University of Pennsylvania

Displaying 1-40 of 95 results

  • White Papers // Dec 2014

    Incremental View Maintenance for Nested-Relational Databases

    The technique of Incremental View Maintenance (IVM) by static query rewriting has been thoroughly studied in the literature over multiple decades, and is widely implemented in commercial relational database systems. Incremental view maintenance is an essential tool for speeding up the processing of large, locally changing workloads. Its fundamental challenge...

    Provided By University of Pennsylvania

  • White Papers // May 2012

    TROPIC: Transactional Resource Orchestration Platform in the Cloud

    Realizing Infrastructure-as-a-Service (IaaS) cloud requires a control platform to orchestrate cloud resource provisioning, configuration, and decommissioning across a distributed set of diverse physical resources. This orchestration is challenging due to the rapid growth of data centers, high failure rate of commodity hardware and the increasing sophistication of cloud services. This...

    Provided By University of Pennsylvania

  • White Papers // Mar 2012

    Cologne: A Declarative Distributed Constraint Optimization Platform

    This paper presents Cologne, a declarative optimization platform that enables Constraint Optimization Problems (COPs) to be declaratively specified and incrementally executed in distributed systems. Cologne integrates a declarative networking engine with an off-the-shelf constraint solver. The authors have developed the Colog language that combines distributed Datalog used in declarative networking...

    Provided By University of Pennsylvania

  • White Papers // Mar 2012

    Rehoming Edge Links for Better Traffic Engineering

    Traditional traffic engineering adapts the routing of traffic within the network to maximize performance. The authors propose a new approach that also adaptively changes where traffic enters and leaves the network - changing the "Traffic matrix", and not just the intra-domain routing configuration. Their approach does not affect traffic patterns...

    Provided By University of Pennsylvania

  • White Papers // Feb 2012

    Irrelevance, Heterogeneous Equality, and Call-by-Value Dependent Type Systems

    The authors present a full-spectrum dependently typed core language which includes both non-termination and computational irrelevance (a.k.a. erasure), a combination which has not been studied before. The two features interact: to protect type safety they must be careful to only erase terminating expressions. Their language design is strongly influenced by...

    Provided By University of Pennsylvania

  • White Papers // Jan 2012

    Virtual Switching Without a Hypervisor for a More Secure Cloud

    Cloud computing leverages virtualization to offer resources on demand to multiple "Tenants". However, sharing the server and network infrastructure creates new vulnerabilities, where one tenant can attack another by compromising the underlying hypervisor. The authors design a system that supports virtualized networking using software switches without a hypervisor. In the...

    Provided By University of Pennsylvania

  • White Papers // Dec 2011

    Step-Indexed Normalization for a Language With General Recursion

    The TRELLYS project has produced several designs for practical dependently typed languages. These languages are broken into two fragments - a logical fragment where every term normalizes and which is consistent when interpreted as a logic, and a programmatic fragment with general recursion and other convenient, but unsound features. In...

    Provided By University of Pennsylvania

  • White Papers // Sep 2011

    Partial Specification of Routing Configurations

    The formal analysis of routing protocol configurations for safety properties is well established. Methods exist to identify potential protocol oscillations by analysis of the network topology and route preference information. However, if not all of this information is available, then the existing theory does not apply. The authors present an...

    Provided By University of Pennsylvania

  • White Papers // Sep 2011

    Secure Network Provenance

    This paper introduces Secure Network Provenance (SNP), a novel technique that enables networked systems to explain to their operators why they are in a certain state - e.g., why a suspicious routing table entry is present on a certain router, or where a given cache entry originated. SNP provides network...

    Provided By University of Pennsylvania

  • White Papers // Aug 2011

    Declarative Policy-Based Adaptive Mobile Ad Hoc Networking

    This paper presents DAWN, a declarative platform that creates highly adaptive policy-based MANET protocols. DAWN leverages declarative networking techniques to achieve extensible routing and forwarding using declarative languages. The authors make the following contributions. First, they demonstrate that traditional MANET protocols can be expressed in a concise fashion as declarative...

    Provided By University of Pennsylvania

  • White Papers // Jun 2011

    Differential Privacy Under Fire

    Anonymizing private data before release is not enough to reliably protect privacy, as Netflix and AOL have learned to their cost. Recent research on differential privacy opens a way to obtain robust, provable privacy guarantees, and systems like PINQ and Airavat now offer convenient frameworks for processing arbitrary user-specified queries...

    Provided By University of Pennsylvania

  • White Papers // May 2011

    MOSAIC: Declarative Platform for Dynamic Overlay Composition

    Overlay networks create new networking services using nodes that communicate using pre-existing networks. They are often optimized for specific applications and targeted at niche vertical domains, but lack interoperability with which their functionalities can be shared. MOSAIC is a declarative platform for constructing new overlay networks from multiple existing overlays,...

    Provided By University of Pennsylvania

  • White Papers // May 2011

    TAP: Time-Aware Provenance for Distributed Systems

    In this paper, the authors explore the use of provenance for analyzing execution dynamics in distributed systems. They argue that provenance could have significant practical benefits for system administrators, e.g., for reasoning about changes in a system's state, diagnosing protocol misconfigurations, detecting intrusions, and pinpointing performance bottlenecks. However, to realize...

    Provided By University of Pennsylvania

  • White Papers // Apr 2011

    Discriminative ImageWarping With Attribute Flow

    The authors address the problem of finding deformation between two images for the purpose of recognizing objects. The challenge is that discriminative features are often transformation-variant (e.g. histogram of oriented gradients, texture), while transformation-invariant features (e.g. intensity, color) are often not discriminative. They introduce the concept of attribute flow which...

    Provided By University of Pennsylvania

  • White Papers // Apr 2011

    AS-TRUST: A Trust Quantification Scheme for Autonomous Systems in BGP

    The Border Gateway Protocol (BGP) works by frequently exchanging updates that disseminate reachability information about IP prefixes (i.e., IP address blocks) between Autonomous Systems (ASes) on the Internet. The ideal operation of BGP relies on three major behavioral assumptions (BAs): Information contained in the update is legal and correct, a...

    Provided By University of Pennsylvania

  • White Papers // Apr 2011

    Network Neutrality Or Internet Innovation?

    Network neutrality has received sustained attention from both policymakers and academic commentators for the past several years, and it shows no signs of retreating from the forefront of the policy debate. President Obama effectively ensured that network neutrality will remain at the top of the policy agenda by including provisions...

    Provided By University of Pennsylvania

  • White Papers // Mar 2011

    Portfolio Optimization in Secondary Spectrum Markets

    In this paper, the authors address the Spectrum Portfolio Optimization (SPO) question in the context of secondary spectrum markets, where bandwidth (spectrum access rights) can be bought in the form of primary and secondary contracts. While a primary contract on a channel provides guaranteed access to the channel bandwidth (possibly...

    Provided By University of Pennsylvania

  • White Papers // Mar 2011

    An Open-Source and Declarative Approach Towards Teaching Large-Scale Networked Systems Programming

    This paper describes the authors' experiences at the University of Pennsylvania in developing course projects for a large advanced undergraduate and first year graduate course in networked systems. Students work in teams to develop substantial networked systems programming projects (>10000 lines of code) using network simulator 3 (ns-3), an emerging...

    Provided By University of Pennsylvania

  • White Papers // Mar 2011

    Reoccurring Financial Crises In The United States

    The economic history of the United States is riddled with financial crises and banking panics. During the nineteenth-century, eight major such episodes occurred. In the period following World War II, some believed that these crises would no longer happen, and that the U.S. had reached a time of everlasting financial...

    Provided By University of Pennsylvania

  • White Papers // Mar 2011

    A Monetary Theory With Non-Degenerate Distributions

    Dispersion of money balances among individuals is the basis for a range of policies but it has been abstracted from in monetary theory for tractability reasons. In this paper, the authors fill in this gap by constructing a tractable search model of money with a non-degenerate distribution of money holdings....

    Provided By University of Pennsylvania

  • White Papers // Feb 2011

    Pro-Cyclical Unemployment Benefits? Optimal Policy In An Equilibrium Business Cycle Model

    The authors study the optimal provision of Unemployment Insurance (UI) over the business cycle. They consider an equilibrium Mortensen-Pissarides search and matching model with risk-averse workers and aggregate shocks to labor productivity. Both the vacancy creation decisions of firms and the search e ort decisions of workers respond endogenously to...

    Provided By University of Pennsylvania

  • White Papers // Feb 2011

    An Operational Semantics for Network Datalog

    Network Datalog (NDlog) is a recursive query language that extends Datalog by allowing programs to be distributed in a network. In the authors' initial efforts to formally specify NDlog's operational semantics, they have found several problems with the current evaluation algorithm being used, including unsound results, unintended multiple derivations of...

    Provided By University of Pennsylvania

  • White Papers // Feb 2011

    Formally Verifiable Networking

    This paper proposes Formally Verifiable Networking (FVN), a novel approach towards unifying the design, specification, implementation, and verification of networking protocols within a logic-based framework. In FVN, formal logical statements are used to specify the behavior and the properties of the protocol. FVN uses declarative networking as an intermediary layer...

    Provided By University of Pennsylvania

  • White Papers // Feb 2011

    Optimal Routing and Scheduling in Multihop Wireless Renewable Energy Networks

    In this paper, the authors design routing and scheduling policies that optimize network throughput in energy-constrained wireless ad-hoc networks where nodes are powered by renewable energy sources. They take into account the fact that renewable energy harvesting processes are unpredictable and stochastic in nature - typically depending on environmental factors...

    Provided By University of Pennsylvania

  • White Papers // Jan 2011

    What Should Central Banks Do About Real Estate Prices?

    Many central banks use inflation targeting as the basis for their monetary policy. The underlying notion of this approach is that there are no long term benefits in terms of reduced unemployment from having inflation. The traditional view is that monetary policy should focus on controlling consumer price inflation. Asset...

    Provided By University of Pennsylvania

  • White Papers // Jan 2011

    Spectrum Pricing Games With Spatial Reuse in Cognitive Radio Networks

    In Cognitive Radio Networks (CRN), there are multiple primary and secondary users in a region, and primaries can lease out their unused bandwidth to secondaries in exchange for a fee. This gives rise to price competition among the primaries, wherein each primary tries to attract secondaries by setting a lower...

    Provided By University of Pennsylvania

  • White Papers // Jan 2011

    Moment-Based Analysis of Spreading Processes from Network Structural Information

    The intricate structure of many large-scale networked systems has attracted the attention of the scientific community, leading to many results attempting to explain the relationship between network structural properties and dynamical performance. A common approach to study this relationship is the usage of synthetic network models in which the researcher...

    Provided By University of Pennsylvania

  • White Papers // Jan 2011

    Cloud Resource Orchestration: A DataCentric Approach

    Cloud computing provides users near instant access to seemingly unlimited resources, and provides service providers the opportunity to deploy complex information technology infrastructure, as a service, to their customers. Providers benefit from economies of scale and multiplexing gains afforded by sharing of resources through virtualization of the underlying physical infrastructure....

    Provided By University of Pennsylvania

  • White Papers // Jan 2011

    Characterizing Temporal SNR Variation in 802.11 Networks

    The analysis and design of wireless MAC protocols, coding schemes and transmission algorithms can significantly benefit from an understanding of the channel quality variation. The authors attempt to represent channel quality variation using a finite state birth-death Markov model. The authors outline a method to compute the parameters of the...

    Provided By University of Pennsylvania

  • White Papers // Jan 2011

    Multiplicative Updates for Large Margin Classifiers

    Various problems in nonnegative quadratic programming arise in the training of large margin classifiers. The authors derive multiplicative updates for these problems that converge monotonically to the desired solutions for hard and soft margin classifiers. The updates differ strikingly in form from other multiplicative updates used in machine learning. In...

    Provided By University of Pennsylvania

  • White Papers // Jan 2011

    Arbitrary Throughput Versus Complexity Tradeoffs in Wireless Networks Using Graph Partitioning

    Several policies have recently been proposed for attaining the maximum throughput region, or a guaranteed fraction thereof, through dynamic link scheduling. Among these policies, the ones that attain the maximum throughput region require a computation time which is linear in the network size, and the ones that require constant or...

    Provided By University of Pennsylvania

  • White Papers // Jan 2011

    Encoding Information Flow in Haskell

    This paper presents an embedded security sublanguage for enforcing information-flow policies in the standard Haskell programming language. The sublanguage provides useful information-flow control mechanisms including dynamic security lattices, run-time code privileges and declassification, without modifying the base language. This design avoids the redundant work of producing new languages, lowers the...

    Provided By University of Pennsylvania

  • White Papers // Jan 2011

    Languages of Nested Trees

    The authors study languages of nested trees-structures obtained by augmenting trees with sets of nested jump-edges. These graphs can naturally model branching behaviors of push-down programs, so that the problem of branching-time software model checking may be phrased as a membership question for such languages. They define finite-state automata accepting...

    Provided By University of Pennsylvania

  • White Papers // Dec 2010

    Information, Liquidity, Asset Prices And Monetary Policy Second Version

    What determines which assets are used in transactions? The authors develop a framework where the extent to which assets are recognizable determines the extent to which they are acceptable in exchange - i.e., their liquidity. They analyze the effects of monetary policy on asset markets. Recognizability and liquidity are endogenized...

    Provided By University of Pennsylvania

  • White Papers // Dec 2010

    Enabling Privacy in Provenance-Aware Workflow Systems

    A new paradigm for creating and correcting scientific analyses is emerging, that of provenance-aware workflow systems. In such systems, repositories of workflow specifications and of provenance graphs that represent their executions will be made available as part of scientific information sharing. This will allow users to search and query both...

    Provided By University of Pennsylvania

  • White Papers // Nov 2010

    Pricing And Investments In Matching Markets Second Version

    Different markets are cleared by different types of prices-seller-specific prices that are uniform across buyers in some markets, and personalized prices tailored to the buyer in others. The authors examine a setting in which buyers and sellers make investments before matching in a competitive market. They introduce the notion of...

    Provided By University of Pennsylvania

  • White Papers // Nov 2010

    Changing Institutional Preferences And Investment Performance: A Stock Holdings Perspective

    Institutional investors have rapidly increased their percentage holdings of US equities in recent years. In this paper the authors update previous research on the nature of institutional stock ownership, extending the evidence by twelve years to the end of 2008. In contrast to previous research, they find that institutions, and...

    Provided By University of Pennsylvania

  • White Papers // Nov 2010

    Asset Commonality, Debt Maturity And Systemic Risk

    The authors develop a model where financial institutions swap projects in order to diversify their individual risk. This can lead to two different asset structures. In a clustered structure groups of financial institutions hold identical portfolios and default together. In an un-clustered structure defaults are more dispersed. With long term...

    Provided By University of Pennsylvania

  • White Papers // Nov 2010

    Deriving Probabilistic Databases With Inference Ensembles

    Many real-world applications deal with uncertain or missing data, prompting a surge of activity in the area of probabilistic databases. A shortcoming of prior work is the assumption that an appropriate probabilistic model, along with the necessary probability distributions, is given. This paper addresses this shortcoming by presenting a framework...

    Provided By University of Pennsylvania

  • White Papers // Nov 2010

    Quantifying The Impact Of Financial Development On Economic Development

    How important is financial development for economic development? A costly state verification model of financial intermediation is presented to address this question. The model is calibrated to match facts about the U.S. economy, such as intermediation spreads and the firm-size distribution for the years 1974 and 2004. It is then...

    Provided By University of Pennsylvania

  • White Papers // Jan 2010

    Optimal Malware Attack and Defense in Mobile Wireless Networks

    Malicious self-replicating codes, known as malware, pose substantial threat to the wireless computing infrastructure. Malware can be used to launch attacks that vary from the less intrusive confidentiality or privacy attacks, such as traffic analysis and eavesdropping, to the more intrusive methods that either disrupt the nodes normal functions such...

    Provided By University of Pennsylvania

  • White Papers // Jan 2010

    Dynamic Malware Attack in Energy-Constrained Mobile Wireless Networks

    Large scale proliferation of wireless technologies are dependent on developing reliable security measures against outbreaks of malware. The first step toward this goal is investigating the possible attack strategies of wireless malware and the extent of damage they can incur. A malware in a mobile wireless network relies on the...

    Provided By University of Pennsylvania

  • White Papers // Apr 2010

    Deebee: General, Personal and Relational Database Management System for Casual Users

    deebee is a general, personal and relational database management system specifically designed for casual users who have no knowledge of database concepts. Currently, users have heaps of data that they need to manage without any niche applications to help them. Thus, authors will create a general data management system based...

    Provided By University of Pennsylvania

  • White Papers // Dec 2009

    On the Feasibility and Efficacy of Protection Routing in IP Networks

    The protection routing procedures in IP networks has become a matter of great research and improvement owing to the growing demands of the resources available on the internet. Some of the major improvements have been required owing to the growing demand of quality of the internet services, and that involves...

    Provided By University of Pennsylvania

  • White Papers // Jan 2010

    Individual QoS Versus Aggregate QoS: A Loss Performance Study

    This paper explores, primarily by means of analysis, the differences that can exist between individual and aggregate loss guarantees in an environment where guarantees are only provided at an aggregate level. The focus is on understanding which traffic parameters are responsible for inducing possible deviations and to what extent. In...

    Provided By University of Pennsylvania

  • White Papers // Jan 2010

    Web Ecology: Recycling HTML Pages as XML Documents Using W4F

    This paper presents the World-Wide Web Wrapper Factory (W4F), a Java toolkit to generate wrappers for Web data sources. Some key features of W4F are an expressive language to extract information from HTML pages in a structured way, a mapping to export it as XML documents and some visual tools...

    Provided By University of Pennsylvania

  • White Papers // Jan 2010

    QoS Routing in Networks With Inaccurate Information: Theory and Algorithms

    QoS mechanisms can be categorized into two groups based on how the application traffic is treated: traffic handling mechanisms, and bandwidth management mechanisms. The lowest service level that a network can provide is best effort service which does not provide QoS support. In best effort service, all traffic is handled...

    Provided By University of Pennsylvania

  • White Papers // Apr 2010

    Income Inequality And Local Government In The United States, 1970-2000

    The income distribution in many developed countries widened dramatically from 1970 to 2000. Scholars speculate that inequality contributes to a host of social ills by weakening the public sector. In contrast, the authors find that growing income inequality is associated with an expansion in revenues and expenditures on a wide...

    Provided By University of Pennsylvania

  • White Papers // Jul 2010

    Smudge Attacks on Smartphone Touch Screens

    Touch screens are an increasingly common feature on personal computing devices, especially smartphones, where size and user interface advantages accrue from consolidating multiple hardware components (keyboard, number pad, etc.) into a single software definable user interface. Oily residues, or smudges, on the touch screen surface, are one side effect of...

    Provided By University of Pennsylvania

  • White Papers // May 2010

    Preserving Module Privacy in Workflow Provenance

    The authors study the problem of providing workflow data provenance without revealing the functionality of any module. The authors develop a model that formalizes the notion of privacy of modules embedded in a workflow structure as a natural extension of privacy of standalone modules. The model shows that by hiding...

    Provided By University of Pennsylvania

  • White Papers // Apr 2010

    Influence Of Social Networks In Target Marketing

    Online social networks such as Facebook have shown a huge increase in the number of users. In this work, Facebook will be used as a dataset to see how social networks can be used to provide better target marketing strategies. In this paper, a Facebook application was built and products...

    Provided By University of Pennsylvania

  • White Papers // Jan 2011

    Characterizing Temporal SNR Variation in 802.11 Networks

    The analysis and design of wireless MAC protocols, coding schemes and transmission algorithms can significantly benefit from an understanding of the channel quality variation. The authors attempt to represent channel quality variation using a finite state birth-death Markov model. The authors outline a method to compute the parameters of the...

    Provided By University of Pennsylvania

  • White Papers // Jan 2011

    Multiplicative Updates for Large Margin Classifiers

    Various problems in nonnegative quadratic programming arise in the training of large margin classifiers. The authors derive multiplicative updates for these problems that converge monotonically to the desired solutions for hard and soft margin classifiers. The updates differ strikingly in form from other multiplicative updates used in machine learning. In...

    Provided By University of Pennsylvania

  • White Papers // May 2010

    Do Peer Firms Affect Corporate Financial Policy?

    The authors show that corporate financial policies are highly interdependent; firms make financing decisions in large part by responding to the financing decisions of their peers, as opposed to changes in firm-specific characteristics. They identify these peer effects with a novel instrumental variables approach that uses the lagged idiosyncratic equity...

    Provided By University of Pennsylvania

  • White Papers // Jul 2010

    Skill, Luck And The Multiproduct Firm: Evidence From Hedge Funds

    The authors propose that when managers require external investment to expand, higher skilled firms will diversify on average, even though managers can exploit asymmetric information about their ability to raise money from investors. They formalize this intuition in an equilibrium model and test the predictions using a large panel dataset...

    Provided By University of Pennsylvania

  • White Papers // Apr 2010

    The Term Structure Of Equity And Interest Rates

    This paper proposes a dynamic risk-based model capable of jointly explaining the term structure of interest rates, returns on the aggregate market and the risk and return characteristics of value and growth stocks. Both the term structure of interest rates and returns on value and growth stocks convey information about...

    Provided By University of Pennsylvania

  • White Papers // Nov 2010

    Changing Institutional Preferences And Investment Performance: A Stock Holdings Perspective

    Institutional investors have rapidly increased their percentage holdings of US equities in recent years. In this paper the authors update previous research on the nature of institutional stock ownership, extending the evidence by twelve years to the end of 2008. In contrast to previous research, they find that institutions, and...

    Provided By University of Pennsylvania

  • White Papers // Jul 2010

    Financial Expertise As An Arms Race

    The authors propose a model in which firms involved in trading securities over invest in financial expertise. Intermediaries or traders in the model meet and bargain over a financial asset. Investment in financial expertise improves the ability of the intermediary to value an asset at short notice when responding to...

    Provided By University of Pennsylvania

  • White Papers // Oct 2009

    Hedge Funds: Pricing Controls And The Smoothing Of Self Reported Returns

    The authors investigate the extent to which hedge fund managers smooth self?]reported returns. In contrast with prior research on the "Anomalous" properties of hedge fund returns, they observe the mechanisms used to price the fund's investment positions and report the fund's performance to investors, thereby allowing differentiating between asset illiquidity...

    Provided By University of Pennsylvania

  • White Papers // Sep 2010

    CEO Wage Dynamics: Evidence From A Learning Model

    Good news about a CEO's ability creates a positive surplus. Empirically, CEOs capture most of this surplus by bidding up their pay. However, CEOs bear almost none of the negative surplus resulting from bad news about ability. These results are consistent with the optimal contracting benchmark of Harris and Holmstrom...

    Provided By University of Pennsylvania

  • White Papers // Apr 2010

    Long-Run Risks, The Macroeconomy, And Asset Prices

    In this paper the authors present a generalized LRR model, which allows studying the role of cyclical fluctuations and macroeconomic crises on asset prices and expected returns. The model contains a persistent expected consumption growth component, long-run variation in consumption volatility, and preference for early resolution of uncertainty. To evaluate...

    Provided By University of Pennsylvania

  • White Papers // Dec 2009

    What's Vol Got To Do With It

    Uncertainty plays a key role in economics, finance, and decision sciences. Financial markets, in particular derivative markets, provide fertile ground for understanding how perceptions of economic uncertainty and cash flow risk manifest themselves in asset prices. The authors demonstrate that the variance premium, defined as the difference between the squared...

    Provided By University of Pennsylvania

  • White Papers // Mar 2010

    Is U.S. Multinational Intra-Firm Dividend Policy Influenced By Capital Market Incentives?

    This paper finds evidence to suggest that public-company reporting by U.S. Multinational Corporations (MNCs) creates disincentives to repatriate foreign earnings. Firms that operate under both U.S. international tax laws and accounting rules potentially face two costs when they repatriate foreign earnings: an actual cash tax liability and a reduction in...

    Provided By University of Pennsylvania

  • White Papers // May 2010

    Information Spillovers And Performance Persistence For Hedge Funds

    The authors present a simple model that rationalizes performance persistence in hedge fund limited partnerships. In contrast to the model for mutual funds of Berk and Green (2004), the learning in the model pertains to profitability associated with an innovative trading strategy or emerging sector, rather than ability specific to...

    Provided By University of Pennsylvania

  • White Papers // Mar 2010

    Diversifying Credit Risk With International Corporate Bonds

    This paper explores the potential for US investors to diversify credit risk exposure with international corporate bonds. Using a newly compiled dataset of firm-level monthly corporate bond quotes for foreign and domestic issues, the author shows that by adding foreign corporate bonds to a benchmark of US equity and bond...

    Provided By University of Pennsylvania

  • White Papers // Jun 2010

    Do Macro-Economic Fundamentals Price Sovereign CDS Spreads Of Emerging Economies?

    This paper studies the extent to which macro-economic variables govern the dynamics of emerging markets sovereign CDS spreads. The author proposes a structural model of sovereign credit risk based on observed exports, imports and international reserves. Using these macro fundamentals, the author defines a country's ability to pay as the...

    Provided By University of Pennsylvania

  • White Papers // Feb 2010

    Are The Gains From Foreign Diversification Diminishing? Assessing The Impact With Cross-listed Stocks

    Foreign diversification has a long history in financial economics. In this paper, the authors reexamine this issue with foreign companies that are listed on US exchanges, combining features of three different literatures. One literature suggests that domestic portfolios including cross-listed stocks can duplicate the behavior of foreign market returns without...

    Provided By University of Pennsylvania

  • White Papers // Jan 2010

    Investment And Financing Under Reverse Asset Substitution

    The author shows that banks place investment and borrowing restrictions on firms that are in lending relationships so that the banks can continue extracting surplus from the firms over multiple periods. This agency problem is more pronounced for firms that have larger information asymmetries with the credit market. The author...

    Provided By University of Pennsylvania

  • White Papers // Jul 2010

    Fostering IPv6 Migration Through Network Quality Differentials

    Although IPv6 has been the next generation Internet protocol for nearly 15 years, new evidences indicate that transitioning from IPv4 to IPv6 is about to become a more pressing issue. This paper attempts to quantify if and how such a transition may unfold. The focus is on "Connectivity Quality," e.g.,...

    Provided By University of Pennsylvania

  • White Papers // Oct 2009

    Mergers And Persistence

    Despite the voluminous literature on mergers and acquisitions, little research has investigated whether acquirers exhibit persistence in performance. Nevertheless, this issue should be of interest to academicians, acquirers, their financiers, legislators and regulators. Using a sample of nearly 12,000 mergers announced between 1981 and 2007, this paper provides initial evidence...

    Provided By University of Pennsylvania

  • White Papers // Jan 2011

    Arbitrary Throughput Versus Complexity Tradeoffs in Wireless Networks Using Graph Partitioning

    Several policies have recently been proposed for attaining the maximum throughput region, or a guaranteed fraction thereof, through dynamic link scheduling. Among these policies, the ones that attain the maximum throughput region require a computation time which is linear in the network size, and the ones that require constant or...

    Provided By University of Pennsylvania

  • White Papers // Nov 2010

    Quantifying The Impact Of Financial Development On Economic Development

    How important is financial development for economic development? A costly state verification model of financial intermediation is presented to address this question. The model is calibrated to match facts about the U.S. economy, such as intermediation spreads and the firm-size distribution for the years 1974 and 2004. It is then...

    Provided By University of Pennsylvania

  • White Papers // Sep 2010

    Financing Development: The Role Of Information Costs

    Financial development "Accelerates economic growth and improves economic performance to the extent that it facilitates the migration of funds to the best user, i.e., to the place in the economic system where the funds will earn the highest social return," noted Raymond W. Goldsmith (1969, p. 400) some 40 years...

    Provided By University of Pennsylvania

  • White Papers // Sep 2010

    Sterilization In China: E?ectiveness And Cost

    China has experienced a large increase in its foreign exchange reserves since 2001, due to a continuous inflow of capital and the commitment to maintain a fixed rate against the dollar initially and then a crawling peg exchange rate regime. Among other things, the accumulation of foreign assets has an...

    Provided By University of Pennsylvania

  • White Papers // Sep 2009

    Life Settlements: Signposts To A Principal Asset Class

    The paper offers an explanation for the evolution and increasing maturity of the life settlement market and the implications for all longevity based financial instruments and products by exploring the market dynamics and asset valuation processes. The paper begins by revisiting the brief history of the life settlement market before...

    Provided By University of Pennsylvania

  • White Papers // Sep 2009

    Declarative Policy-Based Adaptive MANET Routing

    This paper presents the design and implementation of declarative policy-based adaptive MANET routing protocols. The work builds upon declarative networking, a recent innovation for building extensible network architectures using declarative languages. The authors make the following contributions. First, the authors demonstrate that traditional MANET protocols can be expressed in a...

    Provided By University of Pennsylvania

  • White Papers // Sep 2010

    How Important Historically Were Financial Systems For Growth In The U.K., U.S., Germany, And Japan?

    The sources of finance for industrial development include banks, securities markets, internal finance, alternative sources of finance such as angel finance, trade credit, families, and friends, and governments. All four countries had sophisticated financial systems and all four grew successfully. The fact that they had different financial systems suggests that...

    Provided By University of Pennsylvania

  • White Papers // Mar 2010

    African Financial Systems: A Review

    Africa is a continent made up of 53 countries. The continent is economically and culturally diverse, with different regional economic blocs. The financial systems in these countries are as diverse as the countries. Reviewing the financial systems of such a heterogeneous group of countries presents a challenge. Therefore, to make...

    Provided By University of Pennsylvania

  • White Papers // Nov 2010

    Asset Commonality, Debt Maturity And Systemic Risk

    The authors develop a model where financial institutions swap projects in order to diversify their individual risk. This can lead to two different asset structures. In a clustered structure groups of financial institutions hold identical portfolios and default together. In an un-clustered structure defaults are more dispersed. With long term...

    Provided By University of Pennsylvania

  • White Papers // Jan 2011

    What Should Central Banks Do About Real Estate Prices?

    Many central banks use inflation targeting as the basis for their monetary policy. The underlying notion of this approach is that there are no long term benefits in terms of reduced unemployment from having inflation. The traditional view is that monetary policy should focus on controlling consumer price inflation. Asset...

    Provided By University of Pennsylvania