Derechos De Propiedad, El Teorema De Coase Y La Informalidad,
2013
University of Buenos Aires
Derechos De Propiedad, El Teorema De Coase Y La Informalidad, Martin E. Krause Dr.
Martin Krause
Los economistas austríacos han tenido una visión ambivalente sobre las contribuciones fundacionales de Ronald Coase al Análisis Económico del Derecho moderno, particularmente en lo que luego fuera llamado “Teorema de Coase” (Coase, 1960), y una visión mucho más crítica sobre la subsiguiente visión de la ley basada en la “eficiencia”. Por un lado destacan su crítica a la teorización basada en el equilibrio general, la necesidad de considerar los marcos institucionales cuando los costos de transacción son suficientemente altos como para impedir las negociaciones bilaterales y su rechazo a las propuestas políticas de Pigou de subsidios e impuestos para resolver …
The Future Of Corporate Governance In Knowledge Dispersed Companies,
2013
University of Buenos Aires
The Future Of Corporate Governance In Knowledge Dispersed Companies, Martin E. Krause Dr.
Martin Krause
Corporate Governance focuses its attention on the structure of the firm and the allocation of decision rights between owners and managers basically, plus other stakeholders. The field has developed extensively during the last decades inspiring reforms and practices as well as learning from them. Most of the analysis though takes into consideration the XXth Century firm, rightfully so since CG is a very practical field in the overlapping map of law, economics and finance. The firm has probably been one of the most successful institutional innovations of the last centuries. Five hundred years ago only a few of them existed, …
Indice De Calidad Institucional 2013,
2013
University of Buenos Aires
Indice De Calidad Institucional 2013, Martin E. Krause Dr.
Martin Krause
Este año el Indice evalúa el papel de los valores y las ideas y distintas teorías sobre el origen de las instituciones
The Impact Of Second Loans On Subprime Mortgage Defaults,
2013
University of Georgia
The Impact Of Second Loans On Subprime Mortgage Defaults, Michael D. Eriksen, James B. Kau, Donald C. Keenan
Michael D Eriksen
An estimated 12.6% of primary mortgage loans were simultaneously originated with a second loan from 2004 until 2008, although relatively little is known about how the presence of such subordinate loans affects the default decisions of borrowers. We use a novel data series of loan servicing records from 2002 until 2010 to identify such borrowers and find evidence that the default behavior of these borrowers significantly differs from borrowers without second loans. Estimating a discrete-time proportional odds hazard model, we find borrowers with a second loan were 62.7% more likely to default each month on their primary loan when conditioning …
Substance Vs. Sideshows In The More Guns, Less Crime Debate: A Comment On Moody, Lott, And Marvell,
2013
Stanford Law School
Substance Vs. Sideshows In The More Guns, Less Crime Debate: A Comment On Moody, Lott, And Marvell, John J. Donohue
John Donohue
We are grateful to authors Carlisle Moody, John Lott, and Thomas Marvell (hereafter MLM) for their close attention to our article “The Impact of Right-to- Carry Laws and the NRC Report: Lessons for the Empirical Evaluation of Law and Policy,” which was published in the American Law and Economics Review (Aneja, Donohue, and Zhang 2011), and then re-issued as a National Bureau of EconomicResearch working paper with some substantively unimportant errors corrected (Aneja, Donohue, and Zhang 2012). (Henceforth, we too will use the abbreviation ADZ to refer to our jointly authored work.) We think the attention to this work is …
Entrepreneurship Education In The Research-Intensive Entrepreneurial University,
2013
University of Manchester
Entrepreneurship Education In The Research-Intensive Entrepreneurial University, Edward Feser
Edward J Feser
Knowledge commercialisation and commodification are important components of universities’ “Third Mission” to contribute to the development of their home regions by strengthening their engagement with the public, private, and third sectors. Entrepreneurship education programmes have tended to develop in parallel to such “entrepreneurial university” initiatives, rather than in intentional alignment with them. This is reflected in the research literature as well, where the analysis of the “entrepreneurial university” and studies of entrepreneurship education have little overlap. This paper examines the evolution of the entrepreneurship education initiative of a single research-intensive institution—the University of Manchester in the United Kingdom—and the ways …
Isserman's Impact: Quasi-Experimental Comparison Group Designs In Regional Research,
2013
University of Illinois at Urbana-Champaign
Isserman's Impact: Quasi-Experimental Comparison Group Designs In Regional Research, Edward Feser
Edward J Feser
Applications using quasi-experimental comparison group designs in regional science and geography have increased substantially over the last three decades, inspired by the work of Andrew Isserman and colleagues in the 1980s and 1990s, robust literatures on quasi-experimental design in fields like education and psychology, a vast program evaluation literature, observational studies methodology in statistics, and the growing interest in experimental and non-experimental (natural) designs in empirical economics. This paper discusses the state of quasi-experimental comparison group research today, with a primary focus on studies in which regions—Census tracts, counties, cities, metropolitan areas, provinces, or states—are the units of analysis. There …
Gain And Loss: Marriage And Wealth Changes At Older Ages,
2013
University of Southern California
Gain And Loss: Marriage And Wealth Changes At Older Ages, Julie Zissimopoulos, Mary Daly, Kenneth Couch
Julie Zissimopoulos
No abstract provided.
International Expansion, Diversification And Regulated Firm Nonmarket Strategy,
2013
HEC Paris
International Expansion, Diversification And Regulated Firm Nonmarket Strategy, Santiago Urbiztondo, Jean-Philippe Bonardi, Bertrand Quélin
Jean-Philippe Bonardi
Previous studies have shown that regulated firms diversify for reasons that are different than for unregulated firms. We explore some of these differences by providing a theoretical model that starts by considering the firm-regulator relationship as an incomplete information issue, in which a regulated incumbent has knowledge that the regulator does not have, but the firm cannot convey hard information about this knowledge. The incumbent faces both market and nonmarket competition from a new entrant. In that context, we show that when the firm faces tough nonmarket competition domestically, going abroad can create a mechanism that makes information transmission to …
Efficiency And Substitutability Of Transit Subsidies And Other Urban Transport Policies,
2013
Universidad de Chile
Efficiency And Substitutability Of Transit Subsidies And Other Urban Transport Policies, Leonardo Basso, Hugo E. Silva
Hugo E. Silva
This paper analyzes the efficiency and the substitutability between three urban congestion management policies: transit subsidization, car congestion pricing and dedicated bus lanes. The model features user heterogeneity, cross-congestion effects between cars and transit, inter-temporal and total transport demand elasticities, and is simulated using data for London, UK and Santiago, Chile. We find that the substitutability between policies is large and, in particular, the marginal contribution of increased transit subsidies, as other policies are implemented first, diminishes rapidly. Bus lanes are an attractive way to increase frequencies and decrease fares without injecting public funds.
A Theory Of Charitable Fund-Raising With Costly Solicitations,
2013
Duke University
A Theory Of Charitable Fund-Raising With Costly Solicitations, Alvaro Name Correa, Huseyin Yildirim
Huseyin Yildirim
No abstract provided.
(Un)Informed Charitable Giving,
2013
Texas A & M University - College Station
(Un)Informed Charitable Giving, Silvana Krasteva, Huseyin Yildirim
Huseyin Yildirim
Evidence suggests little informed giving. To understand this behavior, we examine voluntary provision of a discrete public good with independent private values that can be ascertained at a cost. We find that an individual who considers a smaller contribution is less likely to learn her value, and thus the percentage of informed giving diminishes as the population grows. We also find that a direct grant to the charity exacerbates crowding-out by discouraging information acquisition whereas a matching grant increases donations by encouraging it. We further show that with costly information, a (first-order) stochastic increase in values can decrease donations; and …
Applying Best Practice Principles To International Intellectual Property Lawmaking,
2013
University of Ottawa
Applying Best Practice Principles To International Intellectual Property Lawmaking, Jeremy De Beer
Jeremy de Beer
This article applies the Max Planck Principles on Intellectual Property Provisions in Bilateral and Regional Agreements to several recently established or still-being-negotiated international lawmaking instruments. It identifies recent, fundamental changes and overarching patterns in the evolution in the procedures, institutions, and substantive outcomes of international intellectual property law- making. Specific analysis is provided of the Principles’ potential application to the Anti-Counterfeiting Trade Agreement (ACTA), the Trans-Pacific Partnership Agreement (TPP), the Comprehensive Economic and Trade Agreement (CETA), the Pan-African Intellectual Property Organization (PAIPO), and the Marrakesh Treaty to Facilitate Access to Published Works for Persons Who are Blind, Visually Impaired, or …
Adaptive Learning In Finitely Repeated Games,
2013
University of Birmingham
Adaptive Learning In Finitely Repeated Games, Naoki Funai
Naoki Funai
This paper investigates the way in which adaptive players behave in the long-run in finitely repeated games. Each player assigns subjective payoff assessments to his own actions and chooses the action which has the highest assessment at each of his information sets. After receiving payoffs, players update their own assessments of chosen actions using the realized payoffs in an adaptive manner; we consider the updating rules of Watkins and Dayan (1992) and Sarin and Vahid (1999). When players experience random shocks on their assessments, players' behavior strategies converge to a unique agent quantal response equilibrium (McKelvey and Palfrey, 1998) if …
Voluntary Savings, Financial Behavior And Pension Finance Literacy: Evidence From Chile,
2013
Universidad de Chile
Voluntary Savings, Financial Behavior And Pension Finance Literacy: Evidence From Chile, Oscar, Claudia Martínez A.
Claudia Martínez A.
Chileans have limited knowledge of the pension system, its rules and the consequences involved in their personal decisions within it. Using a variation in the household composition- having a pensioner in the household- as an instrument, we show that Chileans with more knowledge about the pension system are more likely to have additional financial savings, but not within the voluntary pension saving plans offered by the pension system. We find that getting one additional answer right in the pension literacy survey (out of six) generates approximately a 50% additional chance that the individual will save at least in one of …
Micro-Entrepreneurship Training And Asset Transfers: Short Term Impacts On The Poor,
2013
University of Chile
Micro-Entrepreneurship Training And Asset Transfers: Short Term Impacts On The Poor, Claudia Martínez A., Jaime Ruiz-Tagle, Esteban Puentes
Claudia Martínez A.
Using a randomized controlled trial of a large-scale publicly run micro-entrepreneurship program in Chile, we assess the effectiveness of business training and asset transfers on individuals’ employment and income. About half of the participants had not yet started their businesses at intervention, allowing us to study the program effects by baseline economic activity. To analyze the shape of the production function, two levels of asset transfers are allocated. We find that the program does significantly increase individuals’ employment and income by 18% and 32% respectively after one year and significantly improves the business practices of its beneficiaries. The program seems …
The Impact Of Ict And Business Services On The Italian Economy,
2013
University of Rome La Sapienza. Italy
The Impact Of Ict And Business Services On The Italian Economy, Enrico Saltari, Daniela Federici, Clifford R. Wymer
Enrico Saltari
This paper studies the role played by ICT in affecting the efficiency of business services (BS) industry, using a structural disequilibrium model of the Italian economy. The Italian BS sector presents a peculiar dynamics (compared to other EU countries) in that, after initially improving its efficiency by adopting ICT, from the early 90s it stagnated. Our estimates suggest that this anomaly can be traced back to a structural deficiency in absorbing new technologies. Our contribution adds to the explanations of the slowdown of the Italian productivity.
Form Follows Function: On The Interaction Between Real Estate Finance And Urban Spatial Structure,
2013
University of Michigan - Ann Arbor
Form Follows Function: On The Interaction Between Real Estate Finance And Urban Spatial Structure, David S. Bieri
David S Bieri
The fundamental connection between the spatial development of cities and financial markets is a topic that has received little attention from either urbanists or economists. In this short piece, I argue that part of the post-crisis recovery is predicated on a multi-faceted understanding of the subtle causal linkages between financial flows and urban morphologies. Following a historical contextualization of my main argument, I speculate about the key channels through which the dialectical relationship between capital, its regimes of accumulation and its unequal spatial distribution affect the urban fabric. I identify two separate economic processes and historical developments that have co-defined …
Does Financial Market Development Explain (Or At Least Predict) The Demand For Wealth Management And Private Banking Services In Developing Markets?,
2013
University of Hong Kong and Oxford University
Does Financial Market Development Explain (Or At Least Predict) The Demand For Wealth Management And Private Banking Services In Developing Markets?, Bryane Michael, Christopher Hartwell, Gary Ho
Bryane Michael (bryane.michael@stcatz.ox.ac.uk)
How should wealth managers and private bankers find and serve the wealthy – particularly in developing countries? Several banks and consulting firms provide market sizing estimates for the number of high net worth and ultra-high net worth individuals. However, it is still an open question whether financial management services actually create wealth (or increase the number of wealthy persons). How can financial advisors know if, on a macro-level, their service offerings grow their collective assets under management and increase their prospect numbers? In this paper, we find evidence that advanced wealth management and private banking services might help grow a …
The Competition Act Of 2010: What Effect Will The Act Likely Have On The Supply And Prices Of Goods And Services In Malaysia?,
2013
University of Hong Kong and Oxford University
The Competition Act Of 2010: What Effect Will The Act Likely Have On The Supply And Prices Of Goods And Services In Malaysia?, Bryane Michael
Bryane Michael (bryane.michael@stcatz.ox.ac.uk)
This presentation provides an overview of the likely effects of Malaysia's 2010 Competition Act.
