Demistifying Financial Derivatives: Interest Rate Swaps And Municipal Derivatives,
2011
NERA Economic Consulting
Demistifying Financial Derivatives: Interest Rate Swaps And Municipal Derivatives, Massimiliano De Santis
Massimiliano De Santis
No abstract provided.
The Unintended Effects Of The Sarbanes-Oxley Act,
2011
University of Miami
The Unintended Effects Of The Sarbanes-Oxley Act, Vidhi Chhaochharia, Clemens A. Otto, Vikrant Vig
Research Collection Lee Kong Chian School Of Business
The Sarbanes-Oxley Act (SOX) was passed in the wake of several scandals that rocked corporate America in 2001 and 2002. The objective behind SOX was to improve corporate governance by improving accounting disclosures. Compliance with Section 404 is considered by many to be the most costly requirement of SOX and has been argued to be a disproportionate burden for small firms. Consequently, firms with a public float below $75 million were granted several exemptions from compliance. We document an unintended effect of these exemptions: a weakening of corporate governance through a weakening of the market for corporate control.
Challenges Of Formal Social Security Systems In Sudan,
2011
Department of Economics. Al Neelain University, Khartoum, Sudan
Challenges Of Formal Social Security Systems In Sudan, Issam A.W. Mohamed Professor
Professor Issam A.W. Mohamed
The present paper discusses issues of challenges of social security systems in Sudan. Following parameters advanced by ILO and UNCOSOC, those systems are analyzed. The conclusions focus on their applicability that faces axial difficulties mainly presented in the state of institutional interregnum facing the country. Moreover, it is important to revisit aspects of social cohesion that serves greater role in traditional social security in the Sudan.
A Comparison Of Attitudes Toward Venture Capital Among Sme Principals And Their Advisors In New Zealand And Australia,
2011
UNITEC Institute of Technology
A Comparison Of Attitudes Toward Venture Capital Among Sme Principals And Their Advisors In New Zealand And Australia, Dean Prebble, Stephen Kelly
Adjunct Professor Stephen J Kelly
No abstract provided.
Analysis Of The Impact Of Cash Out-Flow From The Banking Sector On The Sudanese Economy,
2011
Department of Economics. Al Neelain University, Khartoum, Sudan
Analysis Of The Impact Of Cash Out-Flow From The Banking Sector On The Sudanese Economy, Issam A.W. Mohamed Professor
Professor Issam A.W. Mohamed
Sudan as an example of LDCs the banking sector has been suffering from the problem of cash outflow over the last three decades, generating the following impacts: Loss of banking sector of its role of financial inter-mediation, cash scarcity in the banking sector, large government borrowings from unreal source of finance, thus, more inflation. The research attempts to specify the main determinants of cash outflow from the banking sector in Sudan (during the period 1972-2001). Hence, those revealing the major impacts of the cash outflow on the economic activity and rates of inflation. The research hypotheses were: (1) the Banks …
Corrigendum To "A Gaussian Approach For Continuous Time Models Of The Short Term Interest Rate",
2011
Singapore Management University
Corrigendum To "A Gaussian Approach For Continuous Time Models Of The Short Term Interest Rate", Peter C. B. Phillips, Jun Yu
Research Collection School Of Economics
An error is corrected in Yu and Phillips (2001) (Econometrics Journal, 4, 210-224) where a time transformation was used to induce Gaussian disturbances in the discrete time equivalent model. It is shown that the error process in this model is not a martingale and the Dambis, Dubins-Schwarz (DDS) theorem is not directly applicable. However, a detrended error process is a martingale, the DDS theorem is applicable, and the corresponding stopping time correctly induces Gaussianity. We show that the two stopping time sequences differ by O(a2), where a is the pre-specified normalized timing constant.
Explosive Behavior In The 1990s Nasdaq: When Did Exuberance Escalate Asset Values?,
2011
Singapore Management University
Explosive Behavior In The 1990s Nasdaq: When Did Exuberance Escalate Asset Values?, Peter C. B. Phillips, Yangru Wu, Jun Yu
Research Collection School Of Economics
A recursive test procedure is suggested that provides a mechanism for testing explosive behavior, date stamping the origination and collapse of economic exuberance, and providing valid confidence intervals for explosive growth rates. The method involves the recursive implementation of a right-side unit root test and a sup test, both of which are easy to use in practical applications, and some new limit theory for mildly explosive processes. The test procedure is shown to have discriminatory power in detecting periodically collapsing bubbles, thereby overcoming a weakness in earlier applications of unit root tests for economic bubbles. An empirical application to the …
Effects Of Multicollinearity On The Estimation Of Macroeconomic Variables: Using Data From Sudan,
2011
Department of Economics. Al Neelain University, Khartoum, Sudan
Effects Of Multicollinearity On The Estimation Of Macroeconomic Variables: Using Data From Sudan, Professor Issam A.W. Mohamed
Professor Issam A.W. Mohamed
The problem of multicollinearity in the assessments of coefficients is well established. However, it is rarely researched in the estimations of macroeconomic variables and economic performance of developing countries. Predicatively, it has impacts on the estimations of coefficients that should be used in economic decisions, strategic planning and if researchers are more industrious estimations of monetary supplies and demands. All such parameters are very basic and essential in economic plannings and their applications should be done not only in research but in ground applications of the specialized authorities, e.g., Ministries of Finance, Central Banks, Pricing Units, etc. However, that is …
Power Game, Stockholm Pathogen, Tyranny And The Disintegration Of The Sudanese Nation,
2011
Department of Economics. Al Neelain University, Khartoum, Sudan
Power Game, Stockholm Pathogen, Tyranny And The Disintegration Of The Sudanese Nation, Professor Issam A.W. Mohamed
Professor Issam A.W. Mohamed
The present paper is part of unpublished book divided into three interrelated manuscripts that analyze the collapse of the Sudan. The current paper suggests that the national salvation coup de etat power-overtaking and the creation of the NCP (National Congress Party) dominated Sudan only a process similar to Pathogenic Stockholm Syndrome. That conforms with what Gramsci suggests as an inevitable methodology to have sustainable hegemony over a whole nation for a prolonged time. Religious dogma was a permeation throughout society of an entire system of values, attitudes, beliefs and morality that have the effect of supporting the status quo in …
On Tyranny And Economic Greed: The Ncp And The Disintegration Of The Sudanese Nation,
2011
Department of Economics. Al Neelain University, Khartoum, Sudan
On Tyranny And Economic Greed: The Ncp And The Disintegration Of The Sudanese Nation, Professor Issam A.W. Mohamed
Professor Issam A.W. Mohamed
The present paper is part of unpublished book divided into three interrelated manuscripts that analyze the collapse of the Sudan. The current paper conclude that the decision of the International Criminal Court to arrest President Bashir triggered a process for the disintegration of an unprecedented tyrannical regime that embezzled the Sudanese nation under the pretext of imposing Islamic Sharia Laws. However, there is a pronounced prominent conflict manifested here which is the question whether it was a real Islamic laws, or was it only a powerful tool to control the country. The dogma imposed hegemonic regime that extracted all economic …
Australia's Hybrid Approach To Project Finance,
2011
Bond University
Australia's Hybrid Approach To Project Finance, Pierre Tapper, Michael Regan
Michael Regan
Extract: Project finance generally refers to long-term, limited recourse debt structured to meet the specific requirements of capital-intensive resource and infrastructure projects. Project finance is designed to the strength of future cash flow and there is less reliance on more traditional credit benchmarks such as the credit standing of the borrower and the security value of the asset being financed.
The Unbearable Lightness Of The Economics-Made-Fun Genre,
2011
University of Massachusetts Boston
The Unbearable Lightness Of The Economics-Made-Fun Genre, Peter Spiegler
Economics Faculty Publication Series
Several commentators have argued that the Economics-Made-Fun (“EMF”) genre contains very little actual economics. As such, it would seem that criticisms of EMF do not apply economics more broadly. In this paper I take a contrary view, arguing that, in fact, at a deep conceptual level, the engine of EMF analyses is precisely the engine of mainstream economics. Specifically, I argue that both EMF and mainstream economics rest on a conceptual foundation known as the Principal of the Substitution of Similars (“PSS”). Understanding how PSS leads EMF practitioners to make claims well beyond what is warranted by their analysis also …
A Financial Impact Assessment Of Ld 1725: Stream Crossings,
2011
University of Southern Maine
A Financial Impact Assessment Of Ld 1725: Stream Crossings, New England Environmental Finance Center, Muskie School Of Public Service
Water
This report looks at the potential financial impact of LD 1725 on the estimated 30,000 stream crossings in the State of Maine that would be affected by the law. Our research for this report included the analysis of nearly 2000 stream crossings and the data collection necessary for the development of extensive stream crossing replacement cost models. We found that the 1.2 bankfull requirements in LD 1725 would result in a 75% ‐ 250% increase in structure widths for stream crossing projects across the state. An upsize of this magnitude would increase the cost of replacing stream crossings statewide by …
Directors' And Officers' Liability Insurance And Acquisition Outcomes,
2011
Chinese University of Hong Kong
Directors' And Officers' Liability Insurance And Acquisition Outcomes, Chen Lin, Micah S. Officer, Hong Zou
Finance Faculty Works
We examine the effect of directors' and officers' liability insurance (D&O insurance) on the outcomes of merger and acquisition (M&A) decisions. We find that acquirers whose executives have a higher level of D&O insurance coverage experience significantly lower announcement-period abnormal stock returns. Further analyses suggest that acquirers with a higher level of D&O insurance protection tend to pay higher acquisition premiums and their acquisitions appear to exhibit lower synergies. The evidence provides support for the notion that the provision of D&O insurance can induce unintended moral hazard by shielding directors and officers from the discipline of shareholder litigation.
The Gettysburg Economic Review, Volume 5, 2011,
2011
Gettysburg College
The Gettysburg Economic Review, Volume 5, 2011
Gettysburg Economic Review
No abstract provided.
The Economic Value Of A Sustainable Supply Chain,
2011
University of San Francisco
The Economic Value Of A Sustainable Supply Chain, Robert Mefford
Finance
The economic rationale to operate a global supply chain in a sustainable manner is developed. Arguments are made based on marketing, finance, and production theories that by engaging in socially responsible behavior the firm will increase sales, decrease costs, reduce financial risk, and increase profits which ultimately will increase returns to the firm’s shareholders. A model is developed of the mechanism by which modern production methods such as lean production and quality management result in sustainable corporate behavior which, in the long run, translates into higher stock valuations. The production effects cause marketing and financial risk effects that are complementary, …
Inflația Și Politica Monetară. Modele De Estimare Și Analiză,
2011
University of Craiova
Inflația Și Politica Monetară. Modele De Estimare Și Analiză, Mihai Nițoi
Mihai Nițoi
No abstract provided.
Cv,
2011
University of Stavanger
International Diversification: An Extreme Value Approach,
2011
Columbia University
International Diversification: An Extreme Value Approach, Lorán Chollete, Victor De La Peña, Ching-Chih Lu
Lorán Chollete
No abstract provided.
An Analysis Of Presence Of Long Memory In The Indian Foreign Exchange Market,
2011
Univerisity of Hyderabad
An Analysis Of Presence Of Long Memory In The Indian Foreign Exchange Market, Anoop Sasikumar
Anoop Sasikumar
This paper seeks to analyze the presence of long memory in the Indian foreign exchange market using a family of tests. The study has used Nominal Effective Exchange Rate (NEER) series as the data source to check the possible presence of long memory. Three R/S statistics viz. Hurst, Mandelbrot’s and Lo’s modified R/S statistics as well as two semi-parametric tests viz. Robinson’s Gaussian semi-parametric estimate and Andrews-Guggenberger modified GPH estimator are used for the purpose of analysis. All the results conclusively prove the presence of strong version of long memory in the Indian foreign exchange market.
