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2010

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Articles 721 - 750 of 1144

Full-Text Articles in Economics

Trusts Versus Corporations: An Empirical Analysis Of Competing Organizational Forms, A. Joseph Warburton Jan 2010

Trusts Versus Corporations: An Empirical Analysis Of Competing Organizational Forms, A. Joseph Warburton

College of Law - Faculty Scholarship

This paper studies the effects of organizational form on managerial behavior and firm performance, from an empirical perspective. Managers of trusts are subject to stricter fiduciary responsibilities than managers of corporations. This paper examines the ramifications empirically, by exploiting data generated by a change in British regulations in the 1990s that allowed mutual funds to organize as either a trust or a corporation. I find evidence that trust law is effective in curtailing opportunistic behavior, as trust managers charge significantly lower fees than their observationally equivalent corporate counterparts. Trust managers also incur lower risk. However, evidence suggests that trust managers …

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An Examination Of Non-Linear Relationships Between Intellectual Property Rights Protection And Growth, Brian R. Lemak Jan 2010

An Examination Of Non-Linear Relationships Between Intellectual Property Rights Protection And Growth, Brian R. Lemak

Gettysburg Economic Review

This paper examines the possibility of a non-linear relationship existing between intellectual property rights protection (IPR) and gross domestic product (GDP) growth rates. A theoretical justification is developed for the potential existence of a non-linear relationship in terms of a quadratic relationship. This is then examined using panel data from 191 countries and taken in 5 year intervals, although the data had many missing observations. Results indicate there is statistically significant evidence that a quadratic relationship exists between IPR and GDP growth, however there are reservations about this evidence due to a dearth of observations in countries with very weak …

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International Graduate Students And U.S. Innovation, Svetoslav I. Semov Jan 2010

International Graduate Students And U.S. Innovation, Svetoslav I. Semov

Gettysburg Economic Review

This paper attempts to empirically evaluate the contribution of international graduate students to U.S. innovation. The main framework used is a simplified version of the ―national ideas production function‖. Two econometric specification are estimated – one in which a time trend is incorporated to observe the short-term relationship between the variables and one in which no time trend is included with the goal of capturing the variables‘ long term equilibrium relationship. The results suggest that in the long-term the number of international graduate students significantly (at the 10% level) affects innovative activity. However, when the short-term relationship of the variables …

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The Welfare Costs Of Market Restrictions, David Colander, Sieuwerd Gaastra, Casey Rothschild Jan 2010

The Welfare Costs Of Market Restrictions, David Colander, Sieuwerd Gaastra, Casey Rothschild

Economics Faculty Scholarship

In most introductory and intermediate microeconomics textbooks, the measurable welfare effects of price controls, quantitative restrictions, and market restrictions more generally, are depicted as a Harberger triangle. This depiction understates these restrictions’ inefficiency costs because it captures only the ‘‘top-down’’ distortion caused by the wedge these restrictions drive between market-wide quantity demanded and quantity supplied. It ignores the ‘‘bottom-up’’ distortions caused by allocative inefficiencies on the constrained side of the market. In this article we describe a simple graphical exposition of these bottom-up distortions. We argue that this graph can provide students with a picture of both the top-down and …

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Household Living Arrangements And Economic Resources Among Mexican Immigrant Families With Children, Mark A. Leach Jan 2010

Household Living Arrangements And Economic Resources Among Mexican Immigrant Families With Children, Mark A. Leach

University of Kentucky Center for Poverty Research Discussion Paper Series

Using data from the 2000 Census, this study examines the relationship between household living arrangements and economic resources among Mexican immigrant families with children. I model separately the relationships between family income and household structure and proportion of total household income contributed and household structure. The results show that families that coreside with extended kin and non-kin have higher incomes, all else equal, relative to those that reside in single-family households. In addition, Mexican immigrant families that reside in extendedhousehold living arrangements contribute about three quarters of total household income. While families may gain some economic efficiency through extended household …

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Contribution Of Tertiary Education To Human Capital Development, Labour Market And Skills In The State Of Victoria, Australia, Ellen Hazelkorn Jan 2010

Contribution Of Tertiary Education To Human Capital Development, Labour Market And Skills In The State Of Victoria, Australia, Ellen Hazelkorn

Articles

This chapter examines how effectively TAFE Institutes and universities in the State of Victoria contribute to meeting the social and economic needs of the population in terms of opportunities to study and relevance of the qualifications offered. It identifies some key achievements and areas for improvement. The chapter closes with a series of recommendations that include the need for a greater system approach to tertiary education in order to support sustainable regional development and the role that the State of Victoria can play in this strategy.

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Can Fighting Grade Inflation Help The Bottom Line?, Arthur J. Caplan, John Gilbert Jan 2010

Can Fighting Grade Inflation Help The Bottom Line?, Arthur J. Caplan, John Gilbert

Applied Economics Faculty Publications

This article uses a rich set of student transcript data to estimate the economic cost incurred by a university when it does not adopt a ‘mean-shift grading policy’ to fight grade inflation. We show that even in the face of moral hazard constraints a university can enhance its profitability by fighting grade inflation with a distribution-shifting policy.

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Gis-Based Estimation Of Marginal Implicit Prices Of Housing Amenities: The Case Of High Ground And Stagnant Streams, Arthur J. Caplan Jan 2010

Gis-Based Estimation Of Marginal Implicit Prices Of Housing Amenities: The Case Of High Ground And Stagnant Streams, Arthur J. Caplan

Applied Economics Faculty Publications

We use GIS and econometric methods to estimate the marginal implicit values of environmental amenities associated with residential land parcels in the mountain town of Logan, Utah. Amenities include proximity to open spaces (such as parks, golf courses and lakes), commercial zones, major roads, streams, and general visibility of surrounding topography in the valley as determined by the elevation of the land parcel. The amenity value estimates are corrected for spatial autocorrelation. We find spatially dependent relationships between (1) a parcel’s value and its elevation, and (2) a parcel’s value and its adjacency to a stagnant stream. To our knowledge, …

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Endogenous Oca (Optimum Currency Area) Analysis And The Early Euro Experience, Thomas D. Willett, Orawan Permpoon, Clas Wihlborg Jan 2010

Endogenous Oca (Optimum Currency Area) Analysis And The Early Euro Experience, Thomas D. Willett, Orawan Permpoon, Clas Wihlborg

Business Faculty Articles and Research

Some have argued that the endogenous responses to the formation of a currency area are so strong that one need not worry about optimum currency area conditions ex ante. We argue that this is much too strong a conclusion. We draw on a number of recent studies to evaluate the endogeneity experiences of the eurozone in three major areas; trade flows, business cycle synchronisation and structural reforms to improve labour and product market flexibility. Simple before-and-after comparisons are insufficient for analysis of endogeneity. The experiences of non-euro Western European economies suggest that broader trends also had considerable influence on trade …

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Rhode Island Current Conditions Index — January 2010, Leonard Lardaro Jan 2010

Rhode Island Current Conditions Index — January 2010, Leonard Lardaro

The Rhode Island Current Conditions Index

No abstract provided.

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Cultural Diversity, Immigration And International Trade: An Empirical Examination Of The Relationship In Nine Oecd Countries, Roger White, Bedassa Tadesse Jan 2010

Cultural Diversity, Immigration And International Trade: An Empirical Examination Of The Relationship In Nine Oecd Countries, Roger White, Bedassa Tadesse

Economics

Employing a variant of the standard gravity equation and data from nine OECD immigrant host countries and 67 trading partners for the years 1996-2001, we examine the immigrant-trade relationship. Particular emphasis is placed on the potential influences of host country cultural diversity and host-home cultural distance. Data from the World Values Surveys and the European Values Surveys are used to calculate the cultural distances between immigrants’ host and home countries. Cultural distance is taken to be a proxy measure for the extent to which immigrants’ host countries are culturally divergent from their home countries. To estimate the cultural diversity of …

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Estimating Hypothetical Bias In Economically Emergent Africa: A Generic Public Good Experiment, Arthur J. Caplan, David Aadland, Anthony Macharia Jan 2010

Estimating Hypothetical Bias In Economically Emergent Africa: A Generic Public Good Experiment, Arthur J. Caplan, David Aadland, Anthony Macharia

Applied Economics Faculty Publications

This paper reports results from a contingent valuation based public good experiment conducted in the African nation of Botswana. In a sample of university students, we find evidence that stated willingness to contribute to a public good in a hypothetical setting is higher than actual contribution levels. However, results from regression analysis suggest that this is true only in the second round of the experiment, when participants making actual contributions have learned to significantly lower their contribution levels. As globalization expands markets, and economies such as Botswana's continue to modernize, there is a growing need to understand how hypothetical bias …

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Measuring How Risk Tradeoffs Adjust With Income, Mary F. Evans, V. Kerry Smith Jan 2010

Measuring How Risk Tradeoffs Adjust With Income, Mary F. Evans, V. Kerry Smith

CMC Faculty Publications and Research

Efforts to reconcile inconsistencies between theory and estimates of the income elasticity of the value of a statistical life (IEVSL) overlook important restrictions implied by a more complete description of the individual choice problem. We develop a more general model of the IEVSL that reconciles some of the observed discrepancies. Our framework describes how exogenous income shocks, such as unexpected medical expenditures, may affect labor supply decisions which in turn influence both the coefficient of relative risk aversion and the IEVSL. The presence of a consumption commitment, such as a home mortgage, also alters this labor supply adjustment. We use …

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Can Weak Substitution Be Rehabilitated?, V. Kerry Smith, Mary F. Evans, H. Spencer Banzhaf, Christine Poulos Jan 2010

Can Weak Substitution Be Rehabilitated?, V. Kerry Smith, Mary F. Evans, H. Spencer Banzhaf, Christine Poulos

CMC Faculty Publications and Research

This paper develops a graphical analysis and an analytical model that demonstrate how weak substitution can be used for non-market valuation. Weak complementarity and weak substitution represent preference restrictions that allow us to develop equivalent price changes to describe quantity or quality changes in non-market goods. The price changes are Hicksian equivalents in that they yield the same utility changes as would the quantity or quality changes. After discussion of several potential applications of weak substitution, the paper develops the parallel between the restriction and recent strategies from modeling differentiated goods.

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The Size Effect And The Capital Asset Pricing Model, Nikhil Gupta Jan 2010

The Size Effect And The Capital Asset Pricing Model, Nikhil Gupta

Award Winning Economics Papers

No abstract provided.

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Do Bank Mergers Create Shareholder Value? An Event Study Analysis, Varini Sharma Jan 2010

Do Bank Mergers Create Shareholder Value? An Event Study Analysis, Varini Sharma

Award Winning Economics Papers

This paper investigates the economic role of bank mergers in creating shareholder value based on the idea that shareholder wealth will increase if the consolidation leads to the aforementioned gains. This paper is divided into seven sections. The second section of my paper provides an academic review of the literature, focusing on econometric theory that tests the gains in shareholder value and corporate synergies after a merger. The third section introduces a conceptual model I have designed using econometric tools to test how bank mergers create shareholder value. The fourth section embarks on a discussion about my ideal data followed …

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The Economic Impact Of The University Of Arkansas, Katherine A. Deck, Viktoria Riiman Jan 2010

The Economic Impact Of The University Of Arkansas, Katherine A. Deck, Viktoria Riiman

Publications and Presentations

Founded in 1871, the University of Arkansas was established in the city of Fayetteville as both the state university and the major land‐grant university for Arkansas. The University of Arkansas is a flagship university for the integration of student engagement, scholarship and research, and innovation that collectively transforms lives and inspires leadership for a global society. As such, the impact of the University of Arkansas extends far beyond the transfer of knowledge from professors to students and is far reaching in social and economic terms. As leading research universities across the country engage in the process of enumerating the socio‐economic …

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An Exploratory Analysis Of The Relationship Between Student Earnings And Postsecondary Retention, Christopher Jepsen, Darshak P. Patel, Kenneth R. Troske Jan 2010

An Exploratory Analysis Of The Relationship Between Student Earnings And Postsecondary Retention, Christopher Jepsen, Darshak P. Patel, Kenneth R. Troske

University of Kentucky Center for Poverty Research Discussion Paper Series

Policy makers are becoming increasingly concerned about the high percentage of students who attend postsecondary education without completing a degree. Researchers have studied numerous potential determinants of retention behavior for postsecondary students, such as financial aid, socioeconomic status, academic preparedness, academic and social integration, and expected future wages. However, none of these studies considers students’ earnings while in school as a potential determinant of retention. Using an administrative data from postsecondary institutions matched with administrative earnings data from the state’s unemployment insurance department, our results indicate that student earnings are negatively correlated to student retention in Kentucky postsecondary institutions. Our …

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Family Change And Poverty In Appalachia, Daniel Lichter, Lisa Cimbulak Jan 2010

Family Change And Poverty In Appalachia, Daniel Lichter, Lisa Cimbulak

University of Kentucky Center for Poverty Research Discussion Paper Series

The current economic and political climate provides a vivid contrast with the circumstances of the 1990s, when the passage of the 1996 Personal Responsibility and Work Opportunity Reconciliation Act (PRWORA) ushered in welfare reform during a period of unprecedented economic expansion and job growth (Blank 2002; Ziliak 2009). This legislation sought to “end the dependence of needy parents on government benefits by promoting job preparation, work, and marriage.” Among PRWORA’s goals were to reduce out-of-wedlock births and encourage the formation of two-parent families. For most states, much of the initial emphasis on self-sufficiency was placed on “work first” programs (i.e., …

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Modeling The Effects Of Peremptory Challenges On Jury Selection And Jury Verdicts, Roger Allen Ford Jan 2010

Modeling The Effects Of Peremptory Challenges On Jury Selection And Jury Verdicts, Roger Allen Ford

Law Faculty Scholarship

Although proponents argue that peremptory challenges make juries more impartial by eliminating “extreme” jurors, studies testing this theory are rare and inconclusive. For this article, two formal models of jury selection are constructed, and various selection procedures are tested, assuming that attorneys act rationally rather than discriminate based on animus. The models demonstrate that even when used rationally, peremptory challenges can distort jury decision making and undermine verdict reliability. Peremptory challenges systematically shift jurors toward the majority view of the population by favoring median jurors over extreme jurors. If the population of potential jurors is skewed in favor of conviction …

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The Rise Of 144a Market For Convertible Debt, Ronging Huang, Gabriel G. Ramirez Jan 2010

The Rise Of 144a Market For Convertible Debt, Ronging Huang, Gabriel G. Ramirez

Faculty Articles

We document and study the migration of convertible debt offerings from the public to the 144A market during 1991-2004. Over 88% of the 144A convertible debt issues are subsequently registered. An analysis of financing costs (gross spreads, yields, and stock price announcements) and issue characteristics indicates that convertible debt issues in these two markets are essentially the same. We find evidence that the 144A market allows firms to better time equity market conditions. Our findings are consistent with the hypothesis that the 144A market is attractive because it allows firms to issue convertible debt more quickly.

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Licensing And Patent Protection, Aniruddha Bagchi, Arijit Mukherjee Jan 2010

Licensing And Patent Protection, Aniruddha Bagchi, Arijit Mukherjee

Faculty Articles

We show the impact of technology licensing on optimal patent policy. Strong patent protection that eliminates imitation may not be the equilibrium outcome in the presence of licensing. Depending on the cost of innovation, licensing may either increase or reduce the strength of the patent protection.

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The Effects Of Economic Factors In Determining The Transition Process In Europe And Central Asia, David A. Lopez Jan 2010

The Effects Of Economic Factors In Determining The Transition Process In Europe And Central Asia, David A. Lopez

Award Winning Economics Papers

This paper examines how economic determinants affect foreign direct investment into a sample of Western European and transition countries from 1990 to 2003. The observed differences in the flow of foreign investment into the transition countries, relative to those in Western Europe, provokes the question of whether this phenomenon was determined by the economic factors present in those countries. Using a conceptual model constructed from economic factors that affect FDI inflows, this study considers the sample set for two sub-periods in the transition process, namely the early period from 1990 to 1998 and the later period from 1998 to 2003. …

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Eliminating The Underlying Cause Of Poverty As A Means To Global Economic Recovery, Robert Ashford Jan 2010

Eliminating The Underlying Cause Of Poverty As A Means To Global Economic Recovery, Robert Ashford

College of Law - Faculty Scholarship

The public analysis of the causes of the current recession and the ways to achieve economic recovery generally proceed on the widely-shared, tacit assumption that there is that there is no substantial, first-order connection between the recession and the failure to address the problem of systemic poverty. Otherwise, the need to alleviate systemic poverty and needed solutions to promote economic recovery would be commonly addressed in the same discussions; and they are not. This widely-shared, tacit assumption is false. The failure to reverse systemic poverty is the fundamental cause of current economic crisis. Recessions (and sub-optimal growth) occur when a …

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Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2010, Central Bank Of Nigeria Jan 2010

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2010, Central Bank Of Nigeria

CBN Annual Report

2010 annual report reviews the operations of the Central Bank of Nigeria (CBN) and appraises the macroeconomic policies in 2010. the report is structured into two parts. Part 1 reviews the corporate operations of the bank, while the part 2 evaluates the performance of the economy against the challenges in both the thrust of monetary policy and other financial measures was to improve liquidity and enhance the efficiency and stability of the financial system without compromising the primary goal of monetary and price stability.

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India: Rising Power Or A Mere Revolution Of Rising Expectations?, Aseema Sinha, Jon P. Dorschner Jan 2010

India: Rising Power Or A Mere Revolution Of Rising Expectations?, Aseema Sinha, Jon P. Dorschner

CMC Faculty Publications and Research

In 2009–2010 India faces dramatically different foreign policy challenges than it faced even ten years ago. Similar to other ascendant powers such as China and Brazil but unlike smaller powers, India must not only cope with a transformed international system and project the country's global aspirations, but also ensure that its emergence as a rising power responds to its domestic dilemmas and constraints. India's actions and aspirations on the global stage have changed dramatically toward greater activism and leveraging of its newfound economic strengths. Yet, despite powerful pressures and opportunities nudging India toward a greater role in the global system, …

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Modern Slavery: A Regional Focus, Amanda Gould Jan 2010

Modern Slavery: A Regional Focus, Amanda Gould

Electronic Theses and Dissertations

Kevin Bales, through his study in Understanding Global Slavery: A Reader, provides an important quantitative analysis on the predictive factors of modern slavery. Upon examining his study though, several issues arise including too few observations for several of the variables and the lack of a regional variable. The author decided to rerun his study with replacements for the problematic variables used previously. Upon obtaining the results from this, the author examined development theory (development is believed to be closely liked to slavery), and began creating an alternative model, which eventually included the addition of a regional variable. This model differed …

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Indiana State University Financial Report 2010, Indiana State University Jan 2010

Indiana State University Financial Report 2010, Indiana State University

Financial Reports

No abstract provided.

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Does Social Capital Matter? Evidence From A Five-Country Group Lending Experiment, Alessandra Cassar, Bruce Wydick Jan 2010

Does Social Capital Matter? Evidence From A Five-Country Group Lending Experiment, Alessandra Cassar, Bruce Wydick

Economics Faculty Publications

Does social capital matter to economic decision-making? We address this broad question through an artefactual group lending experiment carried out in five countries: India, Kenya, Guatemala, Armenia, and the Philippines, obtaining data from 10,673 contribution decisions on simulated group loans from 1,554 participants in 259 experimental borrowing groups. We carry out treatments for social homogeneity, group monitoring, and group self-selection. Results show that societal trust has a positive and significant impact on group loan contribution rates, that group lending appears to create as well as harness social capital, and that peer monitoring can have perverse as well as beneficial effects.

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Roads: Leading Indicators Show Ramp-Up In Activity, Shishir Mathur, Kunal Katara Jan 2010

Roads: Leading Indicators Show Ramp-Up In Activity, Shishir Mathur, Kunal Katara

Faculty Publications, Urban and Regional Planning

No abstract provided.

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