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University of London
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Practical NFC Peer-to-Peer Relay Attack Using Mobile Phones
April 23, 2010, 12:00am PDT
NFC is a standardised technology providing short-range RFID communication channels for mobile devices. Peer-to-peer applications for mobile devices are receiving increased interest and in some...
Provided by Royal Holloway, University of London
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On the Relations Between Non-Interactive Key Distribution, Identity-Based Encryption and Trapdoor Discrete Log Groups
October 12, 2009, 12:00am PDT
This paper investigates the relationships between Identity-Based Non-Interactive Key Distribution (ID-NIKD) and Identity-Based Encryption (IBE). It provides a new security model for ID-NIKD, and a...
Provided by University of London
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Certificateless Encryption Schemes Strongly Secure in the Standard Model
December 3, 2007, 12:00am PST
This paper presents the first constructions for CertificateLess Encryption (CLE) schemes that are provably secure against strong adversaries in the standard model. It includes both a generic...
Provided by University of London
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Revisiting the Security Model for Timed-Release Encryption With Pre-Open Capability
June 28, 2007, 12:00am PDT
The concept of Timed-Released Encryption with Pre-open Capability (TRE-PC) was introduced by Hwang, Yum and Lee. In a TRE-PC scheme, a message is encrypted in such a way that it can only be...
Provided by University of London
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Ethnic Parity In Labour Market Outcomes For Benefit Claimants In Great Britain
June 1, 2010, 12:00am PDT
Accurate estimates of the extent of ethnic parity amongst benefit claimants are very important for policymakers who provide interventions for these groups. The authors use new administrative data...
Provided by University of London
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Geographic Clustering And Network Evolution Of Innovative Activities: Evidence From China~s Patents
February 1, 2010, 12:00am PST
This paper examines the spatial distribution and social structure of processes of learning and knowledge creation within the context of the inventor network connecting Chinese patent teams....
Provided by University of London
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The Impact Of Technological Regimes On Patterns Of Sustained And Sporadic Innovation Activities In UK Industries
February 1, 2010, 12:00am PST
This paper brings together ideas about technological regimes and looks at their influence on patterns of sustained or persistent innovation across UK manufacturing and services industries using...
Provided by University of London
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White Papers
How Green Should Environmental Regulators Be?
December 1, 2010, 12:00am PST
The extent to which environmental regulatory institutions are either 'Green' or 'Brown' impacts not just the intensity of regulation at any moment, but also the incentives for the development of...
Provided by University of London
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White Papers
Debt Valuation And Chapter 22
November 1, 2010, 12:00am PDT
Numerous studies have examined the effect on credit spreads of renegotiation. These studies have generally focused on the impact on spread levels in general, and not on how renegotiation...
Provided by University of London
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Foreign Exchange Reserves In A Credit Constrained Economy
September 1, 2010, 12:00am PDT
The authors discuss the role of foreign exchange reserves as precautionary savings under an imperfect market framework due to the presence of endogenously determined borrowing constraints. They...
Provided by University of London
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Liquidity Preference And Information
March 1, 2010, 12:00am PST
This paper explores the link between anticipated information and a preference for liquidity in investment choices. Given a subjective ordering of investment portfolios by their liquidity, the...
Provided by University of London
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Social Capital, Poverty And Social Exclusion In Italy
February 1, 2010, 12:00am PST
The paper investigates whether social capital can affect the standard living of the Italian households based on poverty and social exclusion. The analysis is developed at the regional level...
Provided by University of London
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Social Capital, Community Governance And Credit Market
January 1, 2010, 12:00am PST
Financial contracts represent an exchange of financial resources today, such as money, for a promise to return more financial resources tomorrow. The aim of the paper is to test whether cheating...
Provided by University of London
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Employment And Asset Prices
November 1, 2009, 12:00am PDT
A medium-term relationship exists between share prices, normalised by labour productivity, and the rate of unemployment in the OECD countries. A similar relationship appears to exist between...
Provided by University of London
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Survey Evidence On Customer Markets
November 1, 2009, 12:00am PDT
This paper uses survey data from Iceland on 884 firms to test for the theory of customer markets proposed by Phelps and Winter (1970) and Okun (1981). The results provide support for the customer...
Provided by University of London
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An Essay On The Generational Effect Of Employment Protection
November 24, 2009, 12:00am PST
This paper provides an explanation for the observed positive relationship between youth unemployment and the cost of firing workers. When the cost of firing workers is high, firms only fire when...
Provided by University of London
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The Relationship Between The Volatility Of Returns And The Number Of Jumps In Financial Markets
November 17, 2009, 12:00am PST
The contribution of this paper is two-fold. First the authors show how to estimate the volatility of high frequency log-returns where the estimates are not affected by microstructure noise and the...
Provided by University of London
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Volatility And Covariation Of Financial Assets: A High-frequency Analysis
October 21, 2009, 12:00am PDT
Using high frequency data for the price dynamics of equities the authors measure the impact that market microstructure noise has on estimates of the: volatility of returns; and variance-covariance...
Provided by University of London
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Measuring The Natural Output Gap Using Actual And Expected Output Data
October 1, 2009, 12:00am PDT
An output gap measure is suggested based on the Beveridge-Nelson decomposition of output using a vector-autoregressive model that includes data on actual output and on expected output obtained...
Provided by University of London
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Strategies In Social Network Formation
June 1, 2009, 12:00am PDT
The authors run a computerised experiment of network formation where all connections are beneficial and only direct links are costly. Players simultaneously submit link proposals; a connection is...
Provided by University of London
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A New Proxy Of Social Capital And The Economic Performance Across The Italian Regions
January 1, 2009, 12:00am PST
In the last 20 years, social capital, has been evoked in several field of social science research and used to explain a vast range of phenomena: political participation, institution performance,...
Provided by University of London
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Liquidity Effects And Cost Channels In Monetary Transmission
January 1, 2009, 12:00am PST
The authors study liquidity effects and cost channels within a model of nominal rigidities and imperfect competition that gives explicit role for money-credit markets and investment decisions....
Provided by University of London
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Economic Growth And The Design Of Search Engines
January 9, 2009, 12:00am PST
The Internet plays a growing role in the economy. This paper extrapolates this trend and analyses a world where most transactions take place in "Cyberspace". The authors ask the following...
Provided by University of London
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Political Cycles In A Small Open Economy And The Effect Of Economic Integration: Evidence From Cyprus
December 1, 2008, 12:00am PST
This paper examines whether partisan politics and opportunistic government behavior generate political cycles in a small open economy, and, if so, whether such effects survive under increased...
Provided by University of London
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Revisiting The Comovement Puzzle: The Input-output Structure As An Additional Solution
September 25, 2008, 12:00am PDT
The authors propose an additional solution to the comovement puzzle by developing a two-sector monetary model with housing production and an input-output structure. The model generates comovement...
Provided by University of London
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White Papers
Approximate Expected Delay Costs For Call And Contact Centre Models Under Light Traffic Regimes
July 10, 2008, 12:00am PDT
This paper studies the form of certain expected delay costs as a function of the arrival rate for customers who pass through a service facility that allows for reneging and retrials. The authors...
Provided by University of London
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Social Networks And Trust: Not The Experimental Evidence You May Expect
January 4, 2008, 12:00am PST
The authors run a laboratory experiment were 'Friendship' networks are generated endogenously within an anonymous group. Their experiment builds on two phases in sequence: a network formation game...
Provided by University of London
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Pricing Forward Contracts In Power Markets By The Certainty Equivalence Principle: Explaining The Sign Of The Market Risk Premium
December 14, 2007, 12:00am PST
In this paper the authors provide a framework that explains how the market risk premium, defined as the difference between forward prices and spot forecasts, depends on the risk preferences of...
Provided by University of London
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Inertia In Taylor Rules
November 1, 2007, 12:00am PDT
The inertia found in econometric estimates of interest rate rules is a continuing puzzle. Many reasons for it have been offered, though unsatisfactorily, and the issue remains open. In the...
Provided by University of London
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Real-time Prediction With UK Monetary Aggregates In The Presence Of Model Uncertainty
July 27, 2007, 12:00am PDT
A popular account for the demise of the UK monetary targeting regime in the 1980s blames the weak predictive relationships between broad money and inflation and real output. In this paper, the...
Provided by University of London
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White Papers
Research, Knowledge Spillovers And Innovation
July 15, 2007, 12:00am PDT
In order to assess the relationship between internal and external innovative inputs and innovative output at firm level, a knowledge production function is estimated for a representative sample of...
Provided by University of London
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Wage-directed Job Match With Multiple Applications And Multiple Vacancies: The Optimal Job Application Strategy And Wage Dispersion
June 26, 2007, 12:00am PDT
This paper develops a model of directed-search where workers' preference for a higher wage is explicitly modelled into their application strategy. In a general setting where jobs offer non-uniform...
Provided by University of London
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White Papers
Accountability Of Waqf Management: Learning From Praxis Of Nongovernmental Organisation (NGO)
July 5, 2010, 12:00am PDT
The paper aims to explore a conceptual framework in which improvement on waqf management may be made focusing on its relationship with beneficiaries. The paper uses accountability as the main...
Provided by Royal Holloway, University of London
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NGO Accountability And The Sharing Of Knowledge
July 4, 2010, 12:00am PDT
Accountability mechanisms offer the opportunity for sharing knowledge, through their role in the synthesis, contextualisation and transmission of information. Through an examination and analysis...
Provided by University of London
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Dimensionality Reduction and Clustering With Computational Economy Models
May 14, 2008, 12:00am PDT
The paper presents an approach of dimensionality reduction and clustering of a database based on three methods inspired from three computational economy models, namely the Dividend Valuation...
Provided by University of London
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White Papers
Client-Based CardSpace-OpenID Interoperation
May 6, 2011, 12:00am PDT
The authors propose a novel scheme to provide interoperability between two of the most widely discussed identity management systems, namely CardSpace and OpenID. In this scheme, CardSpace users...
Provided by University of London
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CardSpace-Shibboleth Integration for CardSpace Users
April 23, 2011, 12:00am PDT
Whilst the growing number of identity management systems have the potential to reduce the threat of identity attacks, major deployment problems remain because of the lack of interoperability...
Provided by University of London
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Enhancing CardSpace Authentication Using a Mobile Device
April 27, 2011, 12:00am PDT
In this paper the authors propose a simple, novel scheme for using a mobile device to enhance CardSpace authentication. During the process of user authentication on a PC using CardSpace, a random...
Provided by University of London
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Enhancing User Authentication in Claim-Based Identity Management
February 15, 2010, 12:00am PST
In Claim-Based Identity Management (CBIM) systems, users identify themselves using security tokens that contain personally identifiable information, and that are signed by an identity provider....
Provided by University of London
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Implementing PassCard - A CardSpace-Based Password Manager
December 20, 2010, 12:00am PST
The recently-proposed PassCard scheme enables CardSpace to be used as a password manager, thereby both improving the usability and security of passwords as well as encouraging CardSpace adoption....
Provided by University of London
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Connectivity Augmentation in Tactical Mobile Ad Hoc Networks
May 15, 2008, 12:00am PDT
Tactical networks in urban environments are constrained by limited line-of-sight communication and frequent network partitioning. Moreover, energy efficiency for both communication and computation...
Provided by University of London
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Investment Model Uncertainty And Fair Pricing
July 23, 2008, 12:00am PDT
Modern investment theory takes it for granted that a Security Market Line (SML) is as certain as its "Corresponding" Capital Market Line. (CML). However, it can be easily demonstrated that this is...
Provided by City University of London (Cass)
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Recent Developments On Internal Auditing Legislation In Public Institutions Of Turkey: A Hospital Case
July 1, 2009, 12:00am PDT
Today, the fundamental aims of business enterprises are to become current throughout the world and to expand in this competitive environment, and to increase the value and profit of shares. The...
Provided by City University of London (Cass)
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White Papers
Hedge Funds And Unconscious Fantasy
November 26, 2009, 12:00am PST
The authors help to explain the rapid growth in aggregate hedge fund assets under management until June 2008 followed by their collapse in terms of the conflicting emotions such investment...
Provided by City University of London (Cass)
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White Papers
Examining Topic Shifts in Content-Oriented XML Retrieval
June 27, 2007, 12:00am PDT
Content-oriented XML retrieval systems support access to XML repositories by retrieving, in response to user queries, XML document components (XML Elements) instead of whole documents. The...
Provided by University of London
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Using Audio Analysis and Network Structure to Identify Communities in On-Line Social Networks of Artists
August 29, 2008, 12:00am PDT
Community detection methods from complex network theory are applied to a subset of the Myspace artist network to identify groups of similar artists. Methods based on the greedy optimization of...
Provided by University of London
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Delegation And Satisfiability In Workflow Systems
April 2, 2008, 12:00am PDT
Supporting delegation mechanisms in workflow systems is receiving increasing interest from the research community. An important requirement of a constrained workflow is to guarantee the...
Provided by Royal Holloway, University of London
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Government's Role As Credit Insurer Of Last Resort And How It Can Be Fulfilled
October 9, 2008, 12:00am PDT
What caused the credit crisis? What will end the credit crisis? What will restore credit markets to normal functioning? This paper answers these three questions. There is of course no single cause...
Provided by City University of London (Cass)
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Economies of Scale and Scope in China's Banking Sector
August 22, 2008, 12:00am PDT
Employing the stochastic frontier approach and expansion path measures, this article estimates economies of scale and scope in China's banking sector during the period 1985 to 2002. The objective...
Provided by City University of London (Cass)
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Credit Risk And Business Cycle Over Different Regimes
October 1, 2007, 12:00am PDT
In the recent banking literature on the relationship between credit risk and business cycle, the presence of asymmetric effects both across credit risk regimes and through the business cycle has...
Provided by City University of London (Cass)
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The Design Of Bank Loan Syndicates In Emerging Markets Economies
July 1, 2007, 12:00am PDT
This paper empirically explore the influence of loan characteristics, banking and financial structure, and regulatory and institutional factors on the design of bank loan syndicates in emerging...
Provided by City University of London (Cass)
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White Papers
Cass Business School Workshop On The Proposed New UK Regime For Resolution Of Banking Problems
April 29, 2008, 12:00am PDT
This is a record of the discussion that took place on 7th April at a workshop organized by Cass Business School, on current proposals for a new UK regime for the resolution of banking problems....
Provided by City University of London (Cass)
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Government Backed Insurance Of Extreme Systemic Risk
December 15, 2008, 12:00am PST
Governments' worldwide have recapitalised their banks, but this has not been enough to persuade banks to lend again. Despite large interest rate reductions the supply of credit to households and...
Provided by City University of London (Cass)
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Corporate Social Responsibility And Financial Distress
September 23, 2007, 12:00am PDT
Using both multivariate regressions, simultaneous nonlinear equations and a discrete time hazard model, I find that the level of CSR (Corporate Social Responsibility) in a firm, proxied by KLD...
Provided by City University of London (Cass)
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Destructive Corporate Leadership And Board Loyalty Bias: A Case Study Of Michael Eisner's Long Tenure At Disney Corporation
June 25, 2010, 12:00am PDT
In this paper the authors argue that the widely-held public corporation, characterised by "Strong managers and weak owners" (Roe, 1994) is exposed to what Padilla, et al (2007) identify as...
Provided by City University of London (Cass)
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The Market Potential For Privately Financed Long Term Care Products In The UK
January 1, 2009, 12:00am PST
This paper considers the market potential for privately financed long term care products in the UK. It finds that since the present market is undeveloped there is scope to increase the range of...
Provided by City University of London (Cass)
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The Impact Of Hedging On Firm Value: Evidence From Brazil
February 21, 2008, 12:00am PST
This paper examines the impact of company's hedging activities on firm value for a sample of non-financial Brazilian companies from 1996 to 2005. The results show that hedging activities do...
Provided by City University of London (Cass)
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White Papers
On The Monitoring Role Of The Board Of Directors: The Case Of The Adoption Of Cadbury Recommendations In The UK
September 1, 2008, 12:00am PDT
The author test empirically the hypothesis that the monitoring roles of the board of directors depend on the severity of the agency problems and the amount of information needed to monitor. He...
Provided by City University of London (Cass)
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The Interrelationship Between Managerial Ownership And Board Structure
October 17, 2007, 12:00am PDT
The paper tests the hypothesis that high managerial ownership entrenches managers by allowing the CEO to create a board that is unlikely to monitor. The results show a strong negative relationship...
Provided by City University of London (Cass)
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Why Do Managers Avoid EPS Dilution?
October 30, 2009, 12:00am PDT
Survey and empirical evidence reveals that managers prefer to avoid earnings dilution, though financial theory suggests that it is irrelevant in firm valuation. The paper explores contracting and...
Provided by City University of London (Cass)
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Asymmetric Linkages Between High-Frequency DEM/USD and GBP/USD Exchange Rates
November 27, 2007, 12:00am PST
This paper investigates whether global imbalance in the size of the exchange rates order flow introduces asymmetric linkages. In particular, the authors study the high frequency volatility...
Provided by City University of London (Cass)
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Optimism And Portfolio Choice
September 6, 2009, 12:00am PDT
This study develops three heuristics to measure financial optimism: financial expectation, a priori optimism, and a posteriori optimism. This paper finds that financial optimism has a significant...
Provided by City University of London (Cass)
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An Econometric Analysis Of Fractional Models To Credit Risk Pricing
February 1, 2008, 12:00am PST
The authors propose a fractional version of two well-known credit risk pricing structural models: the Merton and Black and Cox models. The authors assume that the value of the firm obeys to a...
Provided by City University of London (Cass)
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The Impact Of Manager Changes On Fund Performance
April 11, 2008, 12:00am PDT
Using the unique database of UK fund manager changes and event study methodology, the authors examine the impact of such changes to establish whether this impact varies depending upon whether the...
Provided by City University of London (Cass)
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A Transaction Data Study Of The Forward Bias Puzzle
April 1, 2010, 12:00am PDT
Using a market microstructure analytical framework Authors decompose the FX forward discount bias into elements due to time-varying risk premia (related to EBS order flow) and forecast errors...
Provided by City University of London (Cass)
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White Papers
Asset Growth And Stock Returns: Evidence From The Pacific-Basin Markets
April 1, 2008, 12:00am PDT
This study examines the effect of corporate asset growth on stock returns using data on nine equity markets in the Pacific-Basin region (PACAP). There is a pervasive negative relation between...
Provided by City University of London (Cass)
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White Papers
Time-Varying Price Discovery In The European Treasury Markets
April 19, 2010, 12:00am PDT
This paper study's the price discovery process in the Euro area government bond markets. Authors of this paper analyze the most active German, French, Italian and Spanish sovereign securities...
Provided by City University of London (Cass)
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White Papers
What Kind Of Trading Drives Return Autocorrelation?
March 1, 2008, 12:00am PST
This paper proposes new tests for the prediction of Llorente, Michaely, Saar, and Wang (2002) that information trading drives the positive autocorrelation and allocation trading the negative...
Provided by City University of London (Cass)
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Dividend Resumptions, Future Profitability And Stock Returns
April 5, 2008, 12:00am PDT
This paper presents a new approach to examining the dividend signaling hypothesis by investigating dividend resumptions by UK former dividend payers. Evidence regarding the signaling hypothesis...
Provided by City University of London (Cass)
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Dividends And Momentum
October 13, 2009, 12:00am PDT
This paper investigates the relationship that exists between dividend yield and momentum strategies. Both have been shown to explain the cross-section of returns and yet they are negatively...
Provided by City University of London (Cass)
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Price And Momentum As Robust Tactical Approaches To Global Equity Investing
May 1, 2009, 12:00am PDT
This paper investigates the performance of momentum and timing approaches for investing across 32 international equity markets, adding to a growing body of literature including Siegel [2002] and...
Provided by City University of London (Cass)
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White Papers
Futures Trading And Market Microstructure Of The Underlying Security: A High Frequency Natural Experiment At The Single Stock Future Level
April 25, 2008, 12:00am PDT
This paper examines the differences in volume, volatility and liquidity in the underlying market during intervals when futures trade with those in which they do not trade using high frequency...
Provided by City University of London (Cass)
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White Papers
Corporate Governance And Market Segmentation: Evidence From The Price Difference Between Chinese A And H Shares
October 1, 2007, 12:00am PDT
This paper empirically examines the determinants of the price difference between Chinese A shares which are traded in the domestic market, and their matching H shares which are traded in the Hong...
Provided by City University of London (Cass)
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Managerial Overconfidence, Moral Hazard Problems, And Excessive Life-Cycle Debt Sensitivity
March 27, 2009, 12:00am PDT
This paper analyses the effects of managerial overconfidence on financing decisions and firm value when investors face managerial moral hazard. Authors consider two cases. In the first case, the...
Provided by City University of London (Cass)
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The Attractiveness Of Central Eastern European Countries For Venture Capital And Private Equity Investors
February 21, 2008, 12:00am PST
This paper addresses the attractiveness of Central Eastern European countries for Venture Capital and Private Equity investors by the construction of a composite index. For the index's composition...
Provided by City University of London (Cass)
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The Changing Role Of Industry And Country Effects In The Global Equity Markets'
November 13, 2008, 12:00am PST
Using a comprehensive database covering 50 industry groups and 34 countries over the period 1992 to 2001 this paper examines the roles of the country and industry effects in international equity...
Provided by City University of London (Cass)
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White Papers
Security Transaction Taxes And Financial Volatility: Evidence From The Athens Stock Exchange'
November 22, 2007, 12:00am PST
The study examines the effects of security transaction tax on volatility. It focuses on whether the tax has a greater effect on highly traded stocks since it penalizes entering and exiting the...
Provided by City University of London (Cass)
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White Papers
Locking In The Profits Or Putting It All On Black? An Empirical Investigation Into The Risk-Taking Behaviour Of Hedge Fund Managers
July 1, 2009, 12:00am PDT
The ideal fee structure aligns the incentives of the investor with those of the fund manager. Mutual funds typically only charge a management fee which is a proportion of the funds under...
Provided by City University of London (Cass)
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White Papers
The Performance Of UIP And PPP: Emerging Markets
January 1, 2008, 12:00am PST
The earlier work (Campbell, et al. 2007), which was based on data for developed countries, pointed to errors in exchange-rate expectations as the major force behind the poor performance of UIP and...
Provided by City University of London (Cass)
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White Papers
FDI And Growth In Emerging Markets: Does The Sectoral Distribution Matter - The Case Of Egypt
October 1, 2008, 12:00am PDT
This study contributes to the on-going discussion on FDI relation with growth in emerging markets. It is based on evidence from Egypt, testing FDI's effect on growth over the period 1974-2005. The...
Provided by City University of London (Cass)
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