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Delivering In Nairobi-And After, Andrea Spear, Mia Mikic 2016

Delivering In Nairobi-And After, Andrea Spear, Mia Mikic

Mia Mikic

Much hinges on the outcome of the World Trade Organization's Tenth Ministerial Conference in Nairobi in mid-December. The World Trade Organization (WTO) is marking the 20th anniversary of its establishment during the Uruguay Round, almost half a century after 23 countries set up its predecessor for trade in goods, the General Agreement on Tariffs and Trade (GATT). Yet the mood is far from celebratory. Admittedly, trade has not been helping the global economy much in recent times. The downbeat feeling, however, is more related to the question of the WTO's relevance, now and in future. The WTO was ...


Workplace Deviance And Recession, Aniruddha Bagchi, Siddhartha Bandyopadhyay 2016 Kennesaw State University

Workplace Deviance And Recession, Aniruddha Bagchi, Siddhartha Bandyopadhyay

Aniruddha Bagchi

We examine the relationship between the incidence of workplace deviance (on-the-job crime) and the state of the economy. A worker's probability of future employment depends on whether she has been deviant as well as on the availability of jobs. Using a two period model we show that the net impact on deviant behavior to changes in unemployment can go either way depending upon the nature of the equilibrium. Two kinds of equilibria are possible. In one, a non-deviant's probability of being employed increases as expected market conditions improve which lowers the incentive to be a deviant. In contrast ...


Preferential Trade Agreements And Quality Of Government In Sub-Saharan Africa, Sharon Camara 2016 University of Southern Mississippi

Preferential Trade Agreements And Quality Of Government In Sub-Saharan Africa, Sharon Camara

Dissertations

Objectives. Sub-Saharan African (SSA) nations have made concerted attempts at economic integration and openness with use of preferential trade agreements (PTAs) beginning in the latter half of the 1990s. These changes could result in increases in trade and growth. The World Bank’s Good Governance indicators are designed to assess the quality of institutions in a given country. The objective is to assess the impact of PTAs and Good Governance indicators on trade in SSA nations. Methods. Data on trade y was generated based on exports defined by the International Monetary Fund’s (IMF) Direction of Trade statistics, and both ...


The Microfinance Industry In Bolivia, Jorge J. Eguino 2016 University of Arkansas

The Microfinance Industry In Bolivia, Jorge J. Eguino

Economics Undergraduate Honors Theses

In the international context, and particularly in Bolivia, microfinance and microcredit have been the subject of innumerable analyses. The arguments rely on the attributions of these two ways of intervention in financial services, as well as their impact with respect to poverty, their input, and their incidence on economic growth. Bolivia has contributed to the debate in these fields due to its experience with the microfinance system and its relevance to the country’s economy.

The purpose of this project is to describe the process of development and consolidation of the microfinance system in Bolivia. From a description to an ...


Single-Firm Event Studies, Securities Fraud, And Financial Crisis: Problems Of Inference, Andrew Baker 2016 Stanford University

Single-Firm Event Studies, Securities Fraud, And Financial Crisis: Problems Of Inference, Andrew Baker

Andrew Baker

Lawsuits brought pursuant to Section 10(b) of the Securities and Exchange Act depend on the reliability of a statistical tool called an event study to adjudicate issues of reliance, materiality, loss causation, and damages. Although judicial acceptance of the event study technique is pervasive, there has been little empirical analysis of the ability of commonly used event studies to produce reliable results when applied to a single company’s security.

Using data from the recent Financial Crisis, this Note demonstrates that the standard-model event study used in most court proceedings can lead to biased inference in contravention to the ...


Naked Exclusion With Private Offers, Jeanine Miklos-Thal, Greg Shaffer, Jeanine Miklos-Thal, Greg Shaffer 2016 University of Rochester

Naked Exclusion With Private Offers, Jeanine Miklos-Thal, Greg Shaffer, Jeanine Miklos-Thal, Greg Shaffer

Jeanine Miklos-Thal

We consider a seller’s ability to deter potential entrants by offering exclusive contracts to its downstream buyers. Rasmusen, Ramseyer, and Wiley (1991) showed that this can be a profitable strategy if there is a coordination failure on the part of the buyers. Segal and Whinston (2000) showed that the seller need not rely on a coordination failure if it can make discriminatory “divide-and-conquer” offers. These papers and the literature that followed has assumed that all offers are public. We show that if buyers cannot observe each other’s offers and have passive or wary out-of-equilibrium beliefs, the divide-and-conquer exclusion ...


Midwest Vision For Sustainable Fuel Production, Kenneth Moore, Stuart Birrell, Robert Brown, Michael Caster, Jill Euken, H. Mark Hanna, Dermot Hayes, Jason Hill, Keri Jacobs, Catherine Kling, David Laird, Robert Mitchell, Patrick Murphy, D. Raj Raman, Charles Schwab, Kevin Shinners, Kenneth Vogel, Jeffrey Volenic 2016 Iowa State University

Midwest Vision For Sustainable Fuel Production, Kenneth Moore, Stuart Birrell, Robert Brown, Michael Caster, Jill Euken, H. Mark Hanna, Dermot Hayes, Jason Hill, Keri Jacobs, Catherine Kling, David Laird, Robert Mitchell, Patrick Murphy, D. Raj Raman, Charles Schwab, Kevin Shinners, Kenneth Vogel, Jeffrey Volenic

Keri Jacobs

This article charts the progress of CenUSA Bioenergy, a USDA-NIFA-AFRI coordinated agricultural project focused on the North Central region of the US. CenUSA’s vision is to develop a regional system for producing fuels and other products from perennial grass crops grown on marginally productive land or land that is otherwise unsuitable for annual cropping. This article focuses on contributions CenUSA has made to nine primary systems needed to make this vision a reality: feedstock improvement; feedstock production on marginal land; feedstock logistics; modeling system performance; feedstock conversion into biofuels and other products; marketing; health and safety; education, and outreach ...


A Site-Portfolio Model For Multiple-Destination Recreation Trips: Valuing Trips To National Parks In The Southwestern Usa, George Parsons 2016 Selected Works

A Site-Portfolio Model For Multiple-Destination Recreation Trips: Valuing Trips To National Parks In The Southwestern Usa, George Parsons

George R. Parsons

We propose a new method for analyzing multiple-destination recreation trips and apply it to visitation at national parks in the southwestern United States including well-known parks such as the Grand Canyon and Zion. We use conventional random utility theory and treat groups of parks (portfolios) as choice alternatives. We consider one choice occasion per respondent and condition that choice on the person visiting at least one park in the choice set, so the participation decision (go/no-go) is not modeled. Trip cost includes time, travel, lodging and food cost for visiting all sites in the portfolio. Variation in trip cost ...


Development And Pilot-Testing Of A Patient Decision Aid For Left Ventricular Assist Device Placement, Kristin Kostick, Estevan D. Delgado, Lidija A. Wilhelms, Courtenay R. Bruce, Jerry D. Estep, Matthias Loebe, Charles Minard, Jennifer S. Blumenthal-Barby 2016 Baylor College of Medicine

Development And Pilot-Testing Of A Patient Decision Aid For Left Ventricular Assist Device Placement, Kristin Kostick, Estevan D. Delgado, Lidija A. Wilhelms, Courtenay R. Bruce, Jerry D. Estep, Matthias Loebe, Charles Minard, Jennifer S. Blumenthal-Barby

The VAD Journal

Objectives: This paper describes the development methodology and pilot-testing of a decision aid for Left Ventricular Assist Device (LVAD) placement, combining traditional needs-assessment with a novel user-centered approach.

Background: Studies indicate suboptimal patient understanding of the capabilities, lifestyle implications, and risks of LVAD therapy.

Methods and Results: We developed the decision aid in line with the Ottawa Decision Support Framework (ODSF) and the International Patient Decision Aids Standards (IPDAS) for ensuring quality, patient-centered content. Structured interviews were conducted with patients, caregivers, candidates for LVAD treatment, and expert clinicians (n=71) to generate content based on patient values and decisional needs ...


A Two-Step Plan For Puerto Rico, Clayton P. Gillette, David A. Skeel Jr. 2016 New York University School of Law

A Two-Step Plan For Puerto Rico, Clayton P. Gillette, David A. Skeel Jr.

Faculty Scholarship

Few still believe that Puerto Rico is capable of meeting all of its financial obligations and continuing to provide basic services. The territory is already in default, and conditions are rapidly deteriorating. Is there a way forward? We think there is. In this short article, we outline a two-part plan for correcting Puerto Rico’s most urgent fiscal and financial problems.

The first step is to create an independent financial control board that has authority over Puerto Rico’s budgets and related issues. Notwithstanding concerns that an externally imposed financial control board (FCB) may interfere with the decision making processes ...


Ipo Markets In Asia Financial Centers : How The Different Ipo Locations Affect Firms’ Stock Prices, Yuanzhen JIANG 2016 Lingnan University

Ipo Markets In Asia Financial Centers : How The Different Ipo Locations Affect Firms’ Stock Prices, Yuanzhen Jiang

Lingnan Journal of Banking, Finance and Economics

For most of non-listed corporations when they are confronting the issues of cutting capital cost, to increase the base of their investors, to develop the firm business quicker, or even to diversify the pool of investors, one of the most important alternatives that the executives and shareholders of these corporations may think is to do IPO (Initial Public Offering); which could be done in the domestic or in the foreign IPO markets. This paper firstly introduces the situation and differences among different IPO markets in Asia major financial centers that includes Mainland China, Hong Kong and Singapore. Then it will ...


Should Hong Kong Maintain A Linked Exchange Rate System?, Hoi Yin TSOI 2016 Lingnan University

Should Hong Kong Maintain A Linked Exchange Rate System?, Hoi Yin Tsoi

Lingnan Journal of Banking, Finance and Economics

The linked exchange rate was implemented in 1983. This paper finds that over these 32 years, this system did bring lots of benefits to Hong Kong. Nevertheless, as Hong Kong is a vastly different place now relative to what it was 32 years ago, the costs for the adoption of the link outweigh the benefits so this system is no longer suitable for Hong Kong. It is suggested that in order to serve the best interest of Hong Kong, it should not maintain the linked exchange rate system and should switch to the managed floating exchange rate system.


Empirical Study : Shanghai-Hong Kong Stock Connection Sign Of Efficiency Improvement?, Ming Cheung FOK 2016 Lingnan University

Empirical Study : Shanghai-Hong Kong Stock Connection Sign Of Efficiency Improvement?, Ming Cheung Fok

Lingnan Journal of Banking, Finance and Economics

Stock market connection encourages local corporations cross-listing in overseas stock markets which will, theoretically, enhance the information flow between countries and the stock market efficiency. In view of a closed economy like China and a free economy like Hong Kong, the announcement of Shanghai-Hong Kong stock connection program seems to be a great opportunity for testing the well-known Efficiency Market Hypothesis (EMH). Employing Capital Asset Pricing Model (CAPM) and the random walk model suggested by previous studies, this paper will present the comparison of market performance before and after the connection as evidences for the hypothesis testing.


An Empirical Analysis Of Factors Influencing China's Real Estate Prices-Based On The Var Model, Pan XIAO 2016 Lingnan University

An Empirical Analysis Of Factors Influencing China's Real Estate Prices-Based On The Var Model, Pan Xiao

Lingnan Journal of Banking, Finance and Economics

The real estate industry has an increasingly significant position in our national economy. It is important for real estate investment and national macro-control to analyze the main factors that affect its prices, in order to predict its future movements. In this paper, the dynamic econometric analysis method was used to analyze these macroeconomic factors that influence the real state prices on a empirical research. And the results show that the expected prices of real estate, money supply, real estate development investment and household income are the dominant factors influencing them.


Factors In The Returns On Stock : Inspiration From Fama And French Asset Pricing Model, Yuanzhen JIANG 2016 Lingnan University

Factors In The Returns On Stock : Inspiration From Fama And French Asset Pricing Model, Yuanzhen Jiang

Lingnan Journal of Banking, Finance and Economics

Under the inspiration of Fama and French asset pricing model, this paper mainly studies the relationship between the month return of A shares and the factors that may have an effect on the stocks’ month return. It also compares the differences in the reaction of all shares and GEM board shares to these factors. It is important to highlight that these factors include the market, firm size, earnings and book-to-market information. The data used in this project comes from the quarterly data of China stock market from March of 2000 to December of 2011 and was used in panel model ...


Predictability Of Bond Risk Premia With An Affine Term Structure Model, Sibel Korkmaz 2016 Graduate Center, City University of New York

Predictability Of Bond Risk Premia With An Affine Term Structure Model, Sibel Korkmaz

All Dissertations, Theses, and Capstone Projects (2014-Present)

This thesis focuses on zero-coupon bond risk premia. In chapter 1 first I summarize the literature that defines expectation hypothesis, time variation in bond risk premia, well known macroeconomic and variety of technical indicators which predict bond return forecasts. Then, I continue with introducing a high dimensional affine dynamic term structure model and unscented Kalman filtering as its estimation technique.In chapter 2, I explore predictive capacity of the estimated latent states of this term structure model. I constructed a single return forecasting factor by using these states. I report comparison of well known excess bond return forecasting factors' predictive ...


Firms' Decisions To Enter A Market Of Highly Differentiated Products: Apparel Industry And New York Fashion Week, Yoko Katagiri 2016 Graduate Center, City University of New York

Firms' Decisions To Enter A Market Of Highly Differentiated Products: Apparel Industry And New York Fashion Week, Yoko Katagiri

All Dissertations, Theses, and Capstone Projects (2014-Present)

This dissertation deals with economic aspects of the fashion industry. It begins with a discussion of the complex industrial organization aspects of the industry. A wealth of information in this area has been assembled and is presented for the first time. The focus is on the high-end fashion market: how it started, how it works, New York Fashion Week, and its significance for the industry. Then a comprehensive review of the economics literature as it pertains to the industry is presented, also for the first time. The empirical sections of the dissertation contain estimates of demand functions for apparel and ...


Madison Vanguard: A Novel, Berni Moestafa 2016 Graduate Center, City University of New York

Madison Vanguard: A Novel, Berni Moestafa

All Dissertations, Theses, and Capstone Projects (2014-Present)

This capstone project takes the form of a popular fiction novel that introduces parts of the academic discussion on capitalism to a wider audience through storytelling. Using a fictional fiscal crisis in New York as its setting, the novel discusses the relationship between capitalism and democracy. It therefore aims to address the underrepresentation of the debate on capitalism in popular entertainment and raise awareness about some of the debate’s key issues.

Popular culture be that music, film, books, media, videogames or advertisement surround our lives and expose us to a plethora of messages that help shape our understanding of ...


General Equilibrium Models With Morishima Elasticities Of Substitution In Production, Daniel H. Karney, Daniel H Karney 2016 Ohio University

General Equilibrium Models With Morishima Elasticities Of Substitution In Production, Daniel H. Karney, Daniel H Karney

Daniel H Karney

Analytical general equilibrium (AGE) models are important tools that economists use to answer questions about theory and policy. When a production function has three or more inputs, the traditional modeling technique employs Allen elasticities of substitution to represent general functional forms. This paper builds an analytical general equilibrium model using the Morishima elasticity of substitution (MES). Specifically, an existing model using Allen elasticities is reformulated to employ the MES and the new, closed-form solutions are interpreted with additional insights from the reformulation. Importantly, the special case of constant elasticity of substitution (CES) production follows directly when using Morishima elasticities, but ...


A Unified Model Of Adaptive Learning In Normal Form Games, Naoki Funai, Naoki Funai 2016 Ca' Foscari University of Venice

A Unified Model Of Adaptive Learning In Normal Form Games, Naoki Funai, Naoki Funai

Naoki Funai

We investigate an adaptive learning model which nests several existing learning models such as payoff assessment learning, valuation learning, stochastic fictitious play learning, experience-weighted attraction learning and delta learning with indirect payoff information in normal form games. In this paper, we consider adaptive players each of whom (i) assigns payoff assessments to his own actions, (ii) chooses an action which has the highest assessment with some perturbations, and (iii) updates the assessments using observed payoffs, which may include payoffs from unchosen actions, in each period. Utilising the asynchronous stochastic approximation method introduced by Tsitsiklis (1994), we provide conditions under which ...


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