New York University

Displaying 1-40 of 145 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

    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

    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

    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

    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 // 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 // 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 // Aug 2008

    Corporate Governance, Product Market Competition, And Equity Prices

    This paper examines the hypothesis that firms in competitive industries should benefit relatively less from good governance, while firms in non-competitive industries - where lack of competitive pressure fails to enforce discipline on managers - should benefit relatively more. Whether the authors look at the effects of governance on long-horizon...

    Provided By New York University

  • White Papers // Nov 2008

    Is A Higher Calling Enough? Incentive Compensation In The Church

    The authors study the compensation and productivity of more than 2,000 Methodist ministers in a 43-year panel data set. The church appears to use pay-for-performance incentives for its clergy, as their compensation follows a sharing rule by which pastors receive approximately 3 percent of the incremental revenue from membership increases....

    Provided By New York University

  • White Papers // Sep 2008

    Deductio Ad Absurdum: Ceos Donating Their Own Stock To Their Own Family Foundations

    The author studies large charitable stock gifts by Chairmen and CEOs of public companies. These gifts, which are not subject to insider trading law, often, occur just before sharp declines in their companies' share prices. This timing is more pronounced when executives donate their own shares to their own family...

    Provided By New York University

  • White Papers // Aug 2008

    Predictability And ?Good Deals? In Currency Markets

    This paper studies predictability of currency returns over the period 1971-2006. To assess the economic significance of predictability, the authors construct an upper bound on the explanatory power of predictive regressions. The upper bound is motivated by "No good-deal" restrictions that rule out unduly attractive investment opportunities. They find evidence...

    Provided By New York University

  • White Papers // Sep 2008

    Corporate Governance Objectives Of Labor Union Shareholders: Evidence From Proxy Voting

    Labor union shareholders have become increasingly vocal in matters of corporate governance; however, their motives have been subject to much debate in the academic literature and business press. The author examines the proxy votes of AFL-CIO pension funds in director elections of 504 companies from 2003 to 2006. Using the...

    Provided By New York University

  • White Papers // Aug 2008

    Trades Of The Living Dead: Style Differences, Style Persistence And Performance Of Currency Fund Managers

    The authors make use of a new database on daily currency fund manager returns over a three-year period, 2005-08. This higher frequency data allows them to estimate both alpha measures of performance and beta style factors on a yearly basis, which in turn allows them to test for persistence. They...

    Provided By New York University

  • White Papers // Jul 2008

    Estimating The Implied Risk Neutral Density For The U.S. Market Portfolio

    The market's risk neutral probability distribution for the value of an asset on a future date can be extracted from the prices of a set of options that mature on that date, but two key technical problems arise. In order to obtain a full well-behaved density, the option market prices...

    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 // May 2009

    Heterogeneous Expectations And Bond Markets

    This paper presents a dynamic equilibrium model of bond markets in which two groups of agents hold heterogeneous expectations about future economic conditions. The heterogeneous expectations cause agents to take on speculative positions against each other and therefore generate endogenous relative wealth fluctuation. The relative wealth fluctuation amplifies asset price...

    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 // Mar 2009

    PADS: A Policy Architecture for Distributed Storage Systems (Extended)

    This paper presents PADS, a policy architecture for building distributed storage systems. A policy architecture has two aspects. First, a common set of mechanisms that allow new systems to be implemented simply by defining new policies. Second, a structure for how policies, themselves, should be specified. In the case of...

    Provided By New York University

  • White Papers // Jan 2010

    A Universal Calculus for Stream Processing Languages (Extended)

    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 // 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 // May 2009

    Efficient Private Matching and Set Intersection

    The authors consider the problem of computing the intersection of private datasets of two parties, where the datasets contain lists of elements taken from a large domain. This problem has many applications for online collaboration. They present protocols, based on the use of homomorphic encryption and balanced hashing, for both...

    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 // 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 // Apr 2010

    Identity-Based Online/Offline Key Encapsulation and Encryption

    An Identity-Based Online/Offline Encryption (IBOOE) scheme splits the encryption process into two phases. The first phase performs most of the heavy computations, such as modular exponentiation or pairing over points on elliptic curve. The knowledge of the plaintext or the receiver's identity is not required until the second phase, where...

    Provided By New York University

  • White Papers // Jul 2010

    Robust Fuzzy Extractors and Authenticated Key Agreement From Close Secrets

    Consider two parties holding samples from correlated distributions W and W', respectively that are within distance t of each other in some metric space. These parties wish to agree on a uniformly distributed secret key R by sending a single message over an insecure channel controlled by an all-powerful adversary....

    Provided By New York University

  • White Papers // Apr 2009

    Somewhat Non-Committing Encryption and Efficient Adaptively Secure Oblivious Transfer

    Designing efficient cryptographic protocols tolerating adaptive adversaries, who are able to corrupt parties on the fly as the computation proceeds, has been an elusive task. Indeed, thus far no efficient protocols achieve adaptive security for general multi-party computation, or even for many specific two-party tasks such as Oblivious Transfer (OT)....

    Provided By New York University

  • White Papers // Jul 2009

    Using HB Family of Protocols for Privacy-Preserving Authentication of RFID Tags in a Population

    Radio Frequency IDentification (RFID) technology is increasingly used in many aspects of daily life. Low-cost RFID devices have numerous applications in military, commercial and medical domains. In most of these applications, an RFID reader must authenticate its designated tags to prevent tag forgery and counterfeiting. At the same time, privacy...

    Provided By New York University

  • White Papers // Mar 2009

    Flexible, Wide-Area Storage for Distributed Systems With WheelFS

    WheelFS is a wide-area distributed storage system intended to help multi-site applications share data and gain fault tolerance. WheelFS takes the form of a distributed file system with a familiar POSIX interface. Its design allows applications to adjust the tradeoff between prompt visibility of updates from other sites and the...

    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 // 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

    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