Economics Commons^™

Reverse Cross-Listings -- The Coming Race To List In Emerging Markets And An Enhanced Understanding Of Classical Bonding, Nicholas C. Howson, Vikramaditya S. Khanna

Law & Economics Working Papers

This paper examines the implications for the traditional "legal bonding" hypothesis arising from future "reverse" cross-listings, meaning the cross-listing by issuers from jurisdictions with stronger investor protections into capital markets and on exchanges where investor protections are deemed less robust. We use as examples the first "Indian Depositary Receipt" or IDR IPO in May 2010, and IPOs we believe will complete on a future Shanghai Stock Exchange "international board". This analysis serves to dilute one of the long-standing negative implications of the traditional legal bonding account -- that reverse cross-listings by issuers from jurisdictions with stronger investor protections into weaker …

Social Support Substitution And The Earnings Rebound: Evidence From A Regression Discontinuity In Disability Insurance Reform, Lex Borghans, Anne C. Gielen, Erzo F. P. Luttmer

Dartmouth Scholarship

We exploit a cohort discontinuity in the stringency of Dutch disability reforms to estimate the effects of decreased DI (disability insurance) generosity on behavior of existing recipients. We find evidence of social support substitution: individuals on average offset €1.00 of lost DI benefits by collecting €0.30 more from other social assistance programs, but this benefit-substitution effect declines over time. Individuals also exhibit a rebound in earnings: earnings increase by €0.62 on average per euro of lost DI benefits and this effect remains roughly constant over time. This is strong evidence of substantial remaining earnings capacity among long-term claimants of DI.

Downstream Securities Regulation, Anita Krug

All Faculty Scholarship

Securities regulation wears two hats. Its “upstream” side governs firms in connection with their obtaining financing in the securities markets. That is, it regulates firms’ and issuers’ offers and sales of securities, whether in public offerings to retail investors or in private offerings to institutional investors. Its “downstream” side, by contrast, governs financial services providers, who assist with investors’ activities in those markets. Their services include providing advice regarding securities investments, as investment advisers do; aggregating investors’ assets for purposes of enabling those investors to invest their assets collectively, as mutual funds do; and acting as “middlemen” between buyers and …

Invisible No More: Domestic Workers Organizing In Massachusetts And Beyond, Natalicia Tracy, Tim Sieber, Susan Moir Scd

Labor Studies Faculty Publication Series

Domestic workers across the country are making it clear that, even in a difficult political environment, it is possible to make gains for low-wage workers. For the first time in many, many decades, domestic workers are finding ways to win. They are creat
ing policy change that will improve the lives of hundreds of thousands of workers in tangible and substantial ways. The 2014 Massachusetts Domestic Workers’ Bill of Rights is the most expansive codification of rights for this long-overlooked part of the labor force ever to be enacted. In one sense, there is nothing new about domestic workers organizing …

The Perception Of The Economy Influencing Public Opinion On Immigration Policy, Jeff Sanchez

e-Research: A Journal of Undergraduate Work

Does the majority express interest concerning immigration on the basis of perceived personal economic circumstance and security, or on the basis of its perception of the state of the national economy? This study explains how perception of the state of the economy influences opinion on immigration policy. This study finds that an individual's preferences for varying immigration policies are rooted in his or her perception of the state of the national economy, rather than being narrowly determined by his or her perception of their own economic circumstance and security.

International Organizations: An Early History, Michael Davies, Richard Woodward

Books/Book Chapters

This text provides a pioneering and comprehensive analysis of over one hundred international organizations. After introducing the broad historical and contextual settings, the book covers the full range of international organisations including those that are often overlooked or get minimal inclusion elsewhere. Each organization is analysed in a stand-alone section that consider its origins, basic mandates and evolution, the governance structure and the associated key players, current activities and future challenges. The descriptions also reflect each organization’s broader relationships with other international bodies.

Determinants Of Traffic Fatalities In The U.S., Hanna Stapleton

Journal of Undergraduate Research at Minnesota State University, Mankato

This paper investigates the determinants of motor vehicle fatalities in each of the 50 states in the U.S., along with the District of Columbia. Using a panel data set from 1994 to 2005, we analyze how the factors, such as safety belt laws, speed control, alcohol usage, fine, driving conditions and annual vehicle-miles of travel (VMT), affect the incidence of traffic fatalities. Econometric models are developed and the estimates are obtained from a general-to-specific specification search based upon all the diagnostic tests in order to increase the probability of selecting models which are statistically reliable. The empirical results show that …

The Tax Treatment Of Mixed Personal And Rental Use Of Real Estate, Natsua Asai

Journal of Undergraduate Research at Minnesota State University, Mankato

In 2010, individual taxes provided almost half (43.35 %) of the U.S. Federal Revenue. Every U.S. citizen has an obligation to pay tax in order to support their government; however, they also have the right to keep tax as low as possible by effective tax planning (Smith, Harmelink, & Hasselback, 2012). Tax planning is a proper arrangement of transactions or affairs in order to reduce tax liability. Tax planning can become complex if the transaction involves multiple areas of tax law. I am going to discuss an aspect of real estate that involves multiple concepts and rules governing tax compliance: …

The Political Economy Of Oil Spill Damage Assessment: Nrda And Deepwater Horizon, Matt Nichols, Judith T. Kildow Dr

Working Papers

The federal effort to quantify and capture non-market damages to coastal ecosystems from the 2010 Deepwater Horizon oil spill, Phase II of United States of America v. BP Exploration and Production, centers on the Natural Resource Damage Assessment (NRDA) process. This paper makes the case that the current NRDA process has done a poor job protecting the public interest and resolving the issues surrounding oil spills from deep water drilling activities. After 5 years, the findings of the NRDA still remain sealed from both affected maritime communities and academic researchers until litigation is settled with civil and criminal fines …

Solving The Sovereign Debt Conundrum: Nml Capital V. Argentina: A Law And Economics Perspective, Brian Park

All Theses

Sovereign bond contracts create unique legal problems for bondholders, issuers, and courts. Specifically, when a sovereign becomes insolvent, there is no international workout mechanism through which the sovereign's debt can be efficiently restructured. Absent a mechanism similar to bankruptcy for sovereigns, some bondholders may attempt to resist restructuring in an effort to obtain a legal judgment for the full value of their initial investment. Until recently, the legal status and rights of these holdout creditors has been uncertain. However, a recent Second Circuit decision upheld creditors' rights to hold out or resist a sovereign's attempt to restructure its debt. Of …

The Role Government Should Play In The American Recovery And Reinvestment Act 2009, Jungmi Bang

Maurer Theses and Dissertations

The purpose of this research is to determine the most effective way to administer an economic stimulation act and what role the government should play. More specifically, the paper will discuss administrative problems and limitations, such as the government’s possible disengagement from the real market stake holders’ assessment in the ARRA and will provide possible solutions to eliminate or minimize those defects. Ultimately, the research seeks to satisfy the real market stake holders’ expectation by analyzing the pros and cons of the ARRA, and by comparing Korea’s administrative approach to adopting an economic stimulation plan in the real market with …

An Examination Of South Carolina’S Institutions Of Reform And Their Impact On The Self-Narratives Of African American Men, Ashley E. Krejci-Shaw

Capstone Collection

In the State of South Carolina (SC), African American male adolescents disproportionately face disciplinary action in public schools and other institutions. In 2013, South Carolina’s Department of Juvenile Justice (SCDJJ) released data that listed Black male children comprising 57% of all juvenile referrals in the state. This disproportionate trend is also present in South Carolina’s correctional system. In 2013, South Carolina’s Department of Corrections (SCDOC) reported that out of 20,777 male prisoners, 13,631 were Black. For adolescents or young adults looking to continue their education, alternative programs are available. One program that captures educationally displaced children in South Carolina is …

Trade, Bert Chapman

Libraries Faculty and Staff Scholarship and Research

Provides a historical overview of analysis of U.S. foreign trade policy during the early decades of the country's history. Examines bilateral U.S. trade relations with France and Great Britain, provides import and export statistics, details on commodities and products imports and exported, trade statistics, and information on the political and economic factors shaping U.S. trade during this period.

Revenue, U.S. Government, Bert Chapman

Libraries Faculty and Staff Scholarship and Research

Provides a historical overview of U.S. Government revenue receipts and spending during the early years of national history. Presents revenue generation statistics, information on revenue sources, and information on domestic and international political and economic factors affecting government revenue receipts.

New York Stock Exchange, Bert Chapman

Libraries Faculty and Staff Scholarship and Research

Provides a historical overview of the origins and early development of the New York Stock Exchange.

Relevance Of The Regulatory State In North/South Intersections, Mark Findlay, Si Wei Lim

Research Collection Yong Pung How School Of Law

Purpose – What seems like a new social anthropology of global regulation is an endeavour much too grand for this paper, even though it has much merit. To contain the analysis which follows, the discussion of social embeddedness will be restricted to a comparison of markets which retain some local or regional integrity from those which have become largely removed from cultural or communal social bonds. An example is between markets trading in goods and services with a consumer base which is local and subsistence, and markets in derivative products that are inextricably dependent on supranational location. The paper aims …

Water In The 21st Century, Grayson Michael Shor

Social Sciences

The aim of this research project is to provide a comprehensive and global analysis of water use in order to provide the reader with a comprehensive grasp of current and impending issues. The included five (5) chapters discuss water distribution, conservation, purification, law, international development, economic debates, ethical consideration, as well as educated estimations of the effects water related issues may cause in the next one-hundred years.

On The Link Between Conflict, Underdevelopment And The Pursuit Of Basic Needs Satisfaction: A Survey Of Haitian Construction Workers In The Dominican Republic, Joseph W. Alliance

Capstone Collection

The purpose of this study was to explore how conflict and underdevelopment impact Haitian construction workers’ experiences and their basic human needs situation in the Dominican Republic. The Basic Human Needs Theory served as the main theoretical background to approach the topic. Qualitative data were gathered by employing a self- administered, one-time survey and conducting semi-structured interviews with 25 Haitian construction workers in sites located in the Distrito Nacional in the capital city, Santo Domingo and the Consuelo municipality in San Pedro de Macoris. Absence of work in Haiti for the very poor, systematic lack of access to social security, …

Real Estate Investment By Bank Holding Companies And Their Risk And Return: Nonparametric And Garch Procedures, Scott Deacle, Elyas Elyasiani

Business and Economics Faculty Publications

We investigate the association between real estate investment by US Bank Holding Companies (BHCs) and their return, risk and risk-adjusted returns. Three portfolios are formed of BHCs according to whether they do or do not invest in real estate, strictness of the regulation on real estate investment and the ratio of real estate investment to assets. Wilcoxon tests of differences in portfolio returns, risk, risk-adjusted returns and value at risk between each pair of portfolios are conducted to determine how engagement in real estate, stricter regulation and increased real estate investment affect BHC performance. These effects are also investigated within …

Project Finance Investors: Solution To Populismo, Jenny Small

Brigham Young University International Law & Management Review

No abstract provided.

Transnational Organized Crime And The Illegal Wildlife Trade Global Ties And Global Crime, Zachariah Edward Long

Graduate Program in International Studies Theses & Dissertations

World biodiversity is faced with many different threats in today's globalized world. One such threat is the emergence of transnational organized crime in the illegal wildlife trade. But why would transnational organized crime which is traditionally associated with such crimes like illegal drugs, weapons, and human trafficking be interested in the illegal wildlife trade? This thesis seeks to explore why transnational organized crime as a rational business actor would it be interested in participating in the illegal wildlife trade. To explore this relationship, this thesis will look at several different variables. First the economic conditions oflocals living with wildlife and …

Location, Location, Location, The Impact Of Registered Sex Offenders On Home Sale Prices: A Case Study Of Mclean County, Illinois, John C. Navarro

Theses and Dissertations

Borrowing from broken windows theory, this paper addresses the impact of sex offenders' residences on neighborhood's property values in McLean County, Illinois. Three data sets were combined to explore the relationship: the addresses of registered sex offenders (RSOs) in McLean County, Illinois, the location and property characteristics of homes sold in McLean County between December 2012 to December 2013, and variables from the 2010 U.S. Census. ArcGIS was utilized to create buffers up to 0.2 of a mile around a sold home to measure the concentration of RSOs and sexual predators (SPs) and to calculate the distance from the nearest …

The Incoherent Role Of Bargaining Power In Contract Law, Max Helveston, Michael Jacobs

College of Law Faculty

Contracts that result from the abuse of unequal bargaining power have long been a concern of contract law. Courts have proscribed efforts by the "powerful" to take unfair advantage of the "weak" through contracts of adhesion and standard form contracts. Certain kinds of clauses — liability waivers, and covenants not to compete, among others — regularly attract judicial suspicion because their appearance is deemed indicative of such advantage-taking. In books, symposia, and journal articles, generations of legal scholars have debated the role of bargaining power considerations in the analysis of contracts and contractual terms. The "bargaining power" construct has become …

Innovation And Optimal Punishment, With Antitrust Applications, Keith N. Hylton, Haizhen Lin

Faculty Scholarship

This article modifies the optimal punishment analysis by incorporating investment incentives with external benefits. In the models examined, the recommendation that the optimal penalty should internalize the marginal social harm is no longer valid. We focus on antitrust applications. In light of the benefits from innovation, the optimal policy will punish monopolizing firms more leniently than suggested in the standard static model. It may be optimal not to punish the monopolizing firm at all, or to reward the firm rather than punish it. We examine the precise balance between penalty and reward in the optimal punishment scheme.

Slides: “Human Sustainability” In Natural Resources Industries: The New Frontier In Compliance, Social Responsibility, Disclosure, And Transparency, T. Markus Funk

Natural Resource Industries and the Sustainability Challenge (Martz Winter Symposium, February 27-28)

Presenter: T. Markus Funk, Partner, Perkins Coie

21 slides

Financial Freedom: Women, Money, And Domestic Abuse, Dana Harrington Conner

William & Mary Journal of Race, Gender, and Social Justice

No abstract provided.

U.S. Employment Outlook For 2014: Can The U.S. Economy Stand On Its Own?, Randall W. Eberts

Periodical Articles

No abstract provided.

Negotiating For Curriculum & Class Size, 2011-13: One Faculty Union’S Perspective, Steve Hicks, Amy L. Rosenberger

Journal of Collective Bargaining in the Academy

The article walks the reader through the process of proposing, revising, and finally accepting by both sides of a new clause in the APSCUF-PASSHE collective bargaining agreement covering curriculum and class size. The clause took multiple forms over the course of over two years of negotiations and reveals the evolving priorities of the two sides over time.

Stewardship In The Interests Of Systemic Stakeholders: Re-Conceptualizing The Means And Ends Of Anglo-American Corporate Governance In The Wake Of The Global Financial Crisis, Zhong Xing Tan

Journal of Business & Technology Law

No abstract provided.

The Rise Of The Dark Side: Dark Pool Trading And The Two-Tiered Implication, Katerina Ruth Mills

Electronic Theses and Dissertations

The United States equity market is made up of both private and public trading venues, creating a framework dark and light trading liquidity. Private or non-publicly visible liquidity is housed in dark venues while liquidity visible to the public sits in light locations. Light markets follow strict real-time public reporting requirements for trade volume and price; their dark counterparts execute transactions without a real-time reporting requirement. The informational asymmetries that result from this difference in reporting create a "two-tiered" market. The dark sector's participants know both the public and dark, private, trade volumes and price, while the public participating in …