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Articles 31 - 60 of 70
Full-Text Articles in Social and Behavioral Sciences
Historical Trends In The Degree Of Federal Income Tax Progressivity In The United States, Timothy Mathews
Historical Trends In The Degree Of Federal Income Tax Progressivity In The United States, Timothy Mathews
Faculty and Research Publications
This study examines how the degree of progressivity of the U.S. Federal income tax evolved between 1929 and 2009. Data from the Internal Revenue Service, U.S. Census Bureau, and Bureau of Economic Analysis is used to construct annual tax concentration curves and income concentration curves. Numerical values of four tax progressivity indices are determined. These values suggests that: (i) the degree of progressivity has varied greatly over time, (ii) taxation outcomes have become more progressive over the past four decades, (iii) the period from the early 1950s through 1974 was one of relatively low progressivity, whereas the period from 1975 …
The Interdependence Between Homeland Security Efforts Of A State And A Terrorist's Choice Of Attack, Timothy Mathews, Anton D. Lowenberg
The Interdependence Between Homeland Security Efforts Of A State And A Terrorist's Choice Of Attack, Timothy Mathews, Anton D. Lowenberg
Faculty and Research Publications
Consider a state that chooses security levels at two sites (Targets A and B), after which a terrorist chooses which site to attack (and potentially a scope of attack). The state values A more highly. If the state knows which target the terrorist values more highly, he will choose a higher level of security at this site. Under complete information, if the terrorist’s only choice is which site to attack, the state will set security levels for which the terrorist prefers to attack A over B if and only if the ratio of the value of B to the value …
Student Performance In A Quantitative Methods Course Under Online And Face-To-Face Delivery, P. Verhoeven, Victor Wakeling
Student Performance In A Quantitative Methods Course Under Online And Face-To-Face Delivery, P. Verhoeven, Victor Wakeling
Faculty and Research Publications
In a study conducted at a large public university, the authors assessed, for an upper-division quantitative methods business core course, the impact of delivery method (online versus face-to-face) on the success rate (percentage of enrolled students earning a grade of A, B, or C in the course). The success rate of the 161 online students was 55.3%, significantly lower (p = .000) than that (72.6%) of the 212 face-to-face students. Both students with a strong (A or B) grade in the lower-division statistics prerequisite and students with a weak (C or D) grade in the prerequisite had a significantly lower …
Intangible Investments And The Pricing Of Corporate Sga Expenses, Rongbing Huang, Gim S. Seow, Joe S. Shangguan
Intangible Investments And The Pricing Of Corporate Sga Expenses, Rongbing Huang, Gim S. Seow, Joe S. Shangguan
Faculty and Research Publications
This study examined whether the market fully prices the reported Selling, General, and Administrative (SGA) expenses when this item includes an intangible investment component. For a sample of intangible investment-intensive firms, we showed that their SGA expenses benefit future operating performances. Evidence suggests some degree of market inefficiency in the pricing of SGA expenses and the intangible investment component. Furthermore, the financial analysts do not appear to appreciate fully the future benefits of the component in their earnings forecasts. Finally, the pertinent disclosures in firms’ annual reports are so inadequate as to attenuate the market mispricing, suggesting a significant room …
Are Benevolent Dictators Altruistic In Groups? A Within-Subject Design, Lucy F. Ackert, Ann B. Gillette, Jorge Martinez-Vazquez, Mark Rider
Are Benevolent Dictators Altruistic In Groups? A Within-Subject Design, Lucy F. Ackert, Ann B. Gillette, Jorge Martinez-Vazquez, Mark Rider
Faculty and Research Publications
We use a within-subject experimental design to investigate whether systematic relationships exist across distinct features of individual preferences: altruism in a two-person context, risk aversion in monetary outcomes, and social preferences in a group context. We find that altruism is related to demographic variables, including years of education, gender, and age. Perhaps most importantly, self allocation in a two-person dictator game is related to social preferences in a group context. Participants who are more generous in a dictator game are more likely to vote against their self-interest in a group tax redistribution game which we interpret to be an expression …
Why The Master? Human Capital Development For Practicing U.S. Cycling Coaches, Daniel Larson, Joel Maxcy
Why The Master? Human Capital Development For Practicing U.S. Cycling Coaches, Daniel Larson, Joel Maxcy
Faculty and Research Publications
The economic structure of the industry of cycling coaches has yet to be the subject of any apparent published inquiry. This study describes the basic characteristics of practicing cycling coaches and presents economic models of the determinants of commercial success for individual coaches. Data were collected through an independent survey of current and former U.S.A. Cycling (USAC) coaches in 2010 (N = 386). Results of ordinary least squares and negative-binomial regression models suggest that coaching and competitive experience are associated with larger clienteles, but formal human capital investments do not generally add to a coach's ability to garner more clients. …
Quasi-Maximum Likelihood Estimation Of Discretely Observed Diffusions, Xiao Huang
Quasi-Maximum Likelihood Estimation Of Discretely Observed Diffusions, Xiao Huang
Faculty and Research Publications
This paper introduces a quasi-maximum likelihood estimator for discretely observed diffusions when a closed-form transition density is unavailable. Higher-order Wagner-Platen strong approximation is used to derive the first two conditional moments and a normal density function is used in estimation. Simulation study shows that the proposed estimator has high numerical precision and good numerical robustness. This method is applicable to a large class of diffusions.
Comment On Hoerger: Early Pilots Of Medicare Auctions Brings No Solace To Auction Experts, Peter Cramton, Brett E. Katzman
Comment On Hoerger: Early Pilots Of Medicare Auctions Brings No Solace To Auction Experts, Peter Cramton, Brett E. Katzman
Faculty and Research Publications
Peter Cramton and Brett Katzman stick to their guns: Medicare auctions remain fatally flawed and must be fixed. They argue that contrary to Hoerger's comment, no comfort can be drawn from the fact that the market was able to withstand price reductions in early pilots.
Is There A Link Between Money Illusion And Homeowners' Expectations Of Housing Prices?, Lucy F. Ackert, Bryan K. Church, Narayanan Jayaraman
Is There A Link Between Money Illusion And Homeowners' Expectations Of Housing Prices?, Lucy F. Ackert, Bryan K. Church, Narayanan Jayaraman
Faculty and Research Publications
Money illusion is a behavioral bias in which a person thinks in terms of nominal rather than real values. This article reports homeowners' responses to a survey designed to measure the extent of money illusion as well as homeowners' expectations regarding home valuations. Our survey respondents suffer from money illusion, yet they have reasonable expectations of home prices. Our analysis did not identify any unique individual characteristic that correlates with homeowners' choices and suggests that the relationship between money illusion and mispricing is subtle and multifaceted.
A Model For The Intervention Of A Financial Crisis, J. Barrow
A Model For The Intervention Of A Financial Crisis, J. Barrow
Faculty and Research Publications
This paper builds a model for intervention and/or mitigation of a financial crisis by first identifying those conditions precedent to a systemic based financial crisis, and then outlying a process to integrate firm specific and systematic risk into a comprehensive strategic model. A simple application of the model was able to identify significant outliers. For example, using 2006 to 2010 data, Capital One Financial Corporation was identified for intervention from as early as 2006. This corporation received $3.56 billion of the Emergency Economic Stabilization Act Federal bailout funds.
Turkey: Another $1 Trillion Emerging Economy?, Murat Doral
Turkey: Another $1 Trillion Emerging Economy?, Murat Doral
Faculty and Research Publications
The strategic location of Turkey makes it a very important country in terms of geopolitics as well as economics. Turkey is located at the crossroads of Europe, Asia, the Caucasus, and the Middle East. It is where East meets West without clashing with each other but merging with each other. Even though, industry, trade, and finance are all dominated by the expansive and crowded Istanbul, other cities and towns in Anatolia –the Anatolian Tigers- are industrializing rapidly and now participating in the global economy. Today, Turkey has the largest economy in the greater Middle East. Depending of the source, Turkey …
Reducing Healthcare Costs Requires Good Market Design, Peter Cramton, Brett E. Katzman
Reducing Healthcare Costs Requires Good Market Design, Peter Cramton, Brett E. Katzman
Faculty and Research Publications
Healthcare costs are no doubt too high, and Congress has been pushing for 13 years to harness market forces in Medicare procurement. But despite all this time, we are on the precipice of adopting a very poor market design, according to Peter Cramton of University of Maryland and Brett Katzman of Kennesaw State University.
Testing Conflicting Political Economy Theories: Full-Fledged Versus Partial-Scope Regional Trade Agreements, Xuepeng Liu
Testing Conflicting Political Economy Theories: Full-Fledged Versus Partial-Scope Regional Trade Agreements, Xuepeng Liu
Faculty and Research Publications
We apply a duration analysis to test the conflicting predictions of the median voter model and the lobbying model using panel data on regional trade agreement (RTA) formation. Our results show that the pro-labor prediction of the median voter model is supported by the full-fledged free trade areas and customs unions (FTAs/CUs), while the pro-capital prediction of the lobbying model is supported by the partial-scope preferential trade arrangements among developing countries. This finding holds better for the country pairs with more different capital-labor ratios as a result of the stronger distributional effects of RTAs. The support for the median voter …
Does Ap Economics Improve Student Achievement?, Benjamin Scafidi, John Swinton, Chris Clark
Does Ap Economics Improve Student Achievement?, Benjamin Scafidi, John Swinton, Chris Clark
Faculty and Research Publications
We employ a cautious empirical approach to estimate the effect of taking Advanced Placement (AP) Economics in high school on student performance on a high-stakes, statewide End-of-Course Test (EOCT). Using data on all Georgia students who took economics from 2006 to 2008, we use propensity score matching to control for the selection of students into AP Economics. Our most conservative estimate makes an adjustment for teacher effects and suggests that students who take high school economics in an AP class score 0.283 standard deviations higher on the economics EOCT than “matched” students who are in high schools that do not …
The Location Decisions Of Foreign Investors In China: Untangling The Effect Of Wages Using A Control Function Approach, Xuepeng Liu, Mary E. Lovely, Jan Ondrich
The Location Decisions Of Foreign Investors In China: Untangling The Effect Of Wages Using A Control Function Approach, Xuepeng Liu, Mary E. Lovely, Jan Ondrich
Faculty and Research Publications
There is almost no support for the proposition that capital is attracted to low wages from firm-level studies. We examine the location choices of 2,884 firms investing in China between 1993 and 1996 to offer two main contributions. First, we find that the location of labor-intensive activities is highly elastic to provincial wage differences. Generally, investors' wage sensitivity declines as the skill intensity of the industry increases. Second, we find that unobserved location-specific attributes exert a downward bias on estimated wage sensitivity. Using a control function approach, we estimate a downward bias of 50% to 90% in wage coefficients estimated …
Licensing And Patent Protection, Aniruddha Bagchi, Arijit Mukherjee
Licensing And Patent Protection, Aniruddha Bagchi, Arijit Mukherjee
Faculty and Research Publications
We show the impact of technology licensing on optimal patent policy. Strong patent protection that eliminates imitation may not be the equilibrium outcome in the presence of licensing. Depending on the cost of innovation, licensing may either increase or reduce the strength of the patent protection.
The Rise Of 144a Market For Convertible Debt, Ronging Huang, Gabriel G. Ramirez
The Rise Of 144a Market For Convertible Debt, Ronging Huang, Gabriel G. Ramirez
Faculty and Research Publications
We document and study the migration of convertible debt offerings from the public to the 144A market during 1991-2004. Over 88% of the 144A convertible debt issues are subsequently registered. An analysis of financing costs (gross spreads, yields, and stock price announcements) and issue characteristics indicates that convertible debt issues in these two markets are essentially the same. We find evidence that the 144A market allows firms to better time equity market conditions. Our findings are consistent with the hypothesis that the 144A market is attractive because it allows firms to issue convertible debt more quickly.
Gatt/Wto Promotes Trade Strongly: Sample Selection And Model Specification, Xuepeng Liu
Gatt/Wto Promotes Trade Strongly: Sample Selection And Model Specification, Xuepeng Liu
Faculty and Research Publications
Some recent empirical studies examine the impact of the GATT/WTO on trade. This paper investigates the sample selection bias and the gravity model specification issues in the literature. First, the GATT/WTO not only makes existing trading partners trade more at the intensive margin, but also creates new trading relationships at the extensive margin. Most existing papers exclude zero trade observations and hence ignore the extensive margin. Secondly, due to the violation of some maintained assumptions, the traditional log-linear gravity regressions fail to uncover the role of the GATT/WTO even at the intensive margin. Using a large bilateral panel dataset including …
Why Do Entreprenuers Have Higher Longevity Expectations?, Govind Hariharan, Huan Ni
Why Do Entreprenuers Have Higher Longevity Expectations?, Govind Hariharan, Huan Ni
Faculty and Research Publications
The health and lifespan of entrepreneurs not only affect their private decisions such as consumption and savings, assets transfer, life insurance and labor supply, but also their business decisions. Based on a large longitudinal data set of individuals in the United States, we find in our sample of business owners that they expect to live much longer (7.47% higher) than non business owners. Moreover, these entrepreneurs have better self-rated health, better health endowment, and are more likely to exercise frequently. In future work we will further disentangle the effects of these observable characteristics from those of unobserved heterogeneity.
The Information Technology Agreement: Sui Generis Or Model Stepping Stone?, Xuepeng Liu, Catherine L. Mann
The Information Technology Agreement: Sui Generis Or Model Stepping Stone?, Xuepeng Liu, Catherine L. Mann
Faculty and Research Publications
The Information Technology Agreement signed in 1996 is a unique trade agreement. At initial negotiation, it included less than 10 countries, by inception it ‘multilateralized’ to 44 countries and now includes 70 (of the 151) WTO members. At inception, negotiated product coverage was broad and generalized, rather than achieved via ‘request-offer’ by tariff line; it now covers 97% of trade in IT products. At inception, the signatories agreed to a timetable and specific staged tariff reductions to achieve zero tariffs on all covered products; only a few signatories asked to deviate from that common schedule. By all accounts, the agreement …
Mills B. Lane, Jr. And Enterprise In A New South, Randall L. Patton
Mills B. Lane, Jr. And Enterprise In A New South, Randall L. Patton
Faculty and Research Publications
For a century, Citizens & Southern Bank was a fixture in Georgia. In 1991, the C&S brand name disappeared in a merger with North Carolina National Bank. This was one of the bittersweet consequences of the slow, confusing swirl of bank deregulation after 1970, when institutions such as C&S simply disappeared, swallowed by the "winners" in the new competitive environment of interstate banking in the 1980s and 1990s. Even earlier, however, the Lane family had ceased to control the bank started by Mills Lane, Sr. in 1891. Mills B. Lane, Jr. was the last member of the Lane family to …
Trade And Income Convergence: Sorting Out The Causality, Xuepeng Liu
Trade And Income Convergence: Sorting Out The Causality, Xuepeng Liu
Faculty and Research Publications
This paper studies the linkage between international trade and income convergence across countries. Different theories offer conflicting predictions regarding how they might affect each other. In the existing empirical literature estimating the trade impact on income convergence, a long-lasting problem is the reverse causality from income convergence to trade. This paper provides a disaggregated bilateral trade data analysis to solve this problem. The results show that the reverse causality from income convergence to trade exists in differentiated product sectors, but not in homogeneous product sectors. Trade in homogeneous sectors reduces the income gaps among trade partners, but it is not …
Asymptotic Properties Of Equilibrium In Discriminatory And Uniform Price Ipv Multi-Unit Auctions, Brett E. Katzman
Asymptotic Properties Of Equilibrium In Discriminatory And Uniform Price Ipv Multi-Unit Auctions, Brett E. Katzman
Faculty and Research Publications
This paper confronts the tractability problems that accompany IPV auction models with multi-unit bidder demands. Utilizing a first order approach, the asymptotic properties of symmetric equilibria in discriminatory and uniform price auctions are derived. It is shown that as the number of bidders increases, equilibrium bids converge to valuations in both discriminatory auctions and uniform price auctions where the price paid is determined by the lowest winning bid, thus indicating that the limiting case of these auctions correspond to price taking as in neoclassical models of consumer behavior. However, when the uniform price paid is tied to the highest losing …
The Consequences Of Information Revealed In Auctions, Brett E. Katzman, Matthew Rhodes-Kropf
The Consequences Of Information Revealed In Auctions, Brett E. Katzman, Matthew Rhodes-Kropf
Faculty and Research Publications
This paper considers the ramifications of post-auction competition on bidding behavior under different bid announcement policies. In equilibrium, the auctioneer’s announcement policy has two distinct effects. First, announcement entices players to signal information to their post-auction competitors through their bids. Second, announcement can lead to greater bidder participation in certain instances while limiting participation in others. Specifically, the participation effect works against the signalling effect, thus reducing the impact of signalling found in other papers. Revenue, efficiency, and surplus implications of various announcement policies are examined.
A Clashing Viewpoint Concerning India: A Critique Of Goldman Sachs 2007 Report, Aniruddha Bagchi, Ashok Roy
A Clashing Viewpoint Concerning India: A Critique Of Goldman Sachs 2007 Report, Aniruddha Bagchi, Ashok Roy
Faculty and Research Publications
The centerpiece of the 2007 Report by Goldman Sachs is the prediction of India’s phenomenal economic growth and power in the next few decades. In this article we critique the conceptual validity of that prognosis. In particular, we highlight several hard and soft infrastructure impediments to India’s emergence as a major economic power.
A Revelation Principle For Dominant Strategy Implementation, Jesse Schwartz, Quan Wen
A Revelation Principle For Dominant Strategy Implementation, Jesse Schwartz, Quan Wen
Faculty and Research Publications
We introduce a perfect price discriminating (PPD) mechanism for allocation problems with private information. A PPD mechanism treats a seller, for example, as a perfect price discriminating monopolist who faces a price schedule that does not depend on her report. In any PPD mechanism, every player has a dominant strategy to truthfully report her private information. We establish a revelation principle for dominant strategy implementation: any outcome that can be dominant strategy implemented can also be dominant strategy implemented using a PPD mechanism. We apply this principle to derive the optimal, budget-balanced, dominant strategy mechanisms for public good provision and …
Stakeholder Contributions To Container Port Capacity: A Survey Of Port Authorities, Michael J. Maloni, Eric C. Jackson
Stakeholder Contributions To Container Port Capacity: A Survey Of Port Authorities, Michael J. Maloni, Eric C. Jackson
Faculty and Research Publications
Given recent concerns about North American port congestion, this paper examines stakeholder involvement in expanding port capacity to meet significant volume growth. North American container port authorities were surveyed to identify key capacity factors and subsequent participation requirements by stakeholders such as terminal operators, longshore labor, railroads, steamship lines, truckers, and government. The resulting analysis indicates port frustration with participation currently offered by all stakeholders, especially the federal government and railroads. Such results further validate the requirement for a multi-stakeholder approach to port capacity expansion and suggest the need for national freight policy and planning leadership.
Is Exchange Risk Priced Beyond Intertemporal Risk?, Ines Chaieb, Stefano Mazzoto, Oumar Sy
Is Exchange Risk Priced Beyond Intertemporal Risk?, Ines Chaieb, Stefano Mazzoto, Oumar Sy
Faculty and Research Publications
Recent conditional tests show that exchange risk is priced in integrated international markets. However, these results are typically obtained assuming that intertemporal risk does not matter. We test an intertemporal international asset-pricing model where the investment opportunity set is dynamic. Using a conditional orthogonalization approach, we investigate whether the exchange risk is priced once the market and intertemporal risks are fully taken into account. We find that, in addition to the market and intertemporal risks, the exchange risk is an important determinant of risk premium. We also find that the intertemporal risk, which is often overlooked in the literature, is …
Characteristics Of The Labor Market And Human Resources Management In The Republic Of Kazakhstan, Bolat L. Tibekov, Janet S. Adams, Nancy Prochaska
Characteristics Of The Labor Market And Human Resources Management In The Republic Of Kazakhstan, Bolat L. Tibekov, Janet S. Adams, Nancy Prochaska
Faculty and Research Publications
Kazakhstan, an emerging economy moving from a communist centralized command approach to global market participation, shares issues with other republics in the Common Wealth of Independent States. Competitive advantages that bode well for its successful transition include abundant oil reserves, a developing legal system, and a government that appears to have learned from the mistakes of other CIS nations. However, the Republic has serious problems of population decline, poor infrastructure, and workforce habits incompatible with a market economy. This paper focuses on labor market and human resource issues that must be addressed of Kazakhstan to be competitive in the world …
Family Businesses' Contribution To The U.S. Economy: A Closer Look, Joseph H. Astrachan, Melissa Carey Shanker
Family Businesses' Contribution To The U.S. Economy: A Closer Look, Joseph H. Astrachan, Melissa Carey Shanker
Faculty and Research Publications
In 1995, we were commissioned to conduct research on the impact of family businesses on the U.S. economy. A search of all relevant research led to the conclusion that the majority of existing data relating to family businesses' economic contributions were not grounded in empirical research, and the definitions used to distinguish family businesses from other enterprises were ambiguous or nonexistent. In 1996, we published a paper providing a framework for assessing the economic impact of family businesses across three ranges, defined by the degree of family involvement in the businesses. This paper revisits that research and updates and improves …