New York University

Displaying 1-40 of 107 results

  • White Papers // Nov 2013

    Amplifying Privacy in Privacy Amplification

    In this paper the authors study the classical problem of privacy amplification, where two parties alice and bob share a weak secret X of min-entropy k, and wish to agree on secret key R of length m over a public communication channel completely controlled by a computationally unbounded attacker Eve....

    Provided By New York University

  • White Papers // Oct 2013

    Security Analysis of Pseudo-Random Number Generators with Input: /dev/random is Not Robust

    A Pseudo-Random Number Generator (PRNG) is a deterministic algorithm that produces numbers whose distribution is indistinguishable from uniform. A formal security model for PRNGs with input was proposed in 2005 by Barak and Halevi (BH). This model involves an internal state that is refreshed with a (potentially biased) external random...

    Provided By New York University

  • White Papers // Aug 2012

    Differential Privacy with Imperfect Randomness

    Most cryptographic algorithms require randomness (for example, to generate their keys, probabilistically encrypt messages, etc.). Usually, one assumes that perfect randomness is available, but in many situations this assumption is problematic, and one has to deal with more realistic, "Imperfect" sources of randomness R. In this paper, the authors revisit...

    Provided By New York University

  • White Papers // Jul 2012

    Publicly Verifiable Delegation of Large Polynomials and Matrix Computations, with Applications

    Outsourced computations (where a client requests a server to perform some computation on its behalf) are becoming increasingly important due to the rise of Cloud Computing and the proliferation of mobile devices. Since cloud providers may not be trusted, a crucial problem is the verification of the integrity and correctness...

    Provided By New York University

  • White Papers // Jun 2012

    From Selective to Full Security: Semi-Generic Transformations in the Standard Model

    In this paper, the authors propose an efficient, standard model, semi-generic transformation of selective secure (Hierarchical) Identity-Based Encryption (H)IBE schemes into fully secure ones. The main step is a procedure that uses admissible hash functions (whose existence is implied by collision-resistant hash functions) to convert any selective-secure Wildcarded Identity-Based Encryption...

    Provided By New York University

  • White Papers // May 2012

    The Urge to Merge: When Cellular Service Providers Pool Capacity

    As cellular networks are turning into a platform for ubiquitous data access, cellular operators are facing a severe data capacity crisis due to the exponential growth of traffic generated by mobile users. In this paper, the authors investigate the benefits of sharing infrastructure and spectrum among two cellular operators. Specifically,...

    Provided By New York University

  • White Papers // May 2012

    38 GHz and 60 GHz Angle-Dependent Propagation for Cellular & Peer-To-Peer Wireless Communications

    As the cost of massively broadband semiconductors continue to be driven down at millimeter wave (mm-wave) frequencies, there is great potential to use LMDS spectrum (in the 28 - 38 GHz bands) and the 60 GHz band for cellular/mobile and peer-to-peer wireless networks. This paper presents urban cellular and peer-to-peer...

    Provided By New York University

  • White Papers // May 2012

    NeuFlow: Dataflow Vision Processing System-on-a-Chip

    In this paper, the authors present neuFlow System-on-Chip (SoC) - a neuromorphic vision System-on-Chip (SoC) implemented in the IBM 45 nm SOI process. The neuFlow processor was designed to accelerate neural networks and other complex vision algorithms based on large numbers of convolutions and matrix-to-matrix operations. Post-layout characterization shows that...

    Provided By New York University

  • White Papers // Mar 2012

    Efficient Network Coding Signatures in the Standard Model

    Network Coding is a routing technique where each node may actively modify the received packets before transmitting them. While this departure from passive networks improves throughput and resilience to packet loss it renders transmission susceptible to pollution attacks where nodes can misbehave and change in a malicious way the messages...

    Provided By New York University

  • White Papers // Feb 2012

    Message Authentication, Revisited

    Message Authentication Codes (MACs) are one of the most fundamental primitives in cryptography. Historically, a vast majority of MAC constructions are based on Pseudo-Random Functions (PRFs). In particular, since a PRF with large output domain is also a MAC, most research on symmetric-key authentication concentrated on designing and improving various...

    Provided By New York University

  • White Papers // Dec 2011

    Cloud-Assisted Multiparty Computation From Fully Homomorphic Encryption

    The authors construct protocols for secure multiparty computation with the help of a computationally powerful party, namely the "Cloud". Their protocols are simultaneously efficient in a number of metrics: rounds, communication and computation. In the semi-honest case, their protocol relies on the "Ring Learning With Errors" (RLWE) assumption, whereas in...

    Provided By New York University

  • White Papers // Nov 2011

    Femtocells: Past, Present, and Future

    The topology and architecture of cellular networks are undergoing a major paradigm shift from voice-centric, circuit switched and centrally optimized for coverage towards datacentric, packet switched and organically deployed for capacity. The principle drivers for this shift are intense consumer demand for mobile data that has exceeded even the most...

    Provided By New York University

  • White Papers // Jun 2011

    Gaussian Interference Channel Aided by a Relay With Out-of-Band Reception and In-Band Transmission

    A Gaussian Interference Channel (IC) is investigated in which a relay assists two source-destination pairs. The relay is assumed to receive over dedicated orthogonal channels from the sources (e.g., over orthogonal bands or time slots, or over wired links), while it transmits in the same band as the sources. This...

    Provided By New York University

  • White Papers // Jun 2011

    Structure Preserving CCA Secure Encryption and Its Application to Oblivious Third Parties

    In this paper, the authors present the first public key encryption scheme that is structure preserving, i.e., the encryption scheme uses only algebraic operations. In particular, it does not use hash-functions or interpret group elements as bit-strings. This makes the scheme a perfect building block for cryptographic protocols where parties...

    Provided By New York University

  • White Papers // Jun 2011

    GNUC: A New Universal Composability Framework

    The authors put forward a framework for the modular design and analysis of multi-party protocols. The framework is called "GNUC" (with the recursive meaning "GNUC's Not UC"), already alluding to the similarity to Canetti's Universal Composability (UC) framework. In particular, like UC, they offer a universal composition theorem, as well...

    Provided By New York University

  • White Papers // Apr 2011

    NeuFlow: A Runtime Reconfigurable Dataflow Processor for Vision

    In this paper, the authors present a scalable dataflow hardware architecture optimized for the computation of general-purpose vision algorithms - neuFlow - and a dataflow compiler - luaFlow - that transforms high-level flow-graph representations of these algorithms into machine code for neuFlow. This paper was designed with the goal of...

    Provided By New York University

  • White Papers // Jan 2011

    Gambling On The Stock Market: The Case Of Bankrupt Companies

    This paper asks whether the stocks of bankrupt firms are correctly priced, and explores who trades the stocks of these firms, and why. This sample consists of firms that enter into Chapter 11 and remain listed on the NYSE, AMEX, and NASDAQ post-filing. The authors show that these stocks are...

    Provided By New York University

  • White Papers // Jan 2011

    Distributed CQL Made Easy

    This paper is about making it easy to implement a distributed CQL. CQL is a continuous query language that extends SQL with a notion of windows over infinite streams of data. Programmers like using CQL, because its syntax is already familiar to them from their experience with other database-backed applications....

    Provided By New York University

  • White Papers // Jan 2011

    If You Build It: State Unemployment Insurance Trust Solvency And Benefit Generosity

    There is little empirical research on the determinants of Unemployment Insurance (UI) benefit generosity, especially in the American states. However, UI benefit generosity is thought to be a function of state UI trust fund adequacy. Adequacy, or solvency, is traditionally measured by one of three figures. The first is the...

    Provided By New York University

  • White Papers // Jan 2011

    Keyword Search and Oblivious Pseudorandom Functions

    The authors study the problem of privacy-preserving access to a database. Particularly, they consider the problem of privacy-preserving Keyword Search (KS), where records in the database are accessed according to their associated keywords and where they care for the privacy of both the client and the server. They provide efficient...

    Provided By New York University

  • White Papers // Jan 2011

    Shark: Scaling File Servers Via Cooperative Caching

    Network file systems offer a powerful, transparent interface for accessing remote data. Unfortunately, in current network file systems like NFS, clients fetch data from a central file server, inherently limiting the system's ability to scale too many clients. While recent distributed (peer-to-peer) systems have managed to eliminate this scalability bottleneck,...

    Provided By New York University

  • White Papers // Jan 2011

    On-the-Fly Verification of Rateless Erasure Codes for Efficient Content Distribution

    Peer-to-Peer Content Distribution Networks (P2P-CDNs) are trafficking larger and larger files, but end-users have not witnessed meaningful increases in their available bandwidth, nor have individual nodes become more reliable. As a result, the transfer times of files in these networks often exceed the average uptime of source nodes, and receivers...

    Provided By New York University

  • White Papers // Jan 2011

    On-the-Fly Verification of Erasure-Encoded File Transfers (Extended Abstract)

    The quality of peer-to-peer content distribution can suffer from the malicious behavior of participants that corrupt or mislabel content. While systems using simple block-by-block downloading can verify blocks using traditional cryptographic signatures, these same techniques may not be applied to more elegant systems that rely on erasure codes for efficient...

    Provided By New York University

  • White Papers // Jan 2011

    Democratizing Content Publication With Coral

    CoralCDN is a peer-to-peer content distribution network that allows a user to run a web site that offers high performance and meets huge demand, all for the price of a cheap broadband Internet connection. Volunteer sites that run CoralCDN automatically replicate content as a side effect of users accessing it....

    Provided By New York University

  • White Papers // Jan 2011

    Non-Transitive Connectivity and DHTs

    The most basic functionality of a Distributed Hash Table, or DHT, is to partition a key space across the set of nodes in a distributed system such that all nodes agree on the partitioning. For example, the Chord DHT assigns each node a random identifier from the key space of...

    Provided By New York University

  • White Papers // Jan 2011

    Locality Prediction for Oblivious Clients

    To improve performance, large-scale Internet systems require clients to access nearby servers. While centralized systems can leverage static topology maps for rough network distances, fully-decentralized systems have turned to active probing and network coordinate algorithms to scalably predict inter-host latencies. Internet applications seeking immediate adoption, however, must inter-operate with unmodified...

    Provided By New York University

  • White Papers // Jan 2011

    Packet Loss Characterization in WiFi-Based Long Distance Networks

    Despite the increasing number of WiFi-based Long Distance (WiLD) network deployments, there is a lack of understanding of how WiLD networks perform in practice. In this paper, the authors perform a systematic study to investigate the commonly cited sources of packet loss induced by the wireless channel and by the...

    Provided By New York University

  • White Papers // Nov 2010

    Optimal Interventions In Markets With Adverse Selection

    The authors characterize cost-minimizing interventions to restore lending and investment when markets fail due to adverse selection. They solve a mechanism design problem where the strategic decision to participate in a government's program signals information that affects the financing terms of non-participating borrowers. In this environment, they find that the...

    Provided By New York University

  • White Papers // Nov 2010

    Labor Unemployment Risk And Corporate Financing Decisions

    This paper examines the impact of labor unemployment risk on corporate financing decisions. Theory suggests that firms choose conservative financial policies partly as a means of mitigating worker exposure to unemployment risk. Using changes in state unemployment insurance benefit laws as a source of variation in the costs borne by...

    Provided By New York University

  • White Papers // Oct 2010

    Secure Remote Authentication Using Biometrics

    Biometrics offer a potential source of high-entropy, secret information. Before such data can be used in cryptographic protocols, however, two issues must be addressed: biometric data are not uniformly distributed, and are not exactly reproducible. Recent work most notably that of the authors has shown how these obstacles may be...

    Provided By New York University

  • White Papers // Oct 2010

    Liquidity And Monetary Policy

    In the period leading up to the financial crisis of 2007-2008, financial institutions of all sorts increased their leverage in the wholesale markets, relying heavily on collateralized borrowing in the form of repurchase agreements ('Repos') and issuance of Asset-Backed Commercial Paper (ABCP). As the crisis approached, lenders became nervous and...

    Provided By New York University

  • White Papers // Oct 2010

    Are All Currency Managers Equal?

    The authors present a post-sample paper of currency fund managers showing that alpha hunters and especially alpha generators are more effective in providing diversification benefits for a global equity portfolio than currency managers who earn beta returns from popular style strategies or managers with high total returns regardless of their...

    Provided By New York University

  • White Papers // Oct 2010

    The Seeds Of A Crisis: A Theory Of Bank Liquidity And Risk-Taking Over The Business Cycle

    The authors examine how the banking sector may ignite the formation of asset price bubbles when there is access to abundant liquidity. Inside banks, given lack of observability of effort, loan officers (or risk takers) are compensated based on the volume of loans but are penalized if banks suffer a...

    Provided By New York University

  • White Papers // Oct 2010

    Cryptography Against Continuous Memory Attacks

    The authors say that a cryptographic scheme is Continuous Leakage-Resilient (CLR), if it allows users to refresh their secret keys, using only fresh local randomness, such that: The scheme remains functional after any number of key refreshes, although the public key never changes. Thus, the "Outside world" is neither affected...

    Provided By New York University

  • White Papers // Sep 2010

    Master Of Science In Construction Management

    The 42-credit M.S. in Construction Management provides you with the fundamentals of both project and business management. You obtain the requisite technical expertise and financial knowledge, as well as the entrepreneurial and organizational skills, to run a construction project or company. Students learn how to effectively manage the components of...

    Provided By New York University

  • White Papers // Sep 2010

    Piccolo: Building Fast, Distributed Programs with Partitioned Tables

    Piccolo is a new data-centric programming model for writing parallel in-memory applications in data centers. Unlike existing data-flow models, Piccolo allows computation running on different machines to share distributed mutable state via a key-value table interface. Piccolo enables efficient application implementations. In particular, applications can specify locality policies to exploit...

    Provided By New York University

  • White Papers // Sep 2010

    Efficient Public-Key Cryptography in the Presence of Key Leakage

    Traditionally, the security of cryptographic schemes has been analyzed in an idealized setting, where an adversary only sees the specified \"Input/output behavior\" of a scheme, but has no other access to its internal secret state. Unfortunately, in the real world, an adversary may often learn some partial information about secret...

    Provided By New York University

  • White Papers // Sep 2010

    Collusion-Resilient Credit-Based Reputations for Peer-to-Peer Content Distribution

    With growing demand for high-quality multimedia content, content providers face enormous pressure to scale the serving capacity. Peer-to-peer content distribution is a natural low cost option to scale system capacity. In a P2P CDN model, content providers serve content using a small number of "Official" seeder nodes and rely on...

    Provided By New York University

  • White Papers // Sep 2010

    Sovereign Default Risk Assessment From The Bottom-Up

    In 2010, the world's focus on the global financial crisis shifted from financial markets and institutions to sovereign debt, especially in Europe. This has motivated a re-examination of techniques and traditional indicators to assess the health of individual countries. Since the potential financial and economic implosion of several European countries...

    Provided By New York University

  • White Papers // Aug 2010

    The Social Cost Of Near-Rational Investment

    The authors show that the stock market may fail to aggregate information even if it appears to be efficient; the resulting collapse in the dissemination of information may drastically reduce welfare. They solve a macroeconomic model in which information about fundamentals is dispersed and households make small, correlated errors around...

    Provided By New York University

  • White Papers // Jan 2003

    Private Company Valuation

    Like public companies, private companies must be valued to determine their standing in the global market. Experts suggest that valuing private companies involves an elaborate process. The process consists of choosing the right model, estimating discount rate, estimating cash flows, and completing the valuation. The process of completion of valuation...

    Provided By New York University

  • White Papers // Apr 2004

    The Stranglophone: Enhancing Expressiveness in Live Electronic Music

    This paper describes the design and on-going development of an expressive gestural MIDI interface and how this could enhance live performance of electronic music. The design criteria for the project included portability, ease of use, the potential for virtuosity and a clear relationship between the gestures required to play the...

    Provided By New York University

  • White Papers // Sep 2009

    The Sarbanes Oxley Act of 2002: Implications for Compensation Contracts and Managerial Risk-Taking

    This paper shows that the period following the passage of the Sarbanes Oxley Act of 2002 (SOX) is associated with a significant reduction in compensation-based incentives to take risk, which is related to a decline in risky investments. Moreover, consistent with the rules in SOX directly affecting CEOs' incentives to...

    Provided By New York University

  • White Papers // Jan 2010

    Constrained Component Deployment in Wide-Area Networks using AI Planning Techniques

    Component-based models represent a dominant trend in the construction of wide-area network applications, making possible the integration of diverse functionality contained in modules distributed across the network. Although linkages between modules have traditionally been specified statically, a growing number of frameworks are investigating approaches where appropriate components are dynamically selected...

    Provided By New York University

  • White Papers // Dec 2009

    Digital Disaster, Cyber Security and the Copenhagen School

    This paper is devoted to an analysis of cyber security, a concept that arrived on the post-Cold War agenda in response to a mixture of technological innovations and changing geopolitical conditions. Adopting the framework of securitization theory, the paper theorizes cyber security as a distinct sector with a particular constellation...

    Provided By New York University

  • White Papers // Oct 2009

    Robust Cooperative Relaying in a Wireless LAN: Cross-Layer Design and Performance Analysis

    A key technology in cooperative communications is Distributed Space-Time Coding (DSTC) which achieves spatial diversity gain from multiple relays. A novel DSTC, called Randomized Distributed Space-Time Coding (R-DSTC), shows considerable advantages over a regular DSTC in terms of system complexity. This paper exploits the benefits of R-DSTC Physical (PHY) layer...

    Provided By New York University

  • White Papers // Oct 2010

    Secure Remote Authentication Using Biometrics

    Biometrics offer a potential source of high-entropy, secret information. Before such data can be used in cryptographic protocols, however, two issues must be addressed: biometric data are not uniformly distributed, and are not exactly reproducible. Recent work most notably that of the authors has shown how these obstacles may be...

    Provided By New York University

  • White Papers // Nov 2008

    Retail Advertising Works! Measuring The Effects Of Advertising On Sales Via A Controlled Experiment On Yahoo!

    A randomized experiment performed in cooperation between Yahoo! and a major retailer allows to measure the effects of online advertising on sales. The authors exploit a match of over one million customers between the databases of Yahoo! and the retailer, assigning them to treatment and control groups for an online...

    Provided By New York University

  • White Papers // Jun 2011

    Structure Preserving CCA Secure Encryption and Its Application to Oblivious Third Parties

    In this paper, the authors present the first public key encryption scheme that is structure preserving, i.e., the encryption scheme uses only algebraic operations. In particular, it does not use hash-functions or interpret group elements as bit-strings. This makes the scheme a perfect building block for cryptographic protocols where parties...

    Provided By New York University

  • White Papers // Jun 2011

    GNUC: A New Universal Composability Framework

    The authors put forward a framework for the modular design and analysis of multi-party protocols. The framework is called "GNUC" (with the recursive meaning "GNUC's Not UC"), already alluding to the similarity to Canetti's Universal Composability (UC) framework. In particular, like UC, they offer a universal composition theorem, as well...

    Provided By New York University

  • White Papers // Sep 2010

    Collusion-Resilient Credit-Based Reputations for Peer-to-Peer Content Distribution

    With growing demand for high-quality multimedia content, content providers face enormous pressure to scale the serving capacity. Peer-to-peer content distribution is a natural low cost option to scale system capacity. In a P2P CDN model, content providers serve content using a small number of "Official" seeder nodes and rely on...

    Provided By New York University

  • White Papers // Aug 2009

    Crisis Resolution And Bank Liquidity

    When banks have relative expertise in employing risky assets, the market for these assets clears only at re-sale prices following a large number of bank failures. The gains from acquiring assets at re-sale prices make it attractive for banks to hold liquid assets. The resulting choice of bank liquidity is...

    Provided By New York University

  • White Papers // Oct 2009

    Imperfect Competition In The Interbank Market For Liquidity As A Rationale For Central Banking

    The authors study liquidity transfers between banks through the interbank borrowing and asset sale markets when surplus banks providing liquidity have market power, there are frictions in the lending market due to moral hazard, and assets are bank-specific. They show that when the outside options of needy banks are weak,...

    Provided By New York University

  • White Papers // Jan 2010

    A Universal Calculus for Stream Processing Languages

    Stream processing applications such as algorithmic trading, MPEG processing, and web content analysis are ubiquitous and essential to business and entertainment. Language designers have developed numerous domain-specific languages that are both tailored to the needs of their applications, and optimized for performance on their particular target platforms. Unfortunately, the goals...

    Provided By New York University

  • White Papers // May 2010

    Dynamic Incentive Accounts

    The authors study optimal executive compensation in a dynamic framework that incorporates many important features of the CEO Job absent from a static setting. Shocks to firm value may weaken the incentive effects of securities over time. The CEO can undo the contract by privately saving, and temporarily manipulate the...

    Provided By New York University

  • White Papers // Oct 2009

    Illiquidity And Under-Valuation Of Firms

    The authors study a competitive model in which market incompleteness implies that debt-financed firms may default in some states of nature and default may lead to the sale of the firms' assets at fire sale prices when markets are illiquid. This incompleteness is the only friction in the model and...

    Provided By New York University

  • White Papers // Jul 2009

    The New Case For Functional Separation In Wholesale Financial Services

    This paper reexamines the separation of commercial and investment banking in the context of modern wholesale financial environment, dominated by a small cohort of "Systemic" institutions. The paper traces the pathology of regulation and deregulation from the watershed events of the 1930s to the systemic financial failures of the recent...

    Provided By New York University

  • White Papers // Dec 2009

    A Behavioral Finance Explanation For The Success Of Low Volatility Portfolios

    Arguably the most remarkable anomaly in finance is the violation of the risk?]return tradeoff within the stock market: Over the past 40 years, high volatility and high beta stocks in U.S. markets have substantially underperformed low volatility and low beta stocks. The authors propose an explanation that combines the average...

    Provided By New York University

  • White Papers // Nov 2009

    The Efficient Markets Hypothesis: The Demise Of The Demon Of Chance?

    Many commentators have suggested that economists in general and financial economists in particular have some responsibility for the recent global financial crisis. They were blinded by an irrational faith in a discredited Efficient Markets Hypothesis and failed to see the bubble in asset prices and to give due warning of...

    Provided By New York University

  • White Papers // Jul 2009

    Dynamic Trading With Predictable Returns And Transaction Costs

    This paper derives in closed form the optimal dynamic portfolio policy when trading is costly and security returns are predictable by signals with different mean-reversion speeds. The optimal updated portfolio is a linear combination of the existing port-folio, the optimal portfolio absent trading costs, and the optimal portfolio based on...

    Provided By New York University

  • White Papers // Aug 2009

    When Everyone Runs For The Exit

    The dangers of shouting "Fire" in a crowded theater are well understood, but the dangers of rushing to the exit in the financial markets are more complex. Yet, the two events share several features, and the author analyzes why people crowd into theaters and trades, why they run, what determines...

    Provided By New York University

  • White Papers // Sep 2009

    Margin-Based Asset Pricing And Deviations From The Law Of One Price

    In a model with multiple agents with different risk aversions facing margin constraints, the authors show how securities' required returns are characterized both by their beta and their margins. Negative shocks to fundamentals make margin constraints bind, lowering risk free rates and raising Sharpe ratios of risky securities, especially for...

    Provided By New York University

  • White Papers // Aug 2009

    Testing Asymmetric-Information Asset Pricing Models

    Theoretical asset pricing models routinely assume that investors have heterogeneous information. The authors provide direct evidence of the importance of information asymmetry for asset prices and investor demands using plausibly exogenous variation in the supply of information caused by the closure of 43 brokerage firms' research operations in the U.S....

    Provided By New York University

  • White Papers // Sep 2009

    How Much Of The Diversification Discount Can Be Explained By Poor Corporate Governance?

    The authors investigate whether the diversification discount is simply a proxy for poor corporate governance. They find that the negative value impact of diversification is amplified by adverse governance variables such as low CEO ownership, low board independence, and board classification, and that approximately 25% to 30% of the diversification...

    Provided By New York University

  • White Papers // Sep 2009

    Stockholder And Bondholder Reactions To Revelations Of Large CEO Inside Debt Holdings: An Empirical Analysis

    The authors conduct an event study of stockholders' and bondholders' reactions to companies' initial reports of their CEOs' inside debt positions, as required by SEC disclosure regulations that became effective early in 2007. Results show that bond prices rise, equity prices fall, and the volatility of both securities drops at...

    Provided By New York University

  • White Papers // Aug 2009

    Do Hedge Funds Trade On Private Information? Evidence From Syndicated Lending And Short-selling

    This paper investigates important contemporary issues relating to hedge fund involvement in the syndicated loan market. In particular, the authors investigate the potential conflicts of interest that arise due to the lack of regulation relating to hedge funds permissible dual holding of loans and short positions in the equity of...

    Provided By New York University

  • White Papers // Jun 2009

    The Impact Of Investor Protection Law On Corporate Policy: Evidence From The Blue Sky Laws

    Recent studies have debated the impact of investor protection laws on firms' corporate policies. The author exploits the passage of state investor protection statutes ("Blue sky laws") in the U.S. in the early 20th century to estimate the effects of investor protection law on firm financing decisions and investment activity....

    Provided By New York University

  • White Papers // Jun 2009

    The 2007-2009 Financial Crisis And Executive Compensation: Analysis And A Proposal For A Novel Structure

    In this paper the authors analyze first how the common executive compensation, which is composed of equity-based compensation (stocks and executive stock options) and a fixed cash compensation, leads to a concave relationship between assets risk and compensation value and creates an incentive for the executive to choose corner solutions...

    Provided By New York University

  • White Papers // Sep 2009

    Post-Chapter 11 Bankruptcy Performance: Avoiding Chapter 22

    This paper extends the use of bankruptcy prediction models to a new application: the assessment of the health of industrial companies as they emerge from the Chapter 11 bankruptcy process, including the probability that the companies will have to file for bankruptcy again - the so-called "Chapter 22" phenomenon. The...

    Provided By New York University

  • White Papers // Jun 2009

    Creditor Rights And Corporate Risk-Taking

    The authors analyze the link between creditor rights and firms' investment policies, proposing that stronger creditor rights in bankruptcy reduce corporate risk-taking. In cross-country analysis, they find that stronger creditor rights induce greater propensity of firms to engage in diversifying acquisitions, which result in poorer operating and stock-market abnormal performance....

    Provided By New York University

  • White Papers // Jul 2009

    Illiquidity Or Credit Deterioration: A Study Of Liquidity In The US Corporate Bond Market During Financial Crises

    The authors use a unique data-set to study liquidity effects in the US corporate bond market, covering more than 30,000 bonds. The analysis explores time-series and cross-sectional aspects of corporate bond yield spreads, with the main focus being on the quantification of the impact of liquidity factors, while controlling for...

    Provided By New York University

  • White Papers // Aug 2009

    Background Risk And Trading In A Full-Information Rational Expectations Economy

    In this paper the authors assume that investors have the same information, but trade due to the evolution of their non-market wealth. In the formulation, investors rebalance their portfolios in response to changes in their expected non-market wealth, and hence trade. They assume an incomplete market in which risky non-market...

    Provided By New York University

  • White Papers // Aug 2009

    The Role Of Banks In Dividend Policy

    The authors document a significant inverse relationship between a firm's dividend payouts and reliance on bank loan financing. Banks limit dividend payouts to shareholders in order to protect the integrity of their senior claims on the firm's assets. Moreover, dividend payouts decline in the presence of monitoring by relationship banks,...

    Provided By New York University

  • White Papers // Jul 2009

    Precautionary Hoarding Of Liquidity And Inter-Bank Markets: Evidence From The Sub-prime Crisis

    The paper consists of three pieces. First, the authors document that liquidity holdings of the large settlement banks in the UK experienced on average a 30% increase in the period immediately. Second, they show that following this structural break, bank liquidity had a precautionary nature in that it rose on...

    Provided By New York University

  • White Papers // Jun 2009

    Endogenizing Bidder?s Choice In Financial Assets Auctions ? An Experimental Investigation

    This paper is to investigate the preferences of potential bidders in choosing between uniform and discriminatory auction pricing methods. Many financial assets, particularly government bonds, are issued in an auction. Uniform and discriminatory pricing constitute the two most popular mechanisms used in public auctions. Theoretical papers have not been able...

    Provided By New York University

  • White Papers // Jun 2009

    Efficient Recapitalization

    The authors analyze public interventions to alleviate debt overhang among private firms when the government has limited information and limited resources. They compare the efficiency of buying equity, purchasing existing assets, and providing debt guarantees. With symmetric information, all the interventions are equivalent. With asymmetric information between firms and the...

    Provided By New York University

  • White Papers // Jun 2009

    Crash Risk In Currency Markets

    How much of carry trade excess returns can be explained by the presence of disaster risk? To answer this question, the authors propose a simple structural model that includes both Gaussian and disaster risk premia and can be estimated even in samples that do not contain disasters. The model points...

    Provided By New York University

  • White Papers // Aug 2007

    Scaling The Hierarchy: How And Why Investment Banks Compete For Syndicate Co-Management Appointments

    The authors investigate why banks pressured research analysts to provide aggressive assessments of issuing firms during the 1990s. This competitive strategy did little to directly increase a bank's chances of winning lead-management mandates and ultimately led to regulatory penalties and costly structural reform. They show that aggressively optimistic research and...

    Provided By New York University

  • White Papers // Jan 2011

    Gambling On The Stock Market: The Case Of Bankrupt Companies

    This paper asks whether the stocks of bankrupt firms are correctly priced, and explores who trades the stocks of these firms, and why. This sample consists of firms that enter into Chapter 11 and remain listed on the NYSE, AMEX, and NASDAQ post-filing. The authors show that these stocks are...

    Provided By New York University

  • White Papers // Apr 2010

    SV-BCMCS: Scalable Video Multicast in Hybrid 3G/Ad-Hoc Networks

    Mobile video broadcasting service, or mobile TV, is a promising application for 3G wireless network operators. Most existing solutions for video broadcast/multicast services in 3G networks employ a single transmission rate to cover all viewers. The system-wide video quality of the cell is therefore throttled by a few viewers close...

    Provided By New York University