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2010

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Articles 31 - 60 of 773

Full-Text Articles in Social and Behavioral Sciences

The Use Of Securities Data In Determining Discount Rates For Real Property, Hal B. Heaton Dec 2010

The Use Of Securities Data In Determining Discount Rates For Real Property, Hal B. Heaton

Faculty Publications

When the income approach is used to value real property, appraisers forecast anticipated cash flows from the property and discount those cash flows to arrive at a present value. To do this, appraisers must determine an appropriate rate for discounting the future cash flows. Market value is usually defined as the price between a willing buyer and a willing seller. Appraisers therefore should study the market for the type of properties involved to determine the discount rates used by buyers and sellers of those properties in actual transactions.

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Recessions And The Social Safety Net: The Alternative Minimum Tax As A Countercyclical Fiscal Stabilizer, Brian Galle, Jonathan Klick Dec 2010

Recessions And The Social Safety Net: The Alternative Minimum Tax As A Countercyclical Fiscal Stabilizer, Brian Galle, Jonathan Klick

All Faculty Scholarship

As recent events illustrate, state finances are procyclical: during recessions, state revenues crash, worsening the effects of economic downturns. This problem is well known, yet persistent. We argue here that, in light of predictable federalism and political economy dynamics, states will be unable to change this situation on their own. Additionally, we note that many possible federal remedies may result in worse problems, such as by creating moral hazard that would induce states to take on excessively risky policy, both fiscal and otherwise. Thus, we argue that policymakers should consider so-called “automatic” stabilizers, such as are found in the federal …

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On The Robustness Of The Positive Relation Between Expected Idiosyncratic Volatility And Expected Return, Fangjian Fu Dec 2010

On The Robustness Of The Positive Relation Between Expected Idiosyncratic Volatility And Expected Return, Fangjian Fu

Research Collection Lee Kong Chian School Of Business

My 2009 JFE paper ["Idiosyncratic Risk and the Cross-Section of Expected Stock Returns', Journal of Financial Economics, Vol. 91, pp. 24-37] documents a positive and statistically significant cross-sectional relation between expected idiosyncratic volatility (E(IVOL)) and expected stock return. A recent working paper titled "On the Relation between EGARCH Idiosyncratic Volatility and Expected Stock Returns" by Guo, Ferguson, and Kassa of University of Cincinnati suggests that the positive relation is driven by an in-sample approach to estimate E(IVOL). They fail to find a significant relation between return and their E(IVOL) estimated out of sample. I find that two estimation settings in …

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Sequential Investment, Hold-Up And Strategic Delay, Juyuan Zhang, Yi Zhang Dec 2010

Sequential Investment, Hold-Up And Strategic Delay, Juyuan Zhang, Yi Zhang

Research Collection School Of Economics

We investigate hold-up with simultaneous and sequential investment. We show that if the encouragement effect of sequential complementary investments dominates the delay effect, sequential investment alleviates the underinvestment caused by the hold-up problem. Further, if it is allowed to choose when to invest, strategic delay occurs when the encouragement effect of sequential complementary investments dominates the delay effect.

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Micro-Level Estimation Of Child Undernutrition Indicators In Cambodia, Tomoki Fujii Dec 2010

Micro-Level Estimation Of Child Undernutrition Indicators In Cambodia, Tomoki Fujii

Research Collection School Of Economics

One major limitation to addressing child undernutrition is a lack of the information required to target resources. This article extends the small-area estimation technique of Elbers, Lanjouw, and Lanjouw (2002, 2003) to jointly estimate multiple equations while allowing for individual-specific random errors across equations (in addition to cluster- and household-specific random errors). Estimates of the prevalence of stunting and underweight for children under age 5 in Cambodia from 17 Demographic and Health Survey strata are disaggregated into 1,594 communes by combining the Demographic and Health Survey data. The estimates are consistent with the surveyonly estimates at the aggregate and primary …

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Trade And Divergence In Education Systems, Pao Li Chang, Fali Huang Dec 2010

Trade And Divergence In Education Systems, Pao Li Chang, Fali Huang

Research Collection School Of Economics

This paper presents a theory on the endogenous choice of a country's education policy and the two-way causal relationship between trade and education systems. The setting of a country's education system determines its talent distribution and comparative advantage in trade; the possibility of trade by raising the returns to the sector of comparative advantage in turn induces countries to further diferentiate their education systems and reinforces the initial pattern of comparative advantage. Specifically, the Nash equilibrium choice of education systems by two countries interacting strategically are necessarily more divergent than their autarky choices, although the difference is still less than …

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The Wto Trade Effect, Pao Li Chang, Myoung-Jae Lee Dec 2010

The Wto Trade Effect, Pao Li Chang, Myoung-Jae Lee

Research Collection School Of Economics

This paper reexamines the GATT/WTO membership effect on bilateral trade flows, using nonparametric methods including pair-matching, permutation tests, and a Rosenbaum (2002) sensitivity analysis. Together, these methods provide an estimation framework that is robust to misspecification biases, allows general forms of heterogeneous treatment effects, and addresses potential hidden selection biases. This is in contrast to most conventional parametric studies on this issue. Our results suggest large GATT/WTO trade-promoting effects, robust to various restricted matching criteria, alternative indicators for GATT/WTO involvement, different matching methodologies, non-random incidence of positive trade flows, and inclusion of multilateral resistance terms.

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Need Singapore Fear Floating? A Dsge-Var Approach, Hwee Kwan Chow, Paul D. Mcnelis Dec 2010

Need Singapore Fear Floating? A Dsge-Var Approach, Hwee Kwan Chow, Paul D. Mcnelis

Research Collection School Of Economics

This paper uses a DSGE-VAR model to examine the managed exchange-rate system at work in Singapore and asks if the country has any reason to fear floating the exchange rate with a Taylor rule inflation-targeting mechanism that uses the short term interest rate instead of the exchange rate as the benchmark monetary policy instrument. Our simulation results show that the use of a more flexible exchange rate system will reduce volatility in inflation and investment but consumption volatility will increase. Overall, there are neither signi…cant welfare gains or losses in the regime shift. Given the highly open and trade …

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Accounting For Disability Insurance In The Dynamic Relationship Between Disability Onset And Earnings, Perry Singleton Nov 2010

Accounting For Disability Insurance In The Dynamic Relationship Between Disability Onset And Earnings, Perry Singleton

Economics - All Scholarship

The onset of a work-limiting disability coincides with an immediate decline in earnings with little recovery. This study examines whether this relationship is attributable to the labor disincentives of disability insurance. The data come from the Survey of Income and Program Participation linked to administrative data from the Social Security Administration. The analysis suggests that disability insurance accounts for little of the initial drop in earnings at the time of disability onset, but its effect may increase as time since disability onset elapses. The results highlight the advantages of immediate, though temporary disability benefits.

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Fayette County, Wv Case Study: A Look At The Movement Towards Energy And Water Efficiency, Davina Bird, Hodjat Ghadimi, Randall Jackson Nov 2010

Fayette County, Wv Case Study: A Look At The Movement Towards Energy And Water Efficiency, Davina Bird, Hodjat Ghadimi, Randall Jackson

Regional Research Institute Working Papers

The focal area for this study is Fayette County, West Virginia. Using a qualitative semi-structured interview process, information was gathered so as to present a clear overview of what both the private and public sector are doing with regard to energy and/or water efficiency within the county. Given the pervasive nature of the issue of efficiency, interviewees were encouraged to describe their agency or organizational efforts as it relates to what they thought “energy and/or water efficiency” entailed. On the basis of the twenty-one interviews conducted, the progress being undertaken by different entities was noted and divided under five themes …

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Frameworks For Systemic And Structural Analysis Of Financial Innovations In Infrastructure, Ali Mostafavi, Dulcy M. Abraham Nov 2010

Frameworks For Systemic And Structural Analysis Of Financial Innovations In Infrastructure, Ali Mostafavi, Dulcy M. Abraham

Infrastructure System-of-Systems (I-SoS ) Research Group

Financial innovations have emerged globally to close the gap between the rising global demand for infrastructures and the availability of financing sources offered by traditional financing mechanisms such as fuel taxation, tax-exempt bonds, and federal and state funds. The key to sustainable innovative financing mechanisms is effective policymaking. This paper discusses the theoretical framework of a research study whose objective is to structurally and systemically assess financial innovations in global infrastructures. The research aims to create analysis frameworks, taxonomies and constructs, and simulation models pertaining to the dynamics of the innovation process to be used in policy analysis. Structural assessment …

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Real Economic Development Comes From Entrepreneurship, Larry B. Swain Nov 2010

Real Economic Development Comes From Entrepreneurship, Larry B. Swain

Economics Commentator

No abstract provided.

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Coaching Leaders: Co-Creating Purpose Based Innovation, Connie I. Reimers-Hild Nov 2010

Coaching Leaders: Co-Creating Purpose Based Innovation, Connie I. Reimers-Hild

Kimmel Education and Research Center: Presentations and White Papers

The purpose of the presentation was to demonstrate the importance and effectiveness of coaching leaders in today's global economy. Leadership coaching has the potential to co-create innovation in organizations of all sizes. Three case studies were shared. In each example, Dr. Connie presented the effectiveness of her coaching program. Each case study demonstrated the power of leadership and innovation on the economy, society and individual.

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Unemployment Insurance And Low-Educated Single Working Mothers Before And After Welfare Reform, H. Luke Shaefer, Liyun Wu Nov 2010

Unemployment Insurance And Low-Educated Single Working Mothers Before And After Welfare Reform, H. Luke Shaefer, Liyun Wu

Upjohn Institute Working Papers

Using the Survey of Income and Program Participation (SIPP), a nationally representative, longitudinal survey, this study examines changing levels of Unemployment Insurance (UI) eligibility and benefit receipt among working low-educated single mothers, 1990–2005. It also examines changing participation in cash welfare and the Food Stamp Program (FSP). Relative to single childless women, there has been no increase in UI benefit receipt among single mothers entering a spell of unemployment in the postreform period, even though single mothers have increased their relative rates of UI eligibility. Because of declining cash assistance receipt, UI became a more common income support than cash …

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Energy And Economic Growth: A State-Level Analysis, Nathanael D. Peach Nov 2010

Energy And Economic Growth: A State-Level Analysis, Nathanael D. Peach

Faculty Publications - College of Business

No abstract provided.

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Shipping The Runners To The Race: A Sport Tourism Interpretation Of The Alchian-Allen Theorem, Steven Cobb, Douglas J. Olberding Nov 2010

Shipping The Runners To The Race: A Sport Tourism Interpretation Of The Alchian-Allen Theorem, Steven Cobb, Douglas J. Olberding

Faculty Scholarship

This paper provides empirical support for the Alchian and Allen "shipping the good apples out" hypothesis. The hypothesis version tested here involves estimating the effect of travel cost on the quality of a weekend trip to Cincinnati, where travel cost is measured by time spent in travel and visit quality is measured by the amount of discretionary spending associated with the trip. Using linear regression analysis on data from race participants in the 2008 Flying Pig marathon and half marathon races, strong and robust evidence is found to support the validity of this hypothesis. Specifically, travel distance does …

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Accidental Leaders No More: Challenges Facing Healthcare Leaders Of Today And Tomorrow, Knowledge@Smu Nov 2010

Accidental Leaders No More: Challenges Facing Healthcare Leaders Of Today And Tomorrow, Knowledge@Smu

Knowledge@SMU

Singapore’s ageing population means healthcare costs are going up at faster than ever. The heavier workload and growing business opportunities within this essential industry also means that on-going tensions between the public and private sectors are unlikely to go away anytime soon. Yet, at the same time, the industry faces multi-dimensional challenges, like rapidly-changing technology and fierce competition for talent. How can healthcare organisations prepare themselves for the challenges ahead? For a start, they could use a pipeline of formally-trained leaders.

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Rhode Island Current Conditions Index — November 2010, Leonard Lardaro Nov 2010

Rhode Island Current Conditions Index — November 2010, Leonard Lardaro

The Rhode Island Current Conditions Index

No abstract provided.

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November 2010, Syracuse Department Of Economics Nov 2010

November 2010, Syracuse Department Of Economics

Economics - All Scholarship

No abstract provided.

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Culvert Material Cost Comparison, New England Environmental Finance Center Nov 2010

Culvert Material Cost Comparison, New England Environmental Finance Center

Water

The following tables provide a detailed look at the role that culvert material and culvert diameter play in the overall cost of a culvert replacement project.

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Mechanism Design With Limited Information: The Case Of Nonlinear Pricing, Dirk Bergemann, Ji Shen, Yun Xu, Edmund M. Yeh Nov 2010

Mechanism Design With Limited Information: The Case Of Nonlinear Pricing, Dirk Bergemann, Ji Shen, Yun Xu, Edmund M. Yeh

Cowles Foundation Discussion Papers

We analyze the canonical nonlinear pricing model with limited information. A seller offers a menu with a finite number of choices to a continuum of buyers with a continuum of possible valuations. By revealing an underlying connection to quantization theory, we derive the optimal finite menu for the socially efficient and the revenue-maximizing mechanism. In both cases, we provide an estimate of the loss resulting from the usage of a finite n-class menu. We show that the losses converge to zero at a rate proportional to 1/n2 asn becomes large.

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Revealed Preferences For Risk And Ambiguity, Donald J. Brown, Chandra Erdman, Kirsten Ling, Laurie Santos Nov 2010

Revealed Preferences For Risk And Ambiguity, Donald J. Brown, Chandra Erdman, Kirsten Ling, Laurie Santos

Cowles Foundation Discussion Papers

We replicate the essentials of the Huettel et al. (2006) experiment on choice under uncertainty with 30 Yale undergraduates, where subjects make 200 pair-wise choices between risky and ambiguous lotteries. Inferences about the independence of economic preferences for risk and ambiguity are derived from estimation of a mixed logit model, where the choice probabilities are functions of two random effects: the proxies for risk-aversion and ambiguity-aversion. [Our principal empirical finding is that we cannot reject the null hypothesis that risk and ambiguity are independent in economic choice under uncertainty. This finding is consistent with the hypothesized independence of the neural …

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Group Reputation, Anonymous Matching, And External Monitoring In A Model Of Corruption, Huan Wang, Yi Zhang Nov 2010

Group Reputation, Anonymous Matching, And External Monitoring In A Model Of Corruption, Huan Wang, Yi Zhang

Research Collection School Of Economics

We explore what group reputation is and model its formation and evolution. Based solely on group signals, we define a player’s group reputation as the belief that others have about the characteristics of the group the player belongs to. A model of group reputation of civil servants with anonymous matching and external monitoring is constructed to characterize the strategic behavior of potential bribers and civil servants, the corresponding levels of corruption, possible anti-corruption policies, and the effects of these policies. Our results indicate that as there are two types of corruption behavior of civil servants: accepting bribes and dereliction of …

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Bayesian Analysis Of Structural Credit Risk Models With Microstructure Noises, Shirley J. Huang, Jun Yu Nov 2010

Bayesian Analysis Of Structural Credit Risk Models With Microstructure Noises, Shirley J. Huang, Jun Yu

Research Collection Lee Kong Chian School Of Business

In this paper a Markov chain Monte Carlo (MCMC) technique is developed for the Bayesian analysis of structural credit risk models with microstructure noises. The technique is based on the general Bayesian approach with posterior computations performed by Gibbs sampling. Simulations from the Markov chain, whose stationary distribution converges to the posterior distribution, enable exact finite sample inferences of model parameters. The exact inferences can easily be extended to latent state variables and any nonlinear transformation of state variables and parameters, facilitating practical credit risk applications. In addition, the comparison of alternative models can be based on devian information criterion …

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Introduction: Culture, Economy, Policy: Trends And Developments, Lily Kong Nov 2010

Introduction: Culture, Economy, Policy: Trends And Developments, Lily Kong

Research Collection School of Social Sciences

The important nexus between culture and economy is by no means a recent development nor a novel inclusion on the social science agenda. As Harvey pointed out in his foreword to Zukin's (1988)Loft Living, the artist, as one `representative' of the cultural class, has always shared a position in the market system, whether as artisans or as “cultural producers working to the command of hegemonic class interest”. In the last two to three decades, in the US and more lately, in western Europe, cultural activities have become increasingly significant in the economic regeneration strategies in many cities. Geographers, however, have …

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A Spatial Analysis Of Aggregate And Industry-Level Fdi In China, Shalendra Sharma, Miao Grace Wang, M. C. Sunny Wong Nov 2010

A Spatial Analysis Of Aggregate And Industry-Level Fdi In China, Shalendra Sharma, Miao Grace Wang, M. C. Sunny Wong

Economics Faculty Research and Publications

No abstract provided.

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Unemployment Insurance And Low-Educated Single Working Mothers Before And After Welfare Reform, H. Luke Shaefer, Liyun Wu, Elizabeth Phillips Nov 2010

Unemployment Insurance And Low-Educated Single Working Mothers Before And After Welfare Reform, H. Luke Shaefer, Liyun Wu, Elizabeth Phillips

Upjohn Institute Policy Papers

No abstract provided.

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Design And Economic Growth In West Michigan: Survey Findings, Brad R. Watts, George A. Erickcek Nov 2010

Design And Economic Growth In West Michigan: Survey Findings, Brad R. Watts, George A. Erickcek

Reports

No abstract provided.

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Assessing The Spillover Effects Of Fdi To The Philippines, Fernando T. Aldaba, Rafaelita M. Aldaba Nov 2010

Assessing The Spillover Effects Of Fdi To The Philippines, Fernando T. Aldaba, Rafaelita M. Aldaba

Economics Department Faculty Publications

The experience of the Philippines shows that FDI spillover effects are not automatically generated. Opening up the economy to FDI has contributed to the country’s exports of high-technology products and overall economic growth. However, the spillover effects of FDI to domestic firms have remained limited due to the domestic firms’ weak competitiveness and inability to absorb the technology or knowledge being transferred. The government needs to adopt a more comprehensive approach that would combine industrial policy to improve and develop domestic parts and supplier firms with measures to create an environment conducive to the creation and expansion of FDI-related spillovers …

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Turkey: Another $1 Trillion Emerging Economy?, Murat Doral Nov 2010

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 …

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