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Full-Text Articles in Social and Behavioral Sciences
A Theory Of Vertical Political Interaction In Cigarette Taxation, Khawaja Mamun
A Theory Of Vertical Political Interaction In Cigarette Taxation, Khawaja Mamun
WCBT Faculty Publications
This paper examines the political interdependence of federal and state cigarette tax rates. We develop a lobby group model where a state’s endogenous reaction to a federal cigarette tax hike depends crucially on the political responses of the cigarette producer and anti-smoking lobby groups.
An Empirical Review Of Us Corporate Default Swap Valuation: The Implications Of Functional Forms, Kwamie Dunbar
An Empirical Review Of Us Corporate Default Swap Valuation: The Implications Of Functional Forms, Kwamie Dunbar
WCBT Faculty Publications
This paper first develops a reduced form three-factor model for valuing credit default premia that is used to provide implicit prices which are then compared with market prices of credit default swaps to determine if swap rates adequately reflects market risks. This model extends Jarrow (2001) two-factor model by adding three new features to enhance the effectiveness of the model and add to the growing debate on the empirical pricing of credit default swap and the effectiveness of reduce form models. Firstly, the extended model retains Jarrow's mean reverting properties but will be extended to be arbitrage free because of …
Us Social Security Rules In The 1990s: A Natural Experiment In Myopic And Farsighted Behaviour, Stephen D. Rubb
Us Social Security Rules In The 1990s: A Natural Experiment In Myopic And Farsighted Behaviour, Stephen D. Rubb
WCBT Faculty Publications
During the 1990s changes in the earnings test threshold and the delayed retirement credit had the potential to impact the labour supply of 65 to 69-year-olds. These changes in Social Security rules are used to examine whether labour supply behaviour of elderly men and women is 'myopic' or 'farsighted'. Men are found to be more farsighted than previously realized, perhaps due to increases in life expectancy.