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The Pdvsa Pricing Puzzle, Paolo Colla, Anna Gelpern, Mitu Gulati 2017 Duke Law School

The Pdvsa Pricing Puzzle, Paolo Colla, Anna Gelpern, Mitu Gulati

Faculty Scholarship

Market reports in the summer of 2016 suggest that Venezuela is on the brink of default on upwards of $65 billion in debt. That debt comprises of bonds issued directly by the sovereign and those issued by the state-owned oil company PDVSA. Based on the bond contracts and other legal factors, it is not clear which of these two categories of bonds would fare better in the event of a restructuring. However, market observers are convinced — and we agree — that legal and contractual differences would likely impact the payouts on the bonds if Venezuela defaults. Using a comparison of recent ...


Active Intermediation In Overlapping Generations Economies With Production And Unsecured Debt, Mark Pingle, Leigh Tesfatsion 2016 Iowa State University

Active Intermediation In Overlapping Generations Economies With Production And Unsecured Debt, Mark Pingle, Leigh Tesfatsion

Leigh Tesfatsion

It is well known that the first welfare theorem fails for the pure exchange^overlapping generations economy studied by Samuelson (1958) and for the private production overlapping generations economy studied by Diamond (1965). Tirole (1985) combines and extends the Samuelson and Diamond frameworks by permitting both unsecured debt and private pro duction and shows that the first welfare theorem stillfails to hold. This paper shows that the reason for this failure is that intermediation is niodelled as a purely passive coordination ac tivity implemented by a Walrasian Auctioneer.


The Nominalistic Principle: A Legal Approach To Inflation, Deflation, Devaluation And Revaluation, Alain H. Sheer 2016 University of Georgia

The Nominalistic Principle: A Legal Approach To Inflation, Deflation, Devaluation And Revaluation, Alain H. Sheer

Georgia Journal of International & Comparative Law

No abstract provided.


Taxation – Selection Of Exchange Rate For Translation Purposes -- Where Multiple Exchange Rates Exist For A Foreign Currency And The Underlying Transaction Is Financial In Nature, The Proper Rate For Translation Components Of Taxable Income Is The "Free" Market Rate (Durovic V. Commissioner Of Internal Revenue, 7th Cir. 1976), Tim J. Floyd 2016 University of Georgia School of Law

Taxation – Selection Of Exchange Rate For Translation Purposes -- Where Multiple Exchange Rates Exist For A Foreign Currency And The Underlying Transaction Is Financial In Nature, The Proper Rate For Translation Components Of Taxable Income Is The "Free" Market Rate (Durovic V. Commissioner Of Internal Revenue, 7th Cir. 1976), Tim J. Floyd

Georgia Journal of International & Comparative Law

No abstract provided.


1 Highly Probable Paradox.Pdf, Lester G. Telser 2016 University of Chicago

1 Highly Probable Paradox.Pdf, Lester G. Telser

Lester G Telser

If a bad event occurs with probability 1/n in a size n sample, then you are inclined to believe that the bigger the sample, the less likely the bad event will occur. On the contrary as the sample becomes bigger and bigger, the probability that at least one bad event will occur gets closer and closer to 1-1/e. I was led to this surprising result in my study of financial crises, Two Certainties: Death, Taxes and an Honorable Mention, Financial Crises.


The Effect Of Bank Activity Restriction On Life Insurers’ Efficiency: Evidence From European Markets, Rongrong Zhang 2016 Georgia Southern University

The Effect Of Bank Activity Restriction On Life Insurers’ Efficiency: Evidence From European Markets, Rongrong Zhang

Rongrong Zhang

This paper examines the relation between bank entry restrictions into insurance operations and life insurers’ operating efficiency for a sample of 21 European countries over 1995-2003. Controlling for insurance market penetration, insurance risk retention, legal environment, and the economic development of the hosting country, we document that insurers operate more efficiently in markets with lower bank entry restrictions. Our results suggest that financial deregulation has positive spill-over effect, supporting the deregulation efforts in the global financial markets.


The Effects Of Antipsychotic Quality Reporting On Antipsychotic And Psychoactive Medication Use, John R. Bowblis, Judith A. Lucas, Christopher Brunt 2016 Miami University - Oxford

The Effects Of Antipsychotic Quality Reporting On Antipsychotic And Psychoactive Medication Use, John R. Bowblis, Judith A. Lucas, Christopher Brunt

Christopher Brunt

Objective

The objective of this study is to examine how nursing homes changed their use of antipsychotic and other psychoactive medications in response to Nursing Home Compare's initiation of publicly reporting antipsychotic use in July 2012.

Research Design and Subjects

The study includes all state recertification surveys (n = 40,415) for facilities six quarters prior and post the initiation of public reporting. Using a difference-in-difference framework, the change in use of antipsychotics and other psychoactive medications is compared for facilities subject to public reporting and facilities not subject to reporting.

Principal Findings

The percentage of residents using antipsychotics, hypnotics ...


Climate Adaptation Finance Mechanisms: New Frontiers For Familiar Tools, Jack D. Kartez Ph.D., Samuel B. Merrill Ph.D. 2016 Senior Advisor and Emeritus Director, USEPA Region 1 Environmental Finance Center at the University of Southern Maine

Climate Adaptation Finance Mechanisms: New Frontiers For Familiar Tools, Jack D. Kartez Ph.D., Samuel B. Merrill Ph.D.

Journal of Ocean and Coastal Economics

Demands for mechanisms to pay for adaptation to climate risks have multiplied rapidly as concern has shifted from greenhouse gas mitigation alone to also coping with the now-inevitable impacts. A number of viable approaches to how to pay for those adjustments to roads, drainage systems, lifeline utilities and other basic infrastructure are emerging, though untested at the scale required across the nation, which already has a trillion-dollar deferred maintenance and replacement problem. There are growing efforts to find new ways to harness private financial resources via new market arrangements to meet needs that clearly outstrip public resources alone, as well ...


The Economics Of Adaptation To Climate Change In Coasts And Oceans: Literature Review, Policy Implications And Research Agenda, Charles S. Colgan 2016 Middlebury Institute of International Studies at Monterey

The Economics Of Adaptation To Climate Change In Coasts And Oceans: Literature Review, Policy Implications And Research Agenda, Charles S. Colgan

Journal of Ocean and Coastal Economics

Sea level rise and other effects of climate change on oceans and coasts around the world are major reasons to halt the emissions of greenhouse gases to the maximum extent. But historical emissions and sea level rise have already begun so steps to adapt to a world where shorelines, coastal populations, and economies could be dramatically altered are now essential. This presents significant economic challenges in four areas. (1) Large expenditures for adaptation steps may be required but the extent of sea level rise and thus the expenditures are unknowable at this point. Traditional methods for comparing benefits and costs ...


An Analysis Of Farmers' Agricultural Policy Preferences:, Peter F. Orazem, Daniel M. Otto, Mark A. Edelman 2016 Iowa State University

An Analysis Of Farmers' Agricultural Policy Preferences:, Peter F. Orazem, Daniel M. Otto, Mark A. Edelman

Peter Orazem

This paper develops a theoretical and empirical methodology to analyze public attitudes toward competing public policies. The model is applied to data on Iowa farmers' opinions of four agricultural policies: continuing the current program, targeting benefits to fiscally stressed farmers, mandatory acreage controls, and shifting to a free market. The results show that a farmer's financial situation, size and type of operation, education, and farm experience significantly influence his opinions. Attitudes toward mandatory controls and targeting are most sensitive, and attitudes toward continuation of the current program are least sensitive to changes in economic characteristics. Strong identi fiable camps ...


D-2 Nationally Held Public Debt And Economic Growth: An Application To The Us Economy, Lucile Sabas, Leroy Ruhupatty 2016 Andrews University

D-2 Nationally Held Public Debt And Economic Growth: An Application To The Us Economy, Lucile Sabas, Leroy Ruhupatty

Lucile Sabas

This paper explores the impact of nationally held public debt and foreign debt on the US economy. It has tried to define the nationally held public debt as an additional asset for the private sector by insuring a source of future saving, an increase in investment capacity and a source of increase in demand. A linear regression analysis of 39 observations from 1970 to 2014, using different lengths of lag, from one to five years have shown that for the first year, nationally held public debt has a positive and statistically significant impact on economic growth. However, the coefficient is ...


The Effects Of Borrowing Rates On Intra-Firm Disequilibria Between Equity Prices And Cds Premiums – Evidence From Dynamic Panel Analysis., Robert J. Brown 2016 University of Warwick

The Effects Of Borrowing Rates On Intra-Firm Disequilibria Between Equity Prices And Cds Premiums – Evidence From Dynamic Panel Analysis., Robert J. Brown

Undergraduate Economic Review

Cointegration techniques are used to estimate the long run equilibrium relationship between a firm’s CDS premium and its equity price, for a panel of large-cap US firms. From these results, the estimated disequilibrium in daily CDS premiums, with respect to equity prices, is constructed. Dynamic panel methods are employed to show the importance of lagged changes in libor rates as determinants of the estimated disequilibrium. Evidence is found that the extent to which the markets deviate from equilibrium will increase as one-month libor rates rise, but, counter-intuitively, will decrease (return towards equilibrium) as longer term libor rates rise.


Finance And Export Survival: The Case Of Mena Region And Sub-Saharan Africa, Melise Jaud, Madina Kukenova, Martin Strieborny 2016 World Bank

Finance And Export Survival: The Case Of Mena Region And Sub-Saharan Africa, Melise Jaud, Madina Kukenova, Martin Strieborny

Martin Strieborny

The paper looks at unique firm-product-destination export data collected by custom authorities
in four countries from the Middle East and North Africa (MENA) - Jordan,
Kuwait, Morocco, Yemen as well as in six countries of Sub-Saharan Africa
(SSA) - Ghana, Mali, Malawi, Senegal, Tanzania, Uganda. We use these data to
examine to impact of financial development on the long-term success of
exports from developing countries. We find that those agricultural exports
that face particularly costly implementation of Sanitary and Phytosanitary
Standards (SPS) are also the ones that disproportionately benefit from a
higher level of domestic financial development. This result confirms the
previous ...


Essays In Market Structure And Liquidity, Adrian J. Walton 2016 The University of Western Ontario

Essays In Market Structure And Liquidity, Adrian J. Walton

Electronic Thesis and Dissertation Repository

Market structure concerns the mechanisms for negotiating trades and the composition of trading participants, and can affect liquidity and price efficiency. More gains from trade can be realized from an asset that is more liquid, and a better allocation of risk and capital can be achieved when an asset’s price is more efficient so it is important to understand market structure. This thesis uses theory and empirical methods to examine the effects of a few specific aspects of market structure.

In Chapter 1, we study a novel market structure on the New York Stock Exchange (NYSE), the Retail Liqudity ...


Investor Financial Literacy In The Workplace, Jill E. Fisch, Tess Wilkinson-Ryan, Kristin Firth 2016 University of Pennsylvania Law School

Investor Financial Literacy In The Workplace, Jill E. Fisch, Tess Wilkinson-Ryan, Kristin Firth

Jill Fisch

The dramatic shift from traditional pension plans to participant-directed 401(k) plans has increased the decision-making responsibility of individual investors for their own retirement planning. With this shift comes increasing evidence that investors are making poor decisions in choosing how much to save for retirement and in selecting among their investment options. Studies question the value of efforts to improve these decisions through regulatory reforms or investor education.

This article posits that deficiencies in workplace retirement savings cannot be adequately addressed until the reasons for poor investment decisions are better understood. We report the results of a study designed to ...


The Mess At Morgan: Risk, Incentives And Shareholder Empowerment, Jill E. Fisch 2016 University of Pennsylvania Law School

The Mess At Morgan: Risk, Incentives And Shareholder Empowerment, Jill E. Fisch

Jill Fisch

The financial crisis of 2008 focused increasing attention on corporate America and, in particular, the risk-taking behavior of large financial institutions. A growing appreciation of the “public” nature of the corporation resulted in a substantial number of high profile enforcement actions. In addition, demands for greater accountability led policymakers to attempt to harness the corporation’s internal decision-making structure, in the name of improved corporate governance, to further the interest of non-shareholder stakeholders. Dodd-Frank’s advisory vote on executive compensation is an example.

This essay argues that the effort to employ shareholders as agents of public values and, thereby, to ...


From Legitimacy To Logic: Reconstructing Proxy Regulation, Jill E. Fisch 2016 University of Pennsylvania Law School

From Legitimacy To Logic: Reconstructing Proxy Regulation, Jill E. Fisch

Jill Fisch

No abstract provided.


Investor Financial Literacy In The Workplace, Jill E. Fisch, Tess Wilkinson-Ryan, Kristin Firth 2016 University of Pennsylvania Law School

Investor Financial Literacy In The Workplace, Jill E. Fisch, Tess Wilkinson-Ryan, Kristin Firth

Jill Fisch

The dramatic shift from traditional pension plans to participant-directed 401(k) plans has increased the decision-making responsibility of individual investors for their own retirement planning. With this shift comes increasing evidence that investors are making poor decisions in choosing how much to save for retirement and in selecting among their investment options. Studies question the value of efforts to improve these decisions through regulatory reforms or investor education.

This article posits that deficiencies in workplace retirement savings cannot be adequately addressed until the reasons for poor investment decisions are better understood. We report the results of a study designed to ...


Can Internet Offerings Bridge The Small Business Capital Barrier?, Jill E. Fisch 2016 University of Pennsylvania Law School

Can Internet Offerings Bridge The Small Business Capital Barrier?, Jill E. Fisch

Jill Fisch

No abstract provided.


B.E.I.B. And Financial Inclusion In Northwest Cameroon, Kareen Ngendape Atchala 2016 SIT Graduate Institute

B.E.I.B. And Financial Inclusion In Northwest Cameroon, Kareen Ngendape Atchala

Capstone Collection

The Bee Effect Initiative Bank uses an integrated approach to foster financial inclusion in the North West region of Cameroon. This paper has several services under three main themes; economic wellbeing, capacity building, and insurance. Its theory of change and objectives while seeking to make profit centers on creating social change. The mechanics in the paper seek to evoke sustainable economic change in cross sectors- savings, credit, capacity building, and insurance with ROSCAs as target clientele.


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