficiaries of the case would be a secured creditor or secured creditors. In the situation posited here, the application of the usual distributional priority rules would not produce any distribution for the general, unsecured creditors of the debtor. In the prototypical case virtually all of the assets of the debtor would be subject to secured claims securing obligations that exceed the value of the collateral, i.e., the secured creditor would be undersecured and there would be no equity …

Ua1b1/9 Free Enterprise Fair, Wku Archives

WKU Archives Collection Inventories

These records were created by and about the Free Enterprise Fair sponsored by WKU and southern Kentucky businesses.

Preparing For Service: A Template For 21st Century Legal Education, Michael J. Madison

Articles

Legal educators today grapple with the changing dynamics of legal employment markets; the evolution of technologies and business models driving changes to the legal profession; and the economics of operating – and attending – a law school. Accrediting organizations and practitioners pressure law schools to prepare new lawyers both to be ready to practice and to be ready for an ever-fluid career path. From the standpoint of law schools in general and any one law school in particular, constraints and limitations surround us. Adaptation through innovation is the order of the day.

How, when, and in what direction should innovation …

Two Essays Examining Organizational Performance, Stacey Alexis Gelsheimer

USF Tampa Graduate Theses and Dissertations

In highly competitive industries where firms aren’t protected by barriers to entry and consumers’ preferences are constantly changing, the willingness and ability to adapt and continually improve operations may be critical for continued success. However, the internal exchanges between employees and managers that may be an integral part of the development and implementation of new ideas are often not modeled or included in our standard economic theories. In this research I investigate whether a higher level of employee voice (or employee input) predicts higher levels of continual improvement, and whether this continual improvement predicts higher levels of firm performance. Additionally, …

Business Trusts, Peter B. Oh

Book Chapters

The business trust arguably is the most prominent and yet enigmatic organizational form used today. The problem is that no one knows exactly how prevalent business trusts are, much less why they are the preferred vehicle for a broad and diverse range of transactions. This chapter sheds some light on the business trust by examining its early history at common law, its subsequent mutation into modern statutory and contractarian forms, as well as some of its most common functions. The more closely we scrutinize the business trust, the more apparent it becomes that the pertinent question about business trusts is …

Aproximación A La Racionalidad Limitada En Los Mercados Financieros, Hernán David Ávila Perico, Arnaldo Eliecer Ortiz Villalobos

Finanzas y Comercio Internacional

Esta investigación es una aproximación al análisis del comportamiento de los agentes con racionalidad limitada en los mercados financieros. Como punto de partida se presentan antecedentes teóricos y empíricos que muestran la necesidad y pertinencia del análisis como respuesta al paradigma tradicional enfocado en los planteamientos de la Hipótesis de los Mercados Eficientes (EMH). Lo anterior, con el fin de justificar el posterior análisis de dos críticas a la EMH, una desde la racionalidad del agente y que muestra la imposibilidad de la existencia de mercados eficientes a nivel informacional y otra desde la Economía Conductual la cual está enfocada …

El Consenso De Washington Y Su Incidencia En El Sector Arrocero Colombiano: Efectos En La Seguridad Alimentaria 1990 2012, María Camila Manrique Fuentes, Magda Natalia Pineda Suescún

Finanzas y Comercio Internacional

El presente trabajo describe las políticas comerciales aplicadas a partir del Consenso de Washington que tuvieron un impacto en la seguridad alimentaria para el caso del arroz en Colombia. Las variables asociadas a la seguridad alimentaria como la producción, el consumo y los precios del arroz fueron estudiadas a través de análisis de tendencias y modelos de regresión lineal. Finalmente las autoras concluyen que la formulación de las políticas implementadas se llevó a cabo en total desvinculación con la realidad agrícola colombiana en términos del manejo de variables como la tasa de cambio y la tasa de interés. Situaciones importantes …

Plan De Negocios Para La Importación De Repuestos De Maquinaria Pesada Komatsu Y Jcb, Angie Nathaly Arévalo Uribe

Finanzas y Comercio Internacional

No abstract provided.

Plan De Negocios De La Empresa Hamano Dedicada A La Elaboración De Artículos Y Accesorios Decorativos, Personalizados, Hechos En Madera, Para Comercializar En Las Ciudades De Bogotá Y Nueva York, Yennyfer Paola Gualteros Campo, Henry Velandia Parra

Finanzas y Comercio Internacional

No abstract provided.

Potencialidad De La Comercialización Internacional Al Mercado Suizo De Derivados Del Mango Producidos En Cundinamarca, Lina Maryely Cely Gil, Tatiana Lizeth León Riveros

Finanzas y Comercio Internacional

Cundinamarca es un departamento que tiene características geográficas y climáticas aptas para el cultivo de una gran variedad de frutas, lo que permite tener una oferta amplia de estas. En esta monografía se analizó el potencial exportador del mango y sus derivados en los municipios de Tocaima, Anapoima y La Mesa. Para tal fin se desarrollaron tres etapas: la primera enfocada en el análisis del mercado interno, teniendo en cuenta la caracterización geográfica, la producción de mango y la cadena de valor en los municipios de estudio. En segundo lugar, se analizó las condiciones de acceso al mercado suizo, desde …

Determinantes De Acceso Al Segundo Mercado Para Las Pymes Del Subsector De Confección De Prendas De Vestir Excepto Prendas De Piel En Bogotá, Santiago López Lozano

Finanzas y Comercio Internacional

Las Pymes en Colombia concentran sus fuentes de financiamiento en el mercado intermediado o mercado bancario, desaprovechando los beneficios que brindan los instrumentos del mercado de valores a través del segundo mercado (un espacio ajustado a las necesidades de financiación de las Pymes). Por tal motivo, el presente trabajo pretende identificar los factores que determinan el acceso al segundo mercado de las Pymes del subsector de prendas de vestir excepto prendas de piel en Bogotá, a través de una metodología basada en un enfoque mixto puro, en donde tanto el método cuantitativo como cualitativo cuentan con el mismo peso y …

Importancia De La Denominación De Origen Del Bocadillo Veleño En Hoja De Bijao Como Estrategia De Diferenciación Competitiva, Yessica Yuliana Peña Castellanos, Andrea Johanna Muñoz Suárez

Finanzas y Comercio Internacional

La elaboración de este documento se enfoca en el análisis de las ventajas de diferenciación competitivas que podrían obtener las fábricas ubicadas en la Provincia de Vélez y Ricaurte buscando un desarrollo de la región con la obtención de la denominación de origen para el bocadillo veleño empacado en hoja de bijao y embalado en caja de madera. El bocadillo veleño es un producto autóctono de Colombia originario de este territorio el cual se diferencia de otros productos por sus características especiales. Dada su incidencia en la región se ha visto un alto grado de asociatividad en la cadena de …

Diseño De Una Cadena De Abastecimiento Eficiente En Las Mipymes Del Sector De Plásticos En Colombia Como Herramienta De Competitividad Internacional, Laura Yohanna Moreno Jiménez, Carlos Miguel Garzón Pérez, William David Rocha Jiménez

Finanzas y Comercio Internacional

La cadena de abastecimiento en la industria plástica de las mipymes, es un tema de relevancia dentro de las compañías a nivel mundial, en Colombia dicho proceso ha ido ganando importancia, puesto que las diferentes áreas de las empresas, cada vez tienen una perspectiva más amplia en sus procesos logísticos. Dicho lo anterior, se ha evidenciado un desarrollo rezagado en la tecnificación de dicha industria en tales procedimientos, de este modo, se analizó el crecimiento del sector de plásticos con perspectivas a la internacionalización, además, se diagnosticó el comportamiento de la industria a nivel nacional, igualmente se identificaron los principales …

Estudio De Caso Del Programa De Responsabilidad Social Empresarial De La Empresa Mineros S.A : Efectos Sociales Y Financieros, Para El Periodo 2010 2013 Y Experiencias Exitosas Replicables Al Sector De La Minería De Oro, Cindy Bibiana Cárdenas Novoa, Rosa Enith Mosquera Ortiz

Finanzas y Comercio Internacional

Esta investigación abordará la importancia que tiene la implementación de un modelo de Responsabilidad Social Empresarial en el sector minería de oro en Colombia, a partir del estudio de caso de la empresa Mineros S.A., identificando cuáles han sido los efectos sociales y financieros de este modelo en dicha empresa entre los años 2010-2013, con el fin de evidenciar si este puede llegar a ser replicable en el sector y contribuir principalmente a la disminución de la minería informal e ilegal que actualmente se presenta en las regiones de explotación minera. En consecuencia, esta investigación se soporta mediante una entrevista …

Plan De Negocios Para La Creación De La Empresa Fabricante De Bolsos Y Accesorios De Vestir A Partir De Neumáticos Fuera De Uso Renew S.A.S, Mónica Alejandra Rodríguez Otálora, Jenny Marcela Morales Riveros

Finanzas y Comercio Internacional

El plan de emprendimiento adjunto consiste en la creación de la empresa RENEW S.A.S. que tendrá como actividad económica la fabricación, comercialización y exportación (a Brasil) de bolsos, billeteras y cinturones para hombre y mujer elaborados a partir de neumáticos. Dicha iniciativa empresarial nace de la necesidad de darle un nuevo uso a los neumáticos fuera de uso, los cuales después de terminar de su vida útil representan un gran problema medioambiental para la sociedad, dado que este producto tarda más de 500 años en degradarse y su quema u desecho produce afectaciones al medio ambiente y a la salud …

Estrategias De Internacionalización Para El Sector Piscícola Del Departamento Atlántico De Colombia Hacia Alemania, Ángela Patricia Heredia Guerrero, Karen Stefania Guzmán Arboleda, Lorena Fernanda Gómez Herrera

Finanzas y Comercio Internacional

Esta monografía fue realizada con el fin de proponer estrategias de internacionalización en el sector piscícola del departamento Atlántico de Colombia dirigidas hacia Alemania. El estudio es descriptivo de tipo mixto en el sector piscícola y el mercado alemán, por medio de método deductivo para pasar de la teoría al trabajo de campo. Por último se desarrolló una categorización de la información, donde se hallaron similitudes y diferencias entre los datos encontrados, por medio de la cual se encontraron las posibles estrategias de internacionalización. En éste trabajo se encontró que el sector piscícola presenta varias debilidades en el desarrollo de …

Plan De Negocio Para La Comercialización De Derivados Del Marañón (Mermelada, Fruta, Deshidratada Y Nuez) Anacardier, A Nivel Local Con Miras A Exportar A Estados Unidos, Paola Andrea Patarroyo Godoy, Mónica Alexandra Rodríguez Amaya

Finanzas y Comercio Internacional

No abstract provided.

Introduction To The Special Issue: Towards A Theoretical Understanding Of Innovation And Entrepreneurship In India, Sanjay Jain, Anil Nair, David Ahlstrom

Management Faculty Publications

Over the past few decades, India has become one of the world’s most vibrant economies (Chari & Banalieva, 2015). While the first forty years after India’s independence in 1947 was characterized by a sluggish annual growth rate (of approximately 3%), economic reforms initiated in 1991 have resulted in the GDP growing at a rate of around 6.8% in the last quarter century (Chari & Banalieva, 2015;McCloskey, 2010). Conversely, while the pre-reform institutional environment generally underemphasized and undermined entrepreneurial and innovative activity (Bardhan, 1994; Baumol, Litan, & Schramm, 2009;Sivaraman, 1991), the post-reform period has been characterized by a much wider acceptance …

The Cape Town Convention’S Improbable-But-Possible Progeny Part Two: Bilateral Investment Treaty-Like Enforcement Mechanism, Charles W. Mooney Jr.

All Faculty Scholarship

This Essay is Part Two of a two-part essay series that outlines and evaluates two possible future international instruments. Each instrument draws substantial inspiration from the Cape Town Convention and its Aircraft Protocol (together, the “Convention”). The Convention governs the secured financing and leasing of large commercial aircraft, aircraft engines, and helicopters. It entered into force in 2006. It has been adopted by sixty-six Contracting States (fifty-eight of which have adopted the Aircraft Protocol), including the U.S., China, the E.U., India, Ireland, Luxembourg, Russia, and South Africa.

This Part of the Essay explores whether an investor-state dispute settlement (ISDS) feature …

Moore’S Law, Metcalfe’S Law, And The Theory Of Optimal Interoperability, Christopher S. Yoo

All Faculty Scholarship

Many observers attribute the Internet’s success to two principles: Moore’s Law and Metcalfe’s Law. These precepts are often cited to support claims that larger networks are inevitably more valuable and that costs in a digital environment always decrease. This Article offers both a systematic description of both laws and then challenges the conventional wisdom by exploring their conceptual limitations. It also explores how alternative mechanisms, such as gateways and competition, can permit the realization benefits typically attributed to Moore’s Law and Metcalfe’s Law without requiring increases in network size.