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Articles 1111 - 1140 of 1144
Full-Text Articles in Economics
Durability, Re-Trading And Market Performance, John Dickhaut, Shengle Lin, David Porter, Vernon Smith
Durability, Re-Trading And Market Performance, John Dickhaut, Shengle Lin, David Porter, Vernon Smith
ESI Working Papers
Key differential structural characteristics of environments studied in previous market experiments have documented large divergences in their observed performance, particularly discrepancies in their convergence to expected equilibrium outcomes. We investigate why this should be so.
Tracking Berle’S Footsteps: The Trail Of The Modern Corporation’S Last Chapter, William W. Bratton, Michael L. Wachter
Tracking Berle’S Footsteps: The Trail Of The Modern Corporation’S Last Chapter, William W. Bratton, Michael L. Wachter
Seattle University Law Review
Readers game enough to work through all three hundred pages of The Modern Corporation and Private Property looking for insights on corporate law today encounter two, apparently contradictory, lines of thought. One line, set out in Books II and III, resonates comfortably with today’s shareholder-centered corporate legal theory. Here the book teaches that even as ownership and control have separated, managers should function as trustees for the shareholders and so should exercise their wide-ranging powers for the shareholders’ benefit. The other line of thought emerges in Books I and IV, where The Modern Corporation encases this shareholder trust model in …
Rethinking The Separation Of Ownership From Management In American History, Kenneth Lipartito, Yumiko Morii
Rethinking The Separation Of Ownership From Management In American History, Kenneth Lipartito, Yumiko Morii
Seattle University Law Review
In <em>The Modern Corporation and Private Property</em>, Adolf Berle and Gardiner Means would use AT&T as a prime example of what they saw as a dangerous new trend, the replacement of ownership-based capitalism with giant corporations controlled by a small group of propertyless managers. Indeed, AT&T became Berle and Means’ favorite example. . . . As we shall see, however, the claim that AT&T was a leading example of the separation of ownership from management is incomplete. More importantly, the common interpretation of Berle and Means’ work is mistaken, placing the emphasis incorrectly on the number of shareholders and reading …
Berle’S Vision Beyond Shareholder Interests: Why Investment Bankers Should Have (Some) Personal Liability, Claire Hill, Richard Painter
Berle’S Vision Beyond Shareholder Interests: Why Investment Bankers Should Have (Some) Personal Liability, Claire Hill, Richard Painter
Seattle University Law Review
This essay, published in a symposium on the work of Adolf Berle, approaches the Berle-Dodd debate from the perspective that corporate managers have responsibilities beyond pursuing the interests of shareholders. Stock based executive compensation, designed to align managers’ interests with those of shareholders, has, in the investment banking industry in particular, failed to avert, and may have caused, managers (in this case, bankers) to take excessive risks that in the present financial crisis inflicted great damage on creditors and on society as a whole. We describe here the broad outlines of a proposal that we will discuss in future publications …
Enumerating Old Themes? Berle’S Concept Of Ownership And The Historical Development Of English Company Law In Context, Lorraine E. Talbot
Enumerating Old Themes? Berle’S Concept Of Ownership And The Historical Development Of English Company Law In Context, Lorraine E. Talbot
Seattle University Law Review
This paper offers some tentative suggestions as to why Berle’s work has been read and interpreted so selectively in the United Kingdom. I suggest that this must be partly attributable to the historical developments in English company law that entrenched the notion of shareholder ownership claims. Specifically, unincorporated associations’ normative values—that members are owners and there is no distinction between small organizations with no share dispersal and large organizations with wide share dispersal—have a continuing influence on this entrenched notion of shareholder ownership claims. First, I provide an overview of the origins of English company law. Next, I address how …
The Value-Added Tax: Effects On Tax Revenue, U.S. Corporations, And Individual Taxpayers, Joseph Raymond Pudenz
The Value-Added Tax: Effects On Tax Revenue, U.S. Corporations, And Individual Taxpayers, Joseph Raymond Pudenz
Honors Program Theses
The importance of understanding how a value-added tax would affect the United States is imperative. Many economists have long stated that a value-added tax system would benefit the United States (Hooper & Smith, 1997), and politicians have periodically brought up the value-added tax since the 1960s as a solution to tax revenue needs (Comptroller General of the United States, 1981). Given these facts, it is likely that the value-added tax will continue to be considered as a possible tax system. An adequate level of understanding regarding how a value-added tax is applied and its effects is essential.
Benchmarking And Evaluating The Comparative Efficiency Of Urban Paratransit Systems In The United States: A Data Envelopment Analysis Approach, Hokey Min, Thomas E. Lambert
Benchmarking And Evaluating The Comparative Efficiency Of Urban Paratransit Systems In The United States: A Data Envelopment Analysis Approach, Hokey Min, Thomas E. Lambert
Faculty and Staff Scholarship
The Americans with Disabilities Act (ADA) of 1990 encouraged public transit authorities to reassess the way they serve aging populations and physically handicapped individuals requiring door-to-door services. As the demand for paratransit services rose dramatically the last few years due to a growing number of aging baby-boomers and injured Iraq-Afghanistan War veterans, many public transit authorities have been faced with the dilemma of meeting the growing demand while controlling costs in times of ongoing budget crises. To help public transit authorities better cope with such a dilemma, this paper evaluates the comparative operating efficiency of 75 selected paratransit agencies in …
Financial Management Practices: Associations With Financial Well-Being And Risky Investment Among Families In Malaysia., Husniyah Abd. Rahim
Financial Management Practices: Associations With Financial Well-Being And Risky Investment Among Families In Malaysia., Husniyah Abd. Rahim
Student Works (2010-2019)
Financial management practices predicting good financial well-being and participation in risky assets among families were identified in this study. It also seeks to find out other factors predicting financial well-being and participation in risky assets. Associations of time horizon with risk preference, and risk preference with financial management practices, differences in financial management practices among the main ethnicities in Malaysia and among families residing in urban and rural areas were also determined. The moderating roles of self-worth between financial management practices and financial well-being of families, and between financial management practices and risky investment by families were explored. Quota sampling …
Valuing Intellectual Property: An Experiment, Christopher Buccafusco, Christopher Sprigman
Valuing Intellectual Property: An Experiment, Christopher Buccafusco, Christopher Sprigman
Faculty Scholarship
In this article we report on the results of an experiment we performed to determine whether transactions in intellectual property (IP) are subject to the valuation anomalies commonly referred to as “endowment effects”. Traditional conceptions of the value of IP rely on assumptions about human rationality derived from classical economics. The law assumes that when people make decisions about buying, selling, and licensing IP they do so with fixed, context-independent preferences. Over the past several decades, this rational actor model of classical economics has come under attack by behavioral data showing that people do not always make strictly rational decisions. …
A Kernel Weighted Smoothed Maximum Score Estimator For The Endogenous Binary Choice Model, Jerome Krief
A Kernel Weighted Smoothed Maximum Score Estimator For The Endogenous Binary Choice Model, Jerome Krief
LSU Doctoral Dissertations
This dissertation considers a local control function approach for the binary response model under endogeneity. The objective of the Smoothed Maximum Score estimator (SMSE)(Horowitz 1992) is modified by weighting the observations with a kernel. Under some mild regularity conditions similar in nature to those of the SMSE, the consistency of this Kernel Weighted Smoothed Maximum Score estimator (KWSMSE) is established. Also, under some smoothness conditions the KWSMSE's asymptotic normality is established. Furthermore, the covariance of the limiting distribution can be estimated consistently from data permitting convenient inferences. Under stronger regularity conditions a Score Approximation Smoothed Maximum Score Estimator (SASMSE) constructed …
Functional Coefficient Estimation With Both Categorical And Continuous Data, Liangjun Su, Ye Chen, Aman Ullah
Functional Coefficient Estimation With Both Categorical And Continuous Data, Liangjun Su, Ye Chen, Aman Ullah
Research Collection School Of Economics
We propose a local linear functional coefficient estimator that admits a mix of discrete and continuous data for stationary time series. Under weak conditions our estimator is asymptotically normally distributed. A small set of simulation studies is carried out to illustrate the finite sample performance of our estimator. As an application, we estimate a wage determination function that explicitly allows the return to education to depend on other variables. We find evidence of the complex interacting patterns among the regressors in the wage equation, such as increasing returns to education when experience is very low, high return to education for …
Risking Returns: Moving From Public To Private Equity, Aurobindo Ghosh
Risking Returns: Moving From Public To Private Equity, Aurobindo Ghosh
Research Collection School Of Economics
The notion of risk identifies a project that matches with the risk appetite of an entrepreneur not necessarily the investors. This can explain why entrepreneurs would start up companies but it cannot explain why ex-post the investors continue, given that a diversified portfolio of publicly traded assets could potentially generate similar return with lower risk. We re-evaluate the evidence through performance measures using relative probability distributions of public and private equity funds, and identify the nature of the deviations. We observe that the heterogeneity in different investor classes are greatly reduced using standard covariates to identify the choice between public …
The National Innovation System Of Singapore, Winston T. H. Koh, Phillip Phan
The National Innovation System Of Singapore, Winston T. H. Koh, Phillip Phan
Research Collection School Of Economics
No abstract provided.
Obedience, Schooling, And Political Participation, Davin Chor, Filipe R. Campante
Obedience, Schooling, And Political Participation, Davin Chor, Filipe R. Campante
Research Collection School Of Economics
This paper proposes a framework for understanding the joint evolution of cultural norms and human capital investment, and how these affect patterns of political participation. We first present some empirical evidence that cultural attitudes towards obedience systematically influence an individual's propensity to engage in different political activities: obedience discourages more confrontational modes of political activity (such as public demonstrations), while raising participation in non-confrontational civic acts (such as voting). These cultural attitudes further appear to be determined in part by cultural transmission across generations. Motivated by this evidence, we develop a dynamic model in which human capital and obedience are …
Nonparametric Tests For Poolability In Panel Data Models With Cross Section Dependence, Sainan Jin, Liangjun Su
Nonparametric Tests For Poolability In Panel Data Models With Cross Section Dependence, Sainan Jin, Liangjun Su
Research Collection School Of Economics
In this paper we propose a nonparametric test for poolability in large dimensional semiparametric panel data models with cross-section dependence based on the sieve estimation technique. To construct the test statistic, we only need to estimate the model under the alternative. We establish the asymptotic normal distributions of our test statistic under the null hypothesis of poolability and a sequence of local alternatives, and prove the consistency of our test. We also suggest a bootstrap method as an alternative way to obtain the critical values and justify its validity. A small set of Monte Carlo simulations indicate the test performs …
Numerical Analysis Of Non-Constant Pure Rate Of Time Preference: A Model Of Climate Policy, Tomoki Fujii, Larry Karp
Numerical Analysis Of Non-Constant Pure Rate Of Time Preference: A Model Of Climate Policy, Tomoki Fujii, Larry Karp
Research Collection School Of Economics
When current decisions affect welfare in the far-distant future, as with climate change, the use of a declining pure rate of time preference (PRTP) provides potentially important modeling flexibility. The difficulty of analyzing models with non-constant PRTP limits their application. We describe and provide software (available online) to implement an algorithm to numerically obtain a Markov perfect equilibrium for an optimal control problem with non-constant PRTP. We apply this software to a simplified version of the numerical climate change model used in the Stern Review. For our calibration, the policy recommendations are less sensitive to the PRTP than widely believed.
Managing Capital Flows: The Case Of Singapore, Hwee Kwan Chow
Managing Capital Flows: The Case Of Singapore, Hwee Kwan Chow
Research Collection School Of Economics
The resurgence of private capital inflows into Asia in recent years has raised the question of whether the region is susceptible to yet another financial crisis. While a sudden large-scale reversal of capital flows is not likely to result in a liquidity crunch or balance of payments crisis, the attendant sharp corrections in asset prices will have an adverse impact on the economy particularly through indirect channels. We present, in this study, Singapore’s experience in managing the risks posed by capital flows as well as the retention of control over exchange rates and monetary conditions. It is the overall package …
Enhancing Income Opportunities, Rashiel Verlarde, Tomoki Fujii, Ulrich Lächler
Enhancing Income Opportunities, Rashiel Verlarde, Tomoki Fujii, Ulrich Lächler
Research Collection School Of Economics
Accelerating growth is essential for poverty reduction. As argued earlier, poverty has failed to decline significantly since the East Asian Crisis due to insufficiently dynamic growth, a high degree of income inequality that reduces the income elasticity of poverty reduction, and an apparent worsening of the income distribution. The first step toward addressing this failure is to accelerate growth, which will not be easy in the short run while the global slowdown continues to run its course. Moreover, even though the global crisis is gradually bottoming out, the post-crisis external environment is likely to be much less favorable than before, …
Contingent Valuation Studies And Health Policy, Matthew D. Adler
Contingent Valuation Studies And Health Policy, Matthew D. Adler
Faculty Scholarship
No abstract provided.
Price And Pretense In The Baby Market, Kimberly D. Krawiec
Price And Pretense In The Baby Market, Kimberly D. Krawiec
Faculty Scholarship
Throughout the world, baby selling is formally prohibited. And throughout the world babies are bought and sold each day. As demonstrated in this Essay, the legal baby trade is a global market in which prospective parents pay, scores of intermediaries profit, and the demand for children is clearly differentiated by age, race, special needs, and other consumer preferences, with prices ranging from zero to over one hundred thousand dollars. Yet legal regimes and policymakers around the world pretend that the baby market does not exist, most notably through prohibitions against “baby selling” – typically defined as a prohibition against the …
Testing Linearity In Cointegrating Relations With An Application To Purchasing Power Parity, Seong Hyun Hong, Peter C. B. Phillips
Testing Linearity In Cointegrating Relations With An Application To Purchasing Power Parity, Seong Hyun Hong, Peter C. B. Phillips
Research Collection School Of Economics
This article shows that when applied to nonstationary time series, the conventional Regression Error Specification Test (RESET) leads to severe size distortion and its asymptotic distribution involves a mixture of noncentral chi(2) distributions. Nonstationarity introduces bias terms in the limit distribution, and appropriate corrections for the bias are presented leading to a modified RESET test that has a central chi(2) limit distribution. In simulations, this modified test is shown to have power not only against nonlinear cointegration but also against the absence of cointegration. In an empirical illustration, the linear purchasing power parity (PPP) specification is tested using five Organization …
Tournament Incentives, League Policy, And Nba Team Performance Revisited, Joseph Price, Brian P. Soebbing, David Berri, Brad R. Humphreys
Tournament Incentives, League Policy, And Nba Team Performance Revisited, Joseph Price, Brian P. Soebbing, David Berri, Brad R. Humphreys
Faculty Publications
Taylor and Trogdon found evidence of shirking under some, but not all, draft lottery systems used in three different National Basketball Association (NBA) seasons. The authors use data from all NBA games played from 1977 to 2007 and a fixed effects model to control for unobservable team and season heterogeneity to extend this research. The authors find that NBA teams were more likely to intentionally lose games at the end of the regular season during the seasons where the incentives to finish last were the largest.
Coastal Empire Economic Monitor, 1st Quarter, 2010, Armstrong Atlantic State University Center For Regional Analysis
Coastal Empire Economic Monitor, 1st Quarter, 2010, Armstrong Atlantic State University Center For Regional Analysis
Coastal Empire Economic Monitor
The Coastal Empire Economic Indicators are designed to provide continuously updating quarterly snapshots of the Savannah Metropolitan Statistical Area economy. The coincident index measures the current economic heartbeat of the region. The leading index provides a short term forecast of the region’s economic activity in six to nine months.
Coastal Empire Economic Monitor, 2nd Quarter, 2010, Armstrong Atlantic State University Center For Regional Analysis
Coastal Empire Economic Monitor, 2nd Quarter, 2010, Armstrong Atlantic State University Center For Regional Analysis
Coastal Empire Economic Monitor
The Coastal Empire Economic Indicators are designed to provide continuously updating quarterly snapshots of the Savannah Metropolitan Statistical Area economy. The coincident index measures the current economic heartbeat of the region. The leading index provides a short term forecast of the region’s economic activity in six to nine months.
Coastal Empire Economic Monitor, 3rd Quarter, 2010, Armstrong Atlantic State University Center For Regional Analysis
Coastal Empire Economic Monitor, 3rd Quarter, 2010, Armstrong Atlantic State University Center For Regional Analysis
Coastal Empire Economic Monitor
The Coastal Empire Economic Indicators are designed to provide continuously updating quarterly snapshots of the Savannah Metropolitan Statistical Area economy. The coincident index measures the current economic heartbeat of the region. The leading index provides a short term forecast of the region’s economic activity in six to nine months.
Estimation Of High-Frequency Volatility: An Autoregressive Conditional Duration Models Approach, Yiu Kuen Tse, Tao Yang
Estimation Of High-Frequency Volatility: An Autoregressive Conditional Duration Models Approach, Yiu Kuen Tse, Tao Yang
Research Collection School Of Economics
We propose a method to estimate the intraday volatility of a stock by integrating the instantaneous conditional return variance per unit time obtained from the autoregressive conditional duration (ACD) models. We compare the daily volatilities estimated using the ACD models against several versions of the realized volatility (RV) method, including the bipower variation realized volatility with subsampling, the realized kernel estimate and the duration-based realized volatility. The ACD volatility estimates correlate highly with and perform very well against the RV estimates. Our Monte Carlo results show that our method has lower root mean-squared error than the RV methods in most …
Simulated Maximum Likelihood Estimation Of Continuous Time Stochastic Volatility Models, Tore Selland Kleppe, Jun Yu, Hans J. Skaug
Simulated Maximum Likelihood Estimation Of Continuous Time Stochastic Volatility Models, Tore Selland Kleppe, Jun Yu, Hans J. Skaug
Research Collection School Of Economics
In this chapter we develop and implement a method for maximum simulated likelihood estimation of the continuous time stochastic volatility model with the constant elasticity of volatility. The approach does not require observations on option prices, nor volatility. To integrate out latent volatility from the joint density of return and volatility, a modified efficient importance sampling technique is used after the continuous time model is approximated using the Euler–Maruyama scheme. The Monte Carlo studies show that the method works well and the empirical applications illustrate usefulness of the method. Empirical results provide strong evidence against the Heston model.
Forecasting Realized Volatility Using A Nonnegative Semiparametric Time Series Model, A. Eriksson, D. Preve, Jun Yu
Forecasting Realized Volatility Using A Nonnegative Semiparametric Time Series Model, A. Eriksson, D. Preve, Jun Yu
Research Collection School Of Economics
This paper introduces a parsimonious and yet flexible nonnegative semiparametric model to forecast financial volatility. The new model extends the linear nonnegative autoregressive model of Barndorff-Nielsen & Shephard (2001) and Nielsen & Shephard (2003) by way of a power transformation. It is semiparametric in the sense that the distributional form of its error component is left unspecified. The statistical properties of the model are discussed and a novel estimation method is proposed. Asymptotic properties are established for the new estimation method. Simulation studies validate the new estimation method. The out-of-sample performance of the proposed model is evaluated against a number …
The Beginning Of The End? Agricultural Modernization And Dissolution Of The Peasantry In Contemporary China, Qian Forrest Zhang, John A. Donaldson
The Beginning Of The End? Agricultural Modernization And Dissolution Of The Peasantry In Contemporary China, Qian Forrest Zhang, John A. Donaldson
Research Collection School of Social Sciences
No abstract provided.
Productivity Growth Of Us States, Bibhudutta Panda
Productivity Growth Of Us States, Bibhudutta Panda
LSU Doctoral Dissertations
This dissertation makes a contribution to regional studies by constructing Multi-Factor Productivity (MFP) growth measures at the state level for the US. The first essay of the dissertation exploits a dual growth accounting technique to calculate sector-specific MFP growth for all US states from 1980 onwards. In the process, the essay contributes by constructing a data set on the state level real user cost of capital paying particular attention to inter-state variations in the composition of output, relative prices of investment goods, effective corporate taxes, and inflation rates for the manufacturing and service sectors. Some of the key implications of …