University of California, Los Angeles (Anderson)

Displaying 1-40 of 113 results

  • White Papers // Jan 2014

    GKE: Efficient Group-Based Key Establishment for Large Sensor Networks

    The authors present a group-based key predistribution scheme, GKE, which enables any pair of neighboring sensors to establish a unique pairwise key, regardless of sensor density or distribution. Since pairwise keys are unique, security in GKE degrades gracefully as the number of compromised nodes increases. In addition, GKE is very...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Oct 2013

    Efficient Near-Duplicate Document Detection using FPGAs

    Detecting duplicate and near-duplicate documents is critical in applications like Web crawling since it helps save document processing resources. Simhash is a state-of-art method to assign a bit-string fingerprint to a document, such that similar documents have similar fingerprints. Finding the near-duplicates in a large collection of documents consists of...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Oct 2013

    Compiled Multithreaded Data Paths on FPGAs for Dynamic Workloads

    Hardware supported multithreading can mask memory latency by switching the execution to ready threads, which is particularly effective on irregular applications. FPGAs provide an opportunity to have multithreaded data paths customized to each individual application. In this paper, the authors describe the compiler generation of these hardware structures from a...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Sep 2013

    Automatic Synthesis of Microfluidic Large Scale Integration Chips from a Domain-Specific Language

    BioCoder is a domain-specific language by which chemists and biologists can express experimental protocols in a manner that is unambiguous and clearly repeatable. This paper presents a software tool chain that converts a protocol specified in a restricted subset of BioCoder to a technology-specific description of the protocol, targeting flow-based...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Aug 2013

    Stream-Mode FPGA Acceleration of Complex Pattern Trajectory Querying

    The wide and increasing availability of collected data in the form of trajectory has lead to research advances in behavioral aspects of the monitored subjects (e.g., wild animals, people, vehicles). Using trajectory data harvested by devices, such as GPS, RFID and mobile devices, complex pattern queries can be posed to...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Aug 2013

    Instruction Set Extensions for Dynamic Time Warping

    Processor specialization through application-specific instruction set customization can significantly improve performance while reducing energy. Due to the costs associated with semiconductor fabrication, specialized processors are only viable for products with high production volumes. The emergence of low-cost sensor-based computing products in recent years has created an urgent need to process...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Apr 2013

    A High Throughput No-Stall Golomb-Rice Hardware Decoder

    Integer compression techniques can generally be classified as bit-wise and byte-wise approaches. Though at the cost of a larger processing time, bit-wise techniques typically result in a better compression ratio. The Golomb-Rice (GR) method is a bit-wise lossless technique applied to the compression of images, audio files and lists of...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Jul 2012

    Routing Algorithms for FPGAs With Sparse Intra-Cluster Routing Crossbars

    Modern FPGAs employ sparse crossbars in their intra-cluster routing. Modeling these crossbars enlarges the Routing Resource Graph (RRG), a data structure used by most FPGA routers, while enlarging the search space for finding legal routes. The authors introduce two scalable routing heuristics for FPGAs with sparse intra-cluster routing crossbars: SElective...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Sep 2011

    Efficient XML Path Filtering Using GPUs

    Publish-subscribe (pub-sub) systems present the state of the art in information dissemination to multiple users. Current XML-based pub-sub systems provide users with considerable flexibility allowing the formulation of complex queries on the content as well as the structure of the streaming messages. Messages that contain one or more matches for...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Aug 2011

    Architecture and Design Automation for Application-Specific Processors

    Application-Specific Instruction-set Processors (ASIPs) are specialized to meet the performance and energy needs of individual or small sets of applications. Of particular importance is the inclusion of custom Instruction Set Extensions (ISEs) that accelerate the performance of the applications from which they are derived. This manuscript reviews the architectural features...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Dec 2010

    Programming the Convey HC-1 With ROCCC 2.0

    Utilizing FPGAs as hardware accelerators has been hampered by both the availability of affordable platforms and the lack of programming tools that bridge the gap between high-level procedural programming languages and the spatial computing paradigm that is implied on an FPGA. This paper reports on the experiences of programming the...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Nov 2010

    Using Virtualization to Validate Fault-Tolerant Distributed Systems

    Asynchronous events and complex system state distributed across independent nodes make exposure and diagnosis of flaws in distributed systems a challenge. The difficulties are exacerbated when the goal is to validate fault tolerance mechanisms that are activated only by the occurrence of errors, which are, by nature, rare. Validation of...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Sep 2010

    Urban Adaptation To Low Probability Shocks: Contrasting Terrorism And Natural Disaster Risk

    Suburbanization is a long-run trend in cities around the world. All households and firms face tradeoffs in terms of location choice. Until recently, urban centers were the cultural and social epicenters and the suburbs were boring places for households needing more space and willing to put up with a long...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Aug 2010

    Cities, Economic Development And The Role Of Place Based Policies: Lessons For Appalachia

    Appalachia's cities face an uphill fight as they compete for talent and try to lure firms on the national market. In an open system of cities, skilled footloose workers seek out high paying jobs in high quality of life cities. Firms seek out locations that are "Business friendly" featuring low...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Jul 2010

    MicroHoo: Lessons From A Takeover Attempt

    On February 1, 2008, Microsoft offered $43.7 billion for Yahoo. This was a milestone in the Microsoft versus Google battle to control the internet search industry and the related online advertising market. The authors provide an in-depth analysis of this failed takeover attempt. They attempt to identify the sources of...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Jul 2010

    Energy Conservation "Nudges" And Environmentalist Ideology: Evidence from a Randomized Residential Electricity Field Experiment

    Nudges are being widely promoted to encourage energy conservation. The authors show that while the electricity conservation "Nudge" of providing feedback to households on own and peers' home electricity usage works with liberals, it can backfire with some conservatives. The regression estimates predict that a registered liberal who pays for...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Jun 2010

    Local Scale Economies In Loan Sales And Access To Mortgage Credit: 1994-2008

    While secondary loan markets have provided lenders with substantial liquidity, evidence of the impact of those markets on borrower access to credit is limited. In part, that is because it is difficult to separate out variation in access to secondary markets from other factors that determine lending outcomes. The authors...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Jun 2010

    Improved Synthesis of Compressor Trees on FPGAs by a Hybrid and Systematic Design Approach

    Improving arithmetic circuits on FPGAs is one of the main imperatives of FPGA vendors. Augmenting logic cells with dedicated arithmetic components such as adders and carry chains indicates the need for such improvements. In this paper, the authors showed how the carry chains in the state-of-the-art Altera FPGAs could be...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Jun 2010

    Synthesis of Floating-point Addition Clusters on FPGAs Using Carry-Save Arithmetic

    A new method to synthesize clusters of floating-point addition operations on FPGAs is presented. Similar to Altera's floating-point data path compiler, it performs normalization once, at the output of the cluster operation. All significands in the clustered operation are denormalized in parallel with respect to the largest exponent: a fixed-point...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Jun 2010

    Asymmetric Information, Adverse Selection, And The Pricing Of CMBS

    The authors demonstrate that asymmetric information between sellers (loan originators) and purchasers (investors and securities issuers) of commercial mortgages gives rise to a standard "Lemons problem", whereby portfolio lenders use private information to liquidate lower quality loans in CMBS markets. Conduit lenders, who originate loans for direct sale into securitization...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Jun 2010

    Electric Usage Information And Public And Private Incentives: A Pilot Project

    Residential and commercial buildings collectively accounts for over two-thirds of electricity usage (EPA 2010, EIA 2010). While current research indicates that behavioral changes induced by detailed feedback to consumers about their energy usage can greatly reduce residential energy consumption, more rigorous, long-term studies are required to determine how energy consumption...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // May 2010

    Volume In Redundant Assets

    Why do multiple contingent claims on the same asset attract volume? Author addresses this issue by empirically analyzing the joint time-series of volume on the S&P 500 index and three contingent claims on the index, namely, the options, the futures, and the ETF. All series are highly cross-correlated but do...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // May 2010

    Bayesian Applications In Marketing

    This paper reviews applications of Bayesian methods to marketing problems. Key aspects of marketing applications include the discreteness of response or outcome data and relatively large numbers of cross-sectional units, each with possibly low information content. Discrete response data require the development of non-standard likelihoods and low information content requires...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Apr 2010

    Urban Policy Effects On Carbon Mitigation

    Suppose that your household was choosing between living in suburban Houston or center city San Francisco. In each case, what would your household's annual carbon footprint be? Glaeser and Kahn (2010) estimate that a standardized household would create 12.5 extra tons of carbon dioxide per year if it moved to...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Apr 2010

    How Does The U.S. Government Finance Fiscal Shocks?

    Author developed a method for identifying and quantifying the fiscal channels that help finance government spending shocks and apply it to postwar U.S. data. The paper defines fiscal shocks as surprises in defense spending and shows that they are more precisely identified when defense stock data are used in addition...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Apr 2010

    Optimizing Long-Term Production Plans In Underground And Open Pit Copper Mines

    The authors present a methodology for long?]term mine planning based on a general capacitated multicommodity network flow problem formulated as a comprehensive math programming model. The planning methodology considers underground and open pit ore deposits sharing multiple downstream processing plants over a long horizon. The purpose of the model is...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Apr 2010

    Migration And Economic Growth In China: The Role Of Knowledge And Human Capital Spillover

    The authors apply a skill-based directional migration model to examine the importance of knowledge and human capital spillovers to China's economic development. Those spillovers augment private investment in idea discovery and human capital and are central to modern theories of spatial equilibrium and endogenous economic growth (Romer 1986 and 1990,...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Apr 2010

    Migration And Economic Growth In China: The Role Of Knowledge And Human Capital Spillovers

    The authors apply a skill-based directional migration model to examine the importance of knowledge and human capital spillovers to China's economic development. Those spillovers augment private investment in idea discovery and human capital and are central to modern theories of spatial equilibrium and endogenous economic growth (Romer 1986 and 1990,...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Apr 2010

    Leaders, Followers And Laggards: Committing To Local Climate Actions In California

    Very limited amount of research has been devoted to climate actions at the local level in comparison to those at federal and state levels. It is unclear why some cities acted as leaders in the fight against climate change, some acted as followers, while others remained laggards. This study critically...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Apr 2010

    Board Quality And The Cost Of Debt Capital: The Case Of Bank Loans

    The paper analyzes the relation between comprehensive measures of board quality and the cost as well as the non-price terms of bank loans. It shows that firms with higher quality boards and even a single (non-insider) advisory board member borrow at lower interest rates. This relation exists even after controlling...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Mar 2010

    Ethical Misfit Or The Demand For Leniency? The Impact Of Behavioral Attributes On Employee Tenure

    This paper argues that while ethical misfit between firms and employees may increase the likelihood of attrition, the interaction between organizational and employee ethics may be much more complex. Customer demand for individual and organizational characteristics may impact employee tenure independent of one another. Furthermore, misfit may also create complementarities...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Mar 2010

    Identifying Organizational Faultlines With Latent Class Cluster Analysis

    Faultline theory proposes that when the distributions of individuals' attributes in groups are aligned they create homogeneous subgroups, characterized by within-group similarities and between-group differences. As homogeneity increases, these differences are increasingly likely to acquire meaning to subgroup members and thus to influence behavior. This paper proposes Latent Class Cluster...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Mar 2010

    Gray Markets, Demand Uncertainty, And Excess Inventory

    The legal diversion of large quantities of goods from authorized distribution channels to unauthorized or "Gray market" channels has important consequences to both firms and consumers through issues such as revenue generation, price erosion, service and warranty availability and cost, and product availability. Unlike previous research, which has focused on...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Mar 2010

    Libertarian Paternalism, Information Sharing, And Financial Decision-Making

    Author developed a theoretical model to study the welfare effects of libertarian paternalism on information acquisition, social learning, and financial decision-making. Individuals in the model are permitted to appreciate and use the information content in the default options set by a social planner. Paper shows that in some circumstances the...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Mar 2010

    Optimal Reservation Deposit Policies In The Presence Of Rational Customers And Retail Competition

    The paper studies two reservation deposit policies for a service firm to increase its revenue through higher capacity utilization. First, under the "No deposit" policy, the firm requires no reservation deposit and imposes no "No show" penalty. Anticipating potential "No shows, a firm may overbook; hence, there is no guarantee...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Mar 2010

    Project Management Contracts With Delayed Payments

    When managing projects with considerable uncertainty such as those arising in construction, defense, and new product development, it is customary for a manufacturer (project manager) to offer contracts under which each supplier (contractor) receives a pre-specified payment when she completes her task. However, there are recent cases in which the...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Mar 2010

    Corporate Bond Default Risk: A 150-Year Perspective

    The authors study corporate bond default rates using an extensive new data set spanning the 1866−2008 period. They find that the corporate bond market has repeatedly suffered clustered default events much worse than those experienced during the Great Depression. For example, during the railroad crisis of 1873−1875, total defaults amounted...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Mar 2010

    Internationally Correlated Jumps

    Stock returns are characterized by extreme observations, jumps that would not occur under the smooth variation typical of a Gaussian process. Author finds that jumps are prevalent in most countries. This has been noticed before in some countries, but there has been little investigation of whether the jumps are internationally...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Mar 2010

    Cash Flow Multipliers And Optimal Investment Decisions

    By postulating a simple stochastic process for the firm's cash flows in which the drift and the variance of the process depend on the investment policy of the firm, author developed a theoretical model, determine the optimal investment policy and, given this policy, calculate the ratio of the current value...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Mar 2010

    Distribution Planning To Optimize Profits In The Motion Picture Industry

    This paper considers the distribution planning problem in the motion picture industry. This problem involves forecasting theater-level box office revenues for a given movie and using these forecasts to choose the best locations to screen a movie. Authors first develop a method that predicts theater-level box office revenues over time...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Jun 2009

    Human Capital Spillovers, Labor Migration And Regional Development In China

    This study applies unique data from the 1990s period of economic liberalization in China to evaluate the effects of human capital spillovers on urbanization and regional agglomeration of human capital. These effects are examined via a utility maximizing directional migration model, which accounts for heterogeneous migration costs and benefits among...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Sep 2009

    Is Conduit Lending To Blame? Asymmetric Information, Adverse Selection, And The Pricing of CMBS

    While portfolio lenders face a decision to hold for investment or sell newly-originated commercial mortgages, conduit lenders originate loans exclusively for sale in securitization markets. In so doing, conduit lenders may have alleviated a "Lemon's problem" in selection of loans for sale, resulting in reduced mortgage risk premia and improved...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Dec 2008

    Does Public Ownership Of Equity Improve Earnings Quality?

    The author compared the quality of accounting numbers produced by two types of public firms - those with publicly-traded equity and those with privately-held equity that are nonetheless considered public by virtue of having publicly-traded debt. Author developed and tested two hypotheses. The "Demand" hypothesis holds that earnings of public...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Jan 2009

    Finance And Labor: Perspectives On Risk, Inequality, And Democracy

    Today as in the past, conservatives proclaim that financial development is a free-market phenomenon unrelated to politics and best left free of them. Benefits of finance are touted; costs are ignored or portrayed as inevitable. The recurrence of financial crises, including the one that started in 2008, and of popular...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Mar 2009

    Acquisition Vs. Internal Development As Modes Of Market Entry

    An established firm can enter a new product market through acquisition or internal development. Predictions are that the choice of market entry mode depends on "Relatedness" between the new product and the firm's existing products have repeatedly failed to gain empirical support. Author resolves ambiguity in prior work by developing...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Jul 2009

    Counterparty Credit Risk And The Credit Default Swap Market

    Counterparty credit risk has become one of the highest-profile risks facing participants in the financial markets. Despite this, relatively little is known about how counterparty credit risk is actually priced. This issue is examined by studying the CDS spreads quoted by a broad cross-section of dealers selling protection on the...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Jan 2009

    Municipal Debt And Marginal Tax Rates: Is there A Tax Premium In Asset Prices?

    The paper studies the marginal tax rate incorporated into short-term tax-exempt municipal rates using a unique new data set from the municipal swap market. By applying an affine term-structure framework, author is able to identify both the marginal tax rate and the credit/liquidity spread in one-week tax-exempt rates. Furthermore, maximum...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Oct 2009

    A Comparative Anatomy Of REITs And Residential Real Estate Indexes: Returns, Risks And Distributional Characteristics

    Real Estate Investment Trusts (REITs) are the only truly liquid assets related to real estate investments. The paper studies the behavior of U.S. REITs over the past three decades and documents their return characteristics. REITs have somewhat less market risk than equity; their betas against a broad market index average...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Jan 2009

    Global Market Integration: An Alternative Measure And Its Application

    Many previous studies of international markets have attempted to measure integration by correlations among broad stock market indexes. Yet such correlations have been found to poorly mimic other measures of integration. Paper shows that a simple correlation between two stock markets is likely to be a poor indicator of integration...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Jan 2009

    Real Interest Rates, Expected Inflation, And Real Estate Returns: A Comparison Of The U.S. And Canada

    In the United States, but not in Canada, nominal interest on residential housing mortgages is a deductible expense for the personal income tax. This suggests that changes in nominal interest rates could conceivably have differing impacts on real estate values in the two countries. The inflation component of nominal interest...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Feb 2009

    The Elapsed Time Between Acquisitions

    Acquirer Cumulative Abnormal Returns (CARs) have been investigated intensively for more than three decades. CARs measure shareholders' wealth changes conditional on a deal announcement. The unconditional acquirer shareholders' expected profit is, however, the product of the acquirer's CAR and the probability of doing the deal. This probability element of mergers...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Jan 2009

    A Rational Expectations Equilibrium With Informative Trading Volume

    A large number of empirical studies find that trading volume contains information about the distribution of future returns. While these studies indicate that observing volume is helpful to an outside observer of the economy it is not clear how investors within the economy can learn from trading volume. This paper...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Jan 2009

    An Equilibrium Model Of Informed Trading And Portfolio Rebalancing

    A key intuition of standard rational expectations models is that private information about future payoffs can by itself not generate trading. Trading is only possible if there is an additional motive for trading such as for example liquidity trading. This paper shows how this misleading intuition results from an assumption...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // May 2009

    Towards A Common European Monetary Union Risk Free Rate

    A common European bond would yield a common European Monetary Union (EMU) risk free rate. Paper presents tentative estimates of this common risk free for the European Monetary Union countries from 2004 to 2009 using variables motivated by a theoretical portfolio selection model. First, it analyzes the determinants of EMU...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Apr 2009

    Ethical Fit, Diversity, And Attrition: Behavioral Evidence From Emissions Inspections

    This paper explores how Person-Organization (P-O) ethical fit affects the tenure of employees. Author argues that the ethical misfit between employees and their organization is asymmetric, such that one direction can have a stronger effect on attrition than the other. Paper also presents the role that ethical diversity within the...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Apr 2009

    The First Law Of Petropolitics

    The paper examines empirically the relationship between crude oil prices and the ebb and flow of democratic institutions, in order to test the hypothesis that high oil prices undermine democracy. Paper finds strictly no evidence in favor of this so-called "First Law of Petropolitics" (Friedman, 2006). This paper looks for...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Jan 2009

    A Decision Analysis Tool For Evaluating Fundraising Tiers

    This paper presents a utility function model of donors who need to determine their donation to a charity organization that structures and publishes donations by tiers. By considering the prestige associated with each tier level, the analysis suggests that a tiered scheme generates an incentive for donors to raise their...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Jan 2010

    Contracting For Collaborative Services

    In this paper, the authors analyze the contracting issues that arise in collaborative services, such as consulting, financial planning, and IT outsourcing. In particular, they investigate how the choice of contract type, among fixed-fee, time-and-materials, and performance-based contracts, is driven by the service environment characteristics. The find that fixed-fee contracts...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Nov 2008

    Dynamic Revenue Management For Online Display Advertising

    In this paper, the authors propose a dynamic optimization model to maximize a web publisher's online display advertising revenues. Specifically, the model dynamically selects which advertising requests to accept and dynamically delivers the promised advertising impressions to viewers so as to maximize revenue, accounting for uncertainty in advertising requests and...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Dec 2008

    Forecasting Stock Market Returns: The Sum Of The Parts Is More Than The Whole

    The authors propose forecasting separately the three components of stock market returns: dividend yield, earnings growth, and price-earnings ratio growth. They obtain out of-sample R-squared coefficients (relative to the historical mean) of nearly 1.6% with monthly data and 16.7% with yearly data using the most common predictors suggested in the...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Jan 2009

    Can Liquidity Shifts Explain The Lockup Expiration Effect In Stock Returns?

    Several studies on the expiration of IPO lockups document a strong negative reaction even though the unlock event is devoid of any informational content. The empirical finding has remained a conundrum. In this paper, authors find that changes in liquidity can account for the observed stock price reaction around lockup...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Nov 2008

    Ratings Changes, Ratings Levels, And The Predictive Value Of Analysts' Recommendations

    This paper provides evidence that the documented abnormal returns to analysts' security recommendations stem from both the ratings levels assigned as well as the changes in those ratings. Conditional on the sign and magnitude of a ratings change, the author find buy and strong buy recommendations to be associated with...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Dec 2008

    Optimal Reverse-Pricing Mechanisms

    Reverse pricing is a market mechanism under which a consumer's bid for a product or service leads to a sale if the bid exceeds a hidden acceptance threshold that the seller has set in advance. The specification of such a mechanism by the seller involves two key decisions: (1) the...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Oct 2009

    Demand Shocks, Strategic Defaults And The Dynamics Of Commercial Real Estate Markets

    Markets for income producing real estate frequently respond asymmetrically to demand shocks. Following large negative shocks, e.g., California's regional recession of the early 1990s or the recent credit crunch, asset liquidity typically declines but transaction prices change relatively little. In contrast, following positive shocks, the same markets respond with increases...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Feb 2009

    Why Has House Price Dispersion Gone Up?

    The authors set up and solve a spatial, dynamic equilibrium model of the housing market based on two main assumptions: households with heterogeneous abilities flow in and out metropolitan areas in response to local wage shocks, and the housing supply cannot adjust instantly because of regulatory constraints. In the equilibrium,...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Apr 2010

    Optimizing Long-Term Production Plans In Underground And Open Pit Copper Mines

    The authors present a methodology for long?]term mine planning based on a general capacitated multicommodity network flow problem formulated as a comprehensive math programming model. The planning methodology considers underground and open pit ore deposits sharing multiple downstream processing plants over a long horizon. The purpose of the model is...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // May 2009

    Models For Concurrent Product And Process Design

    The authors propose procedures to address product design and manufacturing process configurations concurrently in environments characterized by large degrees of product proliferation. Exploiting the intrinsic flexibility of product and process design, they present two approaches that synchronize production flows through the manufacturing system. These approaches integrate product and manufacturing system...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Feb 2009

    Managerial Biases And Energy Savings: An Empirical Analysis Of The Adoption Of Process Improvement Recommendations

    The authors investigate the adoption and non-adoption of energy efficiency initiatives using a database of over 100,000 recommendations provided to more than 13,000 small and medium sized manufacturing firms. Even though the average payback across all recommendations is just over one year, many of these profitable opportunities are not implemented....

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Mar 2010

    Corporate Bond Default Risk: A 150-Year Perspective

    The authors study corporate bond default rates using an extensive new data set spanning the 1866−2008 period. They find that the corporate bond market has repeatedly suffered clustered default events much worse than those experienced during the Great Depression. For example, during the railroad crisis of 1873−1875, total defaults amounted...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Apr 2010

    Migration And Economic Growth In China: The Role Of Knowledge And Human Capital Spillover

    The authors apply a skill-based directional migration model to examine the importance of knowledge and human capital spillovers to China's economic development. Those spillovers augment private investment in idea discovery and human capital and are central to modern theories of spatial equilibrium and endogenous economic growth (Romer 1986 and 1990,...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Oct 2009

    Liquidity Skewness

    Liquidity and trading activity are important features of financial markets. Their importance is magnified because trading costs affect required returns (Amihud and Mendelson, 1986, Amihud, 2002) and thus corporate costs of capital. In addition, understanding liquidity can improve exchange organization, regulation, and investment management. Given the recent financial crisis, a...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Mar 2009

    O/S: The Relative Trading Activity In Options And Stock

    While many studies have focused on trading volume in the stock market, little is known about why derivatives volume varies in the cross-section or over time. The authors study time-series properties as well as the determinants of the options/stock trading volume ratio (O/S) using a comprehensive cross-section and time-series of...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Nov 2010

    Using Virtualization to Validate Fault-Tolerant Distributed Systems

    Asynchronous events and complex system state distributed across independent nodes make exposure and diagnosis of flaws in distributed systems a challenge. The difficulties are exacerbated when the goal is to validate fault tolerance mechanisms that are activated only by the occurrence of errors, which are, by nature, rare. Validation of...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Jan 2010

    Cloud Computing Task Force Report to the Information Technology Leadership Council

    The industry is currently grappling with an appropriate definition of cloud computing, as evidenced in the Definition of Cloud Computing white paper. For the purpose of this study, the authors have adopted the NIST Working Definition of Cloud Computing, which defines cloud computing as a "...model for enabling convenient, on-demand...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Jan 2007

    Capital Controls, Capital Flow Contractions, And Macroeconomic Vulnerability

    In this paper author analyzes whether restrictions to capital mobility reduce vulnerability to external shocks. More specifically, Author asks if countries that restrict the free flow of international capital have a lower probability of experiencing a large contraction in net capital flows. He uses three new indexes on the degree...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Sep 2009

    Sell-Side Liquidity And The Cross-Section Of Expected Stock Returns

    There is reason to believe that market makers may react asymmetrically to purchases and sales on account of their tendency to hold positive inventories. The paper estimates separate buy- and sell-side price impact measures for a large cross-section of stocks over more than 20 years. The paper finds pervasive evidence...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // May 2009

    The Diffusion Of Development

    What explains the vast differences in income per capita across countries? This paper provides new empirical evidence shedding light on this question. At the center of the analysis is genetic distance, a measure based on aggregate differences in the distribution of gene variants across populations. It discusses the relationship between...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Feb 2006

    Movie Advertising And The Stock Market Valuation Of Studios

    Major studios typically launch fewer than twenty motion pictures per year, so the financial performance of a single movie release can have a major effect on the studio's profitability. The Efficient Capital Markets hypothesis posits that the stock market would recognize such an impact. In this paper Authors study how...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Sep 2005

    Buys, Holds, And Sells: The Distribution Of Investment Banks' Stock Ratings And The Implications For The Profitability Of Analysts' Recommendations

    This paper analyzes the distribution of stock ratings at investment banks and brokerage firms and examines whether these distributions can be used to predict the profitability of analysts' recommendations. Consistent with prior work, the authors find that the percentage of buy recommendations increased substantially from 1996-2000. Starting in mid-2000, however,...

    Provided By University of California, Los Angeles (Anderson)

  • White Papers // Mar 2010

    Gray Markets, Demand Uncertainty, And Excess Inventory

    The legal diversion of large quantities of goods from authorized distribution channels to unauthorized or "Gray market" channels has important consequences to both firms and consumers through issues such as revenue generation, price erosion, service and warranty availability and cost, and product availability. Unlike previous research, which has focused on...

    Provided By University of California, Los Angeles (Anderson)