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Articles 1 - 17 of 17
Full-Text Articles in Business
Private Fund Adviser Registration Act Hr-3818, Anita Krug
Private Fund Adviser Registration Act Hr-3818, Anita Krug
All Faculty Scholarship
This paper comments on the Obama administration's 2009 proposal for the regulation of hedge fund investment advisers.
Dating The Timeline Of Financial Bubbles During The Subprime Crisis, Peter C. B. Phillips, Jun Yu
Dating The Timeline Of Financial Bubbles During The Subprime Crisis, Peter C. B. Phillips, Jun Yu
Research Collection School Of Economics
A new recursive regression methodology is introduced to analyze the bubble characteristics of various financial time series during the subprime crisis. The methods modify a technique proposed in Phillips, Wu, and Yu (2011) and provide a technology for identifying bubble behavior with consistent dating of their origination and collapse. The tests serve as an early warning diagnostic of bubble activity and a new procedure is introduced for testing bubble migration across markets. Three relevant financial series are investigated, including a financial asset price (a house price index), a commodity price (the crude oil price), and one bond price (the spread …
Financial Regulatory Reform And Private Funds, Anita Krug
Financial Regulatory Reform And Private Funds, Anita Krug
All Faculty Scholarship
This white paper comments on the Obama administration's June 2009 proposal for the regulation of hedge fund investment advisers.
Are Credit Unions In Ecuador Achieving Economies Of Scale?, Nick A. Marchio
Are Credit Unions In Ecuador Achieving Economies Of Scale?, Nick A. Marchio
Economics Honors Projects
This study tests the assertion that membership growth in credit unions is constrained by their unique structural features, such as their non-profit mission and member-based ownership. Although these features enhance inclusiveness, existing theory suggest that they work against efficiency when membership grows too diffuse. To address this issue, this study uses a model that takes into account existing theory on constrained-optimization in credit unions and theory on the adverse effects of diffuse ownership. Using data on 36 public credit unions in Ecuador, the empirical analysis finds evidence that credit unions can achieve economies of scale despite their problematic structural features. …
Ethics, Evidence And International Debt, Julie A. Nelson
Ethics, Evidence And International Debt, Julie A. Nelson
Economics Faculty Publication Series
The assumption that contracts are largely impersonal, rational, voluntary agreements drawn up between self-interested individual agents is a convenient fiction, necessary for analysis using conventional economic methods. Papers prepared for a recent conference on ethics and international debt were shaped by just such an assumption. The adequacy of this approach is, however, challenged by evidence about who is affected by international debt, how contracts are actually made and followed, the behavior of actors in financial markets, and the motivations of scholars themselves. This essay uses insights from feminist and relational scholarship from several disciplines to analyze the reasons for this …
South Burlington Vt: New Urbanist South Village, Jack Kartez, Richard Barringer
South Burlington Vt: New Urbanist South Village, Jack Kartez, Richard Barringer
Planning
The 220 acre master plan for South Village, the largest project in the City of South Burlington’s history, encompasses multiple housing types and innovative provisions for affordable housing. It integrates housing with open space and natural resource conservation, including a major Community Supported Agriculture project developed by a nonprofit partner, the Intervale Foundation. While not a mixed-use project (that is, commercial as well as residential development), South Village nonetheless represents a qualitative change in approach for South Burlington by incorporating large-scale open space preservation as part of development and multiple housing-types in one project. The case study recounts events leading …
Using High-Frequency Transaction Data To Estimate The Probability Of Informed Trading, Anthony S. Tay, Christopher Ting, Yiu Kuen Tse, Mitchell Warachka
Using High-Frequency Transaction Data To Estimate The Probability Of Informed Trading, Anthony S. Tay, Christopher Ting, Yiu Kuen Tse, Mitchell Warachka
Research Collection School Of Economics
This paper applies the asymmetric autoregressive conditional duration (AACD) model of Bauwens and Giot (2003) to estimate the probability of informed trading (PIN) using irregularly spaced transaction data. We model trade direction (buy versus sell orders) and the duration between trades jointly. Unlike the Easley, Hvidkjaer, and O'Hara (2002) approach, which uses the aggregate numbers of daily buy and sell orders to estimate PIN, our methodology allows for interactions between consecutive buy-sell orders and accounts for the duration between trades and the volume of trade. We extend the Easley–Hvidkjaer–O'Hara framework by allowing the probabilities of good news and bad news …
Hype My Stock: Do Firms Really Want Biased Research?, Roger Loh
Hype My Stock: Do Firms Really Want Biased Research?, Roger Loh
Research Collection Lee Kong Chian School Of Business
Analyst research is alleged to be biased because of conflicts of interest when analysts’ employers underwrite securities for the firms covered. I posit that affiliated analyst optimism should be the strongest for offering firms with a desire to over-inflate stock prices. I hypothesize that a firm’s corporate governance and its CEO incentives are related to the affiliation bias. Using stock recommendations data, I find evidence that the affiliation bias is indeed more pervasive for firms with high CEO wealth sensitivity to stock price (i.e., high CEO delta). The larger affiliation bias for high delta firms remains even after the introduction …
Learn This Lesson: We Really Can't Have It All, Aaron W. Hughey
Learn This Lesson: We Really Can't Have It All, Aaron W. Hughey
Counseling & Student Affairs Faculty Publications
No abstract provided.
The Regulatory Response To Madoff, Anita Krug
The Regulatory Response To Madoff, Anita Krug
All Faculty Scholarship
This white paper evaluates investor protection mechanisms in the securities regulatory regime at the time the Madoff fraud was exposed. It considers whether the post-Madoff call for additional regulation of hedge funds and/or their managers - and/or their respective activities - was warranted.
The Hedge Fund Transparency Act Of 2009, Anita Krug
The Hedge Fund Transparency Act Of 2009, Anita Krug
All Faculty Scholarship
This white paper provides a review and critique of a bill introduced by Senators Charles Grassley (R-Iowa) and Carl Levin (D-Mich.) in the Senate in early 2009 that, if enacted, would have imposed certain registration and disclosure requirements on hedge funds and certain other private funds.
An Analysis Of The Intra-Regional Trade In The Middle East And North Africa Region, E. M. Ekanayake, John R. Ledgerwood
An Analysis Of The Intra-Regional Trade In The Middle East And North Africa Region, E. M. Ekanayake, John R. Ledgerwood
Publications
This paper analyzes the intra-regional trade and investment flows in the Middle East and North Africa (MENA) region using an augmented gravity model applied to panel data. The study uses annual trade and investment data for the period 1980-2006. There is a growing awareness among countries in the MENA region regarding the importance of international trade and foreign direct investment for stimulating growth and integrating into the world economy. The research will attempt to achieve the following objectives: (a) analyze the intra-regional trade and investment flows in the MENA region; (b) identify the major determinants of trade and investment flows …
The Financial Crisis And Global Supply Chains, Robert Mefford
The Financial Crisis And Global Supply Chains, Robert Mefford
Finance
The financial crisis which erupted in 2007 has already had profound effects on the global supply chains of multinational firms and will likely permanently alter some fundamental supply relationships. This essay explores what some of the consequences have been to date and speculates about future effects. Of course, the length, scope, and severity of the financial and economic crisis will determine how significant and permanent these impacts are, and it is impossible at this point in time to forecast this accurately. But in any case there have already been major developments in global supply chains that are likely to persist …
Winning, Running, And Renewing The Outsourcing Contracts, Z Perunovic, M Christoffersen, Robert Mefford
Winning, Running, And Renewing The Outsourcing Contracts, Z Perunovic, M Christoffersen, Robert Mefford
Finance
The paper explores how vendors deploy competences and capabilities across the outsourcing process in order to win, run, and renew outsourcing contracts. The results of a multiple-case study of three contract electronics manufacturers (CEMs) show that different combinations of capabilities are required for a vendor to win, run, and renew outsourcing contracts. Permanent capabilities are constantly present across the process, while temporary capabilities, depending on customer requirements, can be added or removed from the portfolio of capabilities.
The Alliance Formation Puzzle And Capacity Constraints, Kai A. Konrad, Dan Kovenock
The Alliance Formation Puzzle And Capacity Constraints, Kai A. Konrad, Dan Kovenock
Economics Faculty Articles and Research
The formation of an alliance in conflict situations is known to suffer from a collective action problem and from the potential of internal conflict. We show that budget constraints of an intermediate size can overcome this strong disadvantage and explain the formation of alliances.
The Rise Of Private Equity Media Ownership In The United States: A Public Interest Perspective, Matthew Crain
The Rise Of Private Equity Media Ownership In The United States: A Public Interest Perspective, Matthew Crain
Publications and Research
This article examines the logic, scope, and implications of the influx of private equity takeovers in the United States media sector in the last decade. The strategies and aims of private equity firms are explained in the context of the financial landscape that has allowed them to flourish; their aggressive expansion into media ownership is outlined in detail. Particular attention is paid to the public interest concerns raised by private equity media ownership relating to the frenzied nature of the buyout market, profit maximization strategies, and the heavy debt burdens imposed on acquired firms. The article concludes with discussion of …
Origins And Resolution Of Financial Crises: Lessons From The Current And Northern European Crises, Finn Østrup, Lars Oxelheim, Clas Wihlborg
Origins And Resolution Of Financial Crises: Lessons From The Current And Northern European Crises, Finn Østrup, Lars Oxelheim, Clas Wihlborg
Business Faculty Articles and Research
Since July 2007, the world economy has experienced a severe financial crisis that originated in the U.S. housing market. Subsequently, the crisis has spread to financial sectors in European and Asian economies and led to a severe worldwide recession. The existing literature on financial crises rarely distinguishes between factors that create the original strain on the financial sector and factors that explain why these strains lead to system-wide contagion and a possible credit crunch. Most of the literature on financial crises refers to factors that cause an original disruption in the financial system. We argue that a financial crisis with …