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Mission Statement
TechRepublic's ITPapers is the Web's largest library of free technical IT white papers, webcasts, and case studies. Covering IT categories including Data Management, IT Management, Networking, Communications, Enterprise Applications, Storage, Security and much more, TechRepublic's White Paper Directory is the best source for technical white papers and IT information.
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White Papers
Technological Change And The Growing Inequality In Managerial Compensation
Dec 2009
Three of the most fundamental changes in US corporations since the early 1970s have been (1) the increased importance of organizational capital in production, (2) the increase in managerial income...
Provided by University of California, Los Angeles (Anderson)
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White Papers
The Cross-Section And Time-Series Of Stock And Bond Returns
Jan 2010
The paper proposes an arbitrage-free Stochastic Discount Factor (SDF) model that jointly prices the cross-section of returns on portfolios of stocks sorted on book-to-market dimension, the...
Provided by University of California, Los Angeles (Anderson)
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White Papers
Internationally Correlated Jumps
Mar 2010
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...
Provided by University of California, Los Angeles (Anderson)
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White Papers
Recent Trends In Trading Activity
Jan 2010
The paper explores the sharp uptrend in trading activity during recent years. Higher turnover has been associated with more frequent smaller trades, which have progressively formed a larger...
Provided by University of California, Los Angeles (Anderson)
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White Papers
Volume In Redundant Assets
May 2010
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...
Provided by University of California, Los Angeles (Anderson)
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White Papers
Board Quality And The Cost Of Debt Capital: The Case Of Bank Loans
Apr 2010
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...
Provided by University of California, Los Angeles (Anderson)
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White Papers
Reading The Tea Leaves: Why Serial Correlation Patterns In Analysts? Forecast Errors Are Not Evidence Of Inefficient Information Processing
Jan 2010
Forecast errors are serially uncorrelated when agents possess full information about a firm. However, if there are multiple firm types and types are unobservable, agents update as if dealing with...
Provided by University of California, Los Angeles (Anderson)
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White Papers
Obfuscation, Learning, And The Evolution Of Investor Sophistication
Jan 2010
Investor sophistication has lagged behind the growing complexity of retail financial markets. To explore this, author developed a dynamic model to study the interaction between obfuscation and...
Provided by University of California, Los Angeles (Anderson)
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White Papers
Partition Dependence In Binary Option And Prediction Markets: Field And Lab Evidence
Nov 2009
Financial instruments such as binary options, credit-default swaps, and catastrophe bonds offer a fixed payment if a future event occurs. Markets for such instruments are prediction markets in...
Provided by University of California, Los Angeles (Anderson)
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White Papers
Capital Structure Effects On Prices Of Firm Stock Options: Tests Using Implied Market Values Of Corporate Debt
Nov 2007
This paper introduces a new methodology for measuring and analyzing capital structure effects on option prices of individual firms in the economy. By focusing on individual firms author examines...
Provided by University of California, Los Angeles (Anderson)
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White Papers
Does Public Ownership Of Equity Improve Earnings Quality?
Dec 2008
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...
Provided by University of California, Los Angeles (Anderson)
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White Papers
Finance And Labor: Perspectives On Risk, Inequality, And Democracy
Jan 2009
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...
Provided by University of California, Los Angeles (Anderson)
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White Papers
Municipal Debt And Marginal Tax Rates: Is there A Tax Premium In Asset Prices?
Jan 2009
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...
Provided by University of California, Los Angeles (Anderson)
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White Papers
Real Interest Rates, Expected Inflation, And Real Estate Returns: A Comparison Of The U.S. And Canada
Jan 2009
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...
Provided by University of California, Los Angeles (Anderson)
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White Papers
A Rational Expectations Equilibrium With Informative Trading Volume
Jan 2009
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...
Provided by University of California, Los Angeles (Anderson)
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White Papers
An Equilibrium Model Of Informed Trading And Portfolio Rebalancing
Jan 2009
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...
Provided by University of California, Los Angeles (Anderson)
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White Papers
Towards A Common European Monetary Union Risk Free Rate
May 2009
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...
Provided by University of California, Los Angeles (Anderson)
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White Papers
Economies of Scale and Scope in China's Banking Sector
Aug 2008
Employing the stochastic frontier approach and expansion path measures, this article estimates economies of scale and scope in China's banking sector during the period 1985 to 2002. The objective...
Provided by City University of London (Cass)
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White Papers
Mutual Fund Tax Clienteles
Mar 2010
Mutual funds are pooled investment vehicles with diverse tax clienteles - taxable accounts and tax-qualified retirement accounts. Paper investigates whether the characteristics, investment...
Provided by University of Texas at Austin (McCombs)
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White Papers
Taxable And Tax-Deferred Investing: A Tax-Arbitrage Approach
Mar 2008
The authors analyze an intertemporal portfolio problem with both taxable and tax-deferred retirement accounts. Using a tax-arbitrage argument, they identify conditions under which the optimal...
Provided by University of Texas at Austin (McCombs)
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White Papers
Interpreting The Book-Tax Income Gap As Earnings Management Or Tax Sheltering
Mar 2010
The measured book-tax gap is often used as a surrogate for one of the behaviors that influences the gap - earnings management or tax sheltering - without adjusting for the effect of other...
Provided by University of Texas at Austin (McCombs)
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White Papers
Did FIN 48 Arrest The Trend In Multistate Tax Aggressiveness?
Nov 2009
This paper examines whether state corporate Effective Tax Rates (ETRs) that began trending downward in the 1990s rose in response to FASB Interpretation No. 48 (FIN 48), Accounting for Uncertainty...
Provided by University of Texas at Austin (McCombs)
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White Papers
Do Debt Constraints Influence Firms' Sensitivity To A Temporary Tax Holiday On Repatriations?
Feb 2010
This paper examines whether U.S. multinationals' private and public debt constraints influence their responses to a temporary reduction in repatriation taxes. Using a sample of 421 U.S....
Provided by University of Texas at Austin (McCombs)
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White Papers
Consensus Information And Non-Professional Investors? Reaction To The Revelation Of Estimate Inaccuracies
May 2009
To curb opportunism in financial reporting, scholars and regulators have proposed that firms be required to report reconciliations of prior year estimates. The author provides experimental...
Provided by University of Texas at Austin (McCombs)
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White Papers
Environmental Taxes, Cumulative Pollution Loads And Fiscal Balance
Feb 2009
A central theme in the literature on environmental taxation is the effective means of taxation. The criteria for effectiveness whilst based on the attainment of pre-specified environmental...
Provided by National University of Singapore School of Business
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White Papers
Trading Zones: Cooperating And Still Disagreeing On What Really Matters
Jan 2008
Stakeholders can cooperate on water and ecosystem management and yet still disagree on what really matters. The author argue that stakeholders who are able to create "Trading zones" can reach...
Provided by National University of Singapore School of Business
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White Papers
The Subprime Credit Crisis And Contagion In Financial Market
Aug 2008
This paper conducts an empirical investigation into the pricing of subprime assetbacked CDOs and the resulting contagion effects on other markets. Using data for the ABX indexes of subprime CDO...
Provided by University of California, Los Angeles (Anderson)
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White Papers
Common Risk Factors In Currency Markets
Jun 2008
Currency excess returns are highly predictable, more than stock returns, and about as much as bond returns. In addition, these predicted excess returns are strongly counter-cyclical. The average...
Provided by University of California, Los Angeles (Anderson)
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White Papers
Contracting For Collaborative Services
Jan 2010
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...
Provided by University of California, Los Angeles (Anderson)
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White Papers
Informed Investors And The Financing Of Entrepreneurial Projects
Sep 2007
The authors consider a model of the financing of a small-business venture in which it is presumed that outside investors have greater expertise in project evaluation than the entrepreneur. They...
Provided by University of California, Los Angeles (Anderson)
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White Papers
Production In Entrepreneurial Firms: The Effects Of Financial Constraints On Labor And Capital
Sep 2007
The authors model the contrasting capital-labor decisions of financially constrained and unconstrained firms. They show that financially restricted firms use relatively more labor than physical...
Provided by University of California, Los Angeles (Anderson)
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White Papers
Risking Foreign (Corrupt) Practices
Mar 2010
The Foreign Corrupt Practices Act (FCPA) has been on the books for decades, but these days it is provoking much more virile enforcement from the Securities and Exchange Commission and the U.S....
Provided by LRP Publications
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White Papers
Outsourcing Corporate Tax Services: Superior Strategies For Tax Compliance And Payment
Jul 2010
These are some of the questions that CFOs, controllers, treasurers and tax directors are now trying to answer for themselves. They realize that all is not well with their existing tax management...
Provided by Anybill.com
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White Papers
Pay-For-Performance At Financial Services Firms Is In The Eye Of The Storm
Jul 2010
Many people don't realize that the Treasury Department, the Federal Reserve, and the FDIC all put pressure on financial institutions to accept bailout money. The government even pressured...
Provided by HCR Software
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White Papers
Subprime Lending: Lessons For The Microfinance Industry
May 2008
With the collapse of the subprime credit market, investors and other players are asking if the same forces that drove this market also extend to commercial microfinance. Through the 1970's and...
Provided by MicroCapital
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White Papers
The New Transparency: Getting A Grip On Accounts Payable
Mar 2008
Much of the recent focus on corporate transparency has been driven by negative factors, and understandably so. Failing to comply with regulations demanding transparency and accountability has...
Provided by Anybill.com
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White Papers
The Case For Automating Tax Fulfillment
Nov 2007
Traditional fulfillment processes simply do not lend themselves to the demands of tax payments. While it is common for many companies to take 30 days or more to push invoices through AP, they may...
Provided by Anybill.com
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White Papers
Finance For Nonfinancial Managers
Sep 2007
In order for an organization to be successful in an increasingly complex business environment, the key players cannot operate in silos, but must operate cross-functionally across the value chain...
Provided by American Management Association
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White Papers
Before You Retire
Jul 2008
Before making the decision to retire, you must figure out how much income you will need to supplement your lost wages. This may sound obvious, yet it is often ignored. Prepare a detailed review of...
Provided by American Management Association
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White Papers
Tax Benefits Of Charitable Giving: Turn Charitable Donations Into Tax Savings
Jan 2010
Americans donate more than $300 billion annually to charities, and 75% percent of that total comes from individuals. In recognition of the value of this generosity, charitable giving is tax...
Provided by Bank of America
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White Papers
The Role Of Private Insurance In Financing Long-Term Care
Sep 2007
Private insurance currently plays a small, but potentially important role in financing the long-term care of the elderly in the United States. Some believe it can be a significant element in a...
Provided by Boston College
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White Papers
The Financial Crisis And Private Defined Benefit Plans
Nov 2008
Between October 9, 2007 and October 9, 2008, the value of equities in retirement plans dropped by about $4 trillion, with the decline divided equally between defined benefit and 401(k)/Individual...
Provided by Boston College
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White Papers
How Can We Improve Long-Term Care Financing?
Jun 2008
The system for financing and delivering long-term care in the United States is deeply flawed. While families and government spend more than $200 billion annually for such services, many frail...
Provided by Boston College
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White Papers
The Financial Crisis And State/Local Defined Benefit Plans
Nov 2008
Equity assets in retirement plans dropped in value by about $4 trillion between October 9, 2007 and October 9, 2008. The decline was divided equally between defined benefit and 401(k)/Individual...
Provided by Boston College
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White Papers
Older Americans On The Go: Financial And Psychological Effects Of Moving
Sep 2009
Moving is an important decision for any homeowner, requiring one to weigh the familiar comforts of a home and neighborhood against the uncertain potential of a new location. A move decision may be...
Provided by Boston College
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White Papers
Does Medicare Part D Protect The Elderly From Financial Risk?
Jun 2011
The Medicare Modernization Act of 2003 added the Part D prescription drug benefit to the Medicare program. This addition, which became effective in 2006, increased Medicare program costs by more...
Provided by Boston College
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White Papers
How Can Customized Information Change Financial Plans?
Mar 2011
Many workers nearing retirement experienced a dramatic decrease in their retirement assets when the stock market crashed in 2008. In order to maintain their expected standard of living in...
Provided by Boston College
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White Papers
Financial Literacy And The Demand For Financial Advice
Apr 2011
The low level of financial literacy in many countries suggests that households are at risk of sub-optimal financial decisions. In this paper, the authors assess to what extent financial advisors...
Provided by Universita degli Studi di Torino
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White Papers
Entrepreneurial Finance Meets Organizational Reality: Comparing Investment Practices And Performance Of Corporate And Independent Venture Capitalists
Aug 2011
This paper investigates the effect of compensation of corporate personnel on their investment in new technologies. The authors focus on a specific corporate activity, namely Corporate Venture...
Provided by Hebrew University of Jerusalem
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White Papers
Contracts, Financing Arrangements, And Public Ownership
Jun 2007
In contrast to the privatization and regulatory reforms currently underway at European airports, airports in the US remain publicly owned. There, airports negotiate legally binding contracts with...
Provided by Technical University of Berlin
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White Papers
Alternatives To Fiscal Austerity In Spain
Jul 2010
This paper looks at the planned austerity measures in Spain, the rationale for the spending cuts and tax increases, likely outcomes for future debt-to-GDP ratios, and the probable results of...
Provided by Center for Economic and Policy Research
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White Papers
Designing Monetary And Fiscal Policy Rules In A New Keynesian Model With Rule-of-thumb Consumers
Nov 2009
This paper develops a small New Keynesian model augmented with a steady state level of public debt and a share of Rule-Of-Thumb Consumers (ROTC henceforth) as in Gali'et al. (2004; 2007). The...
Provided by University of Milano - Bicocca
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White Papers
Fiscal Policy Instruments For Reducing Congestion And Atmospheric Emissions In The Transport Sector : A Review
Jun 2008
This paper reviews the literature on the fiscal policy instruments commonly used to reduce transport sector externalities. The findings show that congestion charges would reduce vehicle traffic by...
Provided by The World Bank
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White Papers
Potential Growth And Business Cycle In The Spanish Economy: Implications For Fiscal Policy
Nov 2007
An accurately estimation of the cyclical position of an economy is a necessary condition for the success of fiscal stabilization policies. In this paper, the authors show that the estimation of...
Provided by University of Valencia
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White Papers
Markov-perfect Optimal Fiscal Policy: The Case Of Unbalanced Budgets
Oct 2007
The authors study optimal income taxation and public debt policy in a neoclassical economy populated by infinitely-lived households and a benevolent government. The government makes sequential...
Provided by European University Institute
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White Papers
A Scheme To Coordinate Monetary And Fiscal Policies In The Euro Area
Jul 2007
This paper deals with the problems of coordination between monetary and fiscal policies in the Euro area. It examines how the existing institutions handle these problems and presents a proposal to...
Provided by University of Massachusetts Amherst
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White Papers
Are The Effects Of Fiscal Changes Different In Times Of Crisis And Non-crisis? The French Case
Jul 2010
This paper shows that the impact of changes in budgetary variables on major macroeconomic variables varies in sign and magnitude in times of crisis and non-crisis in France. The authors find that...
Provided by Banque de France
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White Papers
Optimal Economic Growth Using Fiscal And Monetary Policies
May 2009
The literature on growth theory is rich with models attempting to explain growth differences among countries. Several variables have been proposed many of which were found to be positively related...
Provided by ABOA Centre for Economics
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White Papers
The New Medium-term Budgetary Objectives And The Problem Of Fiscal Sustainability After The Crisis
Oct 2010
The paper analyses the Medium-Term Objectives (MTOs) recently adopted by the EU Member States as a reference for the multilateral budgetary surveillance, assessing the ability of the new MTOs to...
Provided by Ministero dell'Economia e delle Finanze
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White Papers
Have Market Views On The Sustainability Of Fiscal Burdens Influenced Monetary Authorities' Credibility?
Jul 2011
During the Great Crisis, most governments in industrial countries supported their domestic financial sector under stress and responded to strong declines in output growth with fiscal stimulus...
Provided by De Nederlandsche Bank
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White Papers
Long-term Fiscal Effects Of Public Pension Reform In Norway: A Generational Accounting Analysis
Mar 2011
Generational Accounts (GAs) measure the fiscal sustainability of the public sector. The authors ask whether the contributions from the Government Pension Fund and remaining oil and gas wealth in...
Provided by University of Bergen
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White Papers
Fiscal Stimulus, Agricultural Growth And Poverty In Asia
Apr 2010
Recent debates on a sustainable recovery of the global economy have tended to overemphasise the "Savings glut" hypothesis and the unavoidable imperative of higher consumption in China and other...
Provided by Kobe University
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White Papers
The Glacier Grinds Closer: How Demographics Will Change Canada's Fiscal Landscape
Sep 2010
The impacts of demographic change on Canada's fiscal landscape will be profound, and as we enter the second decade of the 21st century, they are no longer far away. If current patterns of spending...
Provided by C.D. Howe Institute
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White Papers
On The Recovery Path During A Liquidity Trap: Do Financial Frictions Matter For Fiscal Multipliers?
Sep 2010
This paper investigates the effects of a fiscal stimulus when financial frictions and a liquidity trap are present. These two conditions make a government spending expansion and a reduction in...
Provided by Universite Catholique de Louvain
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White Papers
The European Fiscal Framework: What Lessons Can We Learn From The Crisis?
Jan 2011
This paper provides some explanation of recent fiscal developments in European countries and offers several guidelines for a new European fiscal framework. The authors propose a framework based on...
Provided by ESG Management School
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White Papers
Off The Mark: Canada's 2008 Fiscal Accountability Ranking
Feb 2008
Every year, legislators in Canada vote for budgets that set out targets for the coming fiscal year. But every year, governments tend to spend more than they promise at budget time. The result:...
Provided by C.D. Howe Institute
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White Papers
Consumers And The Economy, Part II: Household Debt And The Weak U.S. Recovery
Jan 2011
The U.S. economic recovery has been weak, especially in employment growth. A microeconomic analysis of U.S. counties shows that this weakness is closely related to elevated levels of household...
Provided by Federal Reserve Bank of San Francisco
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White Papers
Fiscal Position And Size Of Automatic Stabilizers In The CESEE EU Member States ? Implications For Discretionary Measures
May 2009
In the EU Member States in Central, Eastern and SouthEastern Europe (CESEE-10), budgetary positions have been observed to react less strongly to GDP changes than in the euro area. In the...
Provided by Oesterreichische Nationalbank
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White Papers
Government Deficit Sustainability, And Monetary Versus Fiscal Dominance: The Case Of Spain, 1850-2000
May 2010
In this paper, the authors provide a test of the sustainability of the Spanish government deficit over the period 1850-2000, and examine the role played by monetary and fiscal dominance in order...
Provided by Universidad de Castilla y la Mancha
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White Papers
Near Hits And Big Misses: Canada's 2009 Fiscal Accountability Rankings
Apr 2009
Canadian governments are projecting large amounts of red ink in their 2009 budgets. Notwithstanding the impact of the economic slump on government finances, it is natural for Canadians to ask...
Provided by C.D. Howe Institute
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White Papers
Target Practice Needed: Canada's 2010 Fiscal Accountability Rankings
May 2010
Government spending overruns and missed revenue targets remain a common occurrence in Canada. Countrywide, spending overruns by the federal, provincial and territorial governments over the past...
Provided by C.D. Howe Institute
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White Papers
Fiscal Storms: Public Spending And Revenues In The Aftermath Of Natural Disasters
Dec 2008
Recent research in both the social and natural sciences has been devoted to increasing authors' ability to predict disasters, prepare for them and mitigate their costs. Curiously, they appear to...
Provided by University of Hawai‘i at Manoa
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White Papers
Does Public Sector Efficiency Matter? Revisiting The Relation Between Fiscal Size And Economic Growth In A World Sample
Jun 2008
This paper revisits the relationship between fiscal size and economic growth. The authors' work differs from the empirical growth literature because this relationship depends explicitly on the...
Provided by Springer
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White Papers
Schooling Inequality, Crises, And Financial Liberalization In Latin America
Mar 2009
Latin America is characterized by high and persistent schooling, land, and income inequalities and extreme income concentration. In a highly unequal setting, powerful interests are more likely to...
Provided by Center for Global Development
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White Papers
Financing Food Assistance: Options For The World Food Programme To Save Lives And Dollars
Apr 2010
The World Food Programme has world-class logistics, but its ability to manage financial risk is extremely limited. The WFP procures 100 percent of its food through spot markets, which subjects it...
Provided by Center for Global Development
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White Papers
Leveraging World Bank Resources For The Poorest: IDA Blended Financing Facility Proposal
Jun 2010
With the Millennium Development Goals deadline only five years away, the international donor community faces significant challenges due to the global economic crisis, record government deficits,...
Provided by Center for Global Development
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White Papers
Can Donors Be Flexible Within Restrictive Budget Systems? Options For Innovative Financing Mechanisms
Oct 2010
This paper focuses on how budgetary scorekeeping systems affect governments' ability or willingness to support innovative development finance initiatives and explores several options to overcome...
Provided by Center for Global Development
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White Papers
A Green Venture Fund To Finance Clean Technology For Developing Countries
Mar 2011
Climate negotiators in Cancún reached agreement that long-term climate finance will include a commitment by developed countries to mobilize US$ 100 billion per year to help developing countries...
Provided by Center for Global Development
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White Papers
New SME Financial Access Initiatives: Private Foundations? Path To Donor Partnerships
May 2011
In recent years, a number of private foundations and organizations have launched ambitious initiatives to support promising entrepreneurs in developing countries, on both a for-profit and...
Provided by Center for Global Development
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White Papers
Constraints To Domestic Enterprise Financing In Post- Conflict Liberia
Jul 2011
Countries emerging from protracted and devastating conflicts are often seen as needing significant external intervention in their financial markets to rebuild their private sector and promote...
Provided by Center for Global Development
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White Papers
Is The Volatility Of The Market Price Of Risk Due To Intermittent Portfolio Re-Balancing?
Feb 2010
The paper examines whether intermittent portfolio re-balancing on the part of some stock market investors can help to explain the counter-cyclical volatility of aggregate risk compensation in...
Provided by University of California, Los Angeles (Anderson)
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White Papers
Technological Change And The Growing Inequality In Managerial Compensation
Dec 2009
Three of the most fundamental changes in US corporations since the early 1970s have been (1) the increased importance of organizational capital in production, (2) the increase in managerial income...
Provided by University of California, Los Angeles (Anderson)
-
White Papers
The Cross-Section And Time-Series Of Stock And Bond Returns
Jan 2010
The paper proposes an arbitrage-free Stochastic Discount Factor (SDF) model that jointly prices the cross-section of returns on portfolios of stocks sorted on book-to-market dimension, the...
Provided by University of California, Los Angeles (Anderson)
-
White Papers
Internationally Correlated Jumps
Mar 2010
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...
Provided by University of California, Los Angeles (Anderson)
-
White Papers
Recent Trends In Trading Activity
Jan 2010
The paper explores the sharp uptrend in trading activity during recent years. Higher turnover has been associated with more frequent smaller trades, which have progressively formed a larger...
Provided by University of California, Los Angeles (Anderson)
-
White Papers
Volume In Redundant Assets
May 2010
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...
Provided by University of California, Los Angeles (Anderson)
-
White Papers
Board Quality And The Cost Of Debt Capital: The Case Of Bank Loans
Apr 2010
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...
Provided by University of California, Los Angeles (Anderson)
-
White Papers
Reading The Tea Leaves: Why Serial Correlation Patterns In Analysts? Forecast Errors Are Not Evidence Of Inefficient Information Processing
Jan 2010
Forecast errors are serially uncorrelated when agents possess full information about a firm. However, if there are multiple firm types and types are unobservable, agents update as if dealing with...
Provided by University of California, Los Angeles (Anderson)
-
White Papers
Obfuscation, Learning, And The Evolution Of Investor Sophistication
Jan 2010
Investor sophistication has lagged behind the growing complexity of retail financial markets. To explore this, author developed a dynamic model to study the interaction between obfuscation and...
Provided by University of California, Los Angeles (Anderson)
-
White Papers
Partition Dependence In Binary Option And Prediction Markets: Field And Lab Evidence
Nov 2009
Financial instruments such as binary options, credit-default swaps, and catastrophe bonds offer a fixed payment if a future event occurs. Markets for such instruments are prediction markets in...
Provided by University of California, Los Angeles (Anderson)
-
White Papers
Capital Structure Effects On Prices Of Firm Stock Options: Tests Using Implied Market Values Of Corporate Debt
Nov 2007
This paper introduces a new methodology for measuring and analyzing capital structure effects on option prices of individual firms in the economy. By focusing on individual firms author examines...
Provided by University of California, Los Angeles (Anderson)
-
White Papers
Does Public Ownership Of Equity Improve Earnings Quality?
Dec 2008
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...
Provided by University of California, Los Angeles (Anderson)
-
White Papers
Finance And Labor: Perspectives On Risk, Inequality, And Democracy
Jan 2009
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...
Provided by University of California, Los Angeles (Anderson)
-
White Papers
Municipal Debt And Marginal Tax Rates: Is there A Tax Premium In Asset Prices?
Jan 2009
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...
Provided by University of California, Los Angeles (Anderson)
-
White Papers
Real Interest Rates, Expected Inflation, And Real Estate Returns: A Comparison Of The U.S. And Canada
Jan 2009
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...
Provided by University of California, Los Angeles (Anderson)
-
White Papers
A Rational Expectations Equilibrium With Informative Trading Volume
Jan 2009
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...
Provided by University of California, Los Angeles (Anderson)
-
White Papers
An Equilibrium Model Of Informed Trading And Portfolio Rebalancing
Jan 2009
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...
Provided by University of California, Los Angeles (Anderson)
-
White Papers
Towards A Common European Monetary Union Risk Free Rate
May 2009
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...
Provided by University of California, Los Angeles (Anderson)
-
White Papers
Economies of Scale and Scope in China's Banking Sector
Aug 2008
Employing the stochastic frontier approach and expansion path measures, this article estimates economies of scale and scope in China's banking sector during the period 1985 to 2002. The objective...
Provided by City University of London (Cass)
-
White Papers
Mutual Fund Tax Clienteles
Mar 2010
Mutual funds are pooled investment vehicles with diverse tax clienteles - taxable accounts and tax-qualified retirement accounts. Paper investigates whether the characteristics, investment...
Provided by University of Texas at Austin (McCombs)
-
White Papers
Taxable And Tax-Deferred Investing: A Tax-Arbitrage Approach
Mar 2008
The authors analyze an intertemporal portfolio problem with both taxable and tax-deferred retirement accounts. Using a tax-arbitrage argument, they identify conditions under which the optimal...
Provided by University of Texas at Austin (McCombs)
-
White Papers
Interpreting The Book-Tax Income Gap As Earnings Management Or Tax Sheltering
Mar 2010
The measured book-tax gap is often used as a surrogate for one of the behaviors that influences the gap - earnings management or tax sheltering - without adjusting for the effect of other...
Provided by University of Texas at Austin (McCombs)
-
White Papers
Did FIN 48 Arrest The Trend In Multistate Tax Aggressiveness?
Nov 2009
This paper examines whether state corporate Effective Tax Rates (ETRs) that began trending downward in the 1990s rose in response to FASB Interpretation No. 48 (FIN 48), Accounting for Uncertainty...
Provided by University of Texas at Austin (McCombs)
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White Papers
Do Debt Constraints Influence Firms' Sensitivity To A Temporary Tax Holiday On Repatriations?
Feb 2010
This paper examines whether U.S. multinationals' private and public debt constraints influence their responses to a temporary reduction in repatriation taxes. Using a sample of 421 U.S....
Provided by University of Texas at Austin (McCombs)
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White Papers
Consensus Information And Non-Professional Investors? Reaction To The Revelation Of Estimate Inaccuracies
May 2009
To curb opportunism in financial reporting, scholars and regulators have proposed that firms be required to report reconciliations of prior year estimates. The author provides experimental...
Provided by University of Texas at Austin (McCombs)
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White Papers
Environmental Taxes, Cumulative Pollution Loads And Fiscal Balance
Feb 2009
A central theme in the literature on environmental taxation is the effective means of taxation. The criteria for effectiveness whilst based on the attainment of pre-specified environmental...
Provided by National University of Singapore School of Business
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White Papers
Trading Zones: Cooperating And Still Disagreeing On What Really Matters
Jan 2008
Stakeholders can cooperate on water and ecosystem management and yet still disagree on what really matters. The author argue that stakeholders who are able to create "Trading zones" can reach...
Provided by National University of Singapore School of Business
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White Papers
The Subprime Credit Crisis And Contagion In Financial Market
Aug 2008
This paper conducts an empirical investigation into the pricing of subprime assetbacked CDOs and the resulting contagion effects on other markets. Using data for the ABX indexes of subprime CDO...
Provided by University of California, Los Angeles (Anderson)
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White Papers
Common Risk Factors In Currency Markets
Jun 2008
Currency excess returns are highly predictable, more than stock returns, and about as much as bond returns. In addition, these predicted excess returns are strongly counter-cyclical. The average...
Provided by University of California, Los Angeles (Anderson)
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White Papers
Contracting For Collaborative Services
Jan 2010
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...
Provided by University of California, Los Angeles (Anderson)
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White Papers
Informed Investors And The Financing Of Entrepreneurial Projects
Sep 2007
The authors consider a model of the financing of a small-business venture in which it is presumed that outside investors have greater expertise in project evaluation than the entrepreneur. They...
Provided by University of California, Los Angeles (Anderson)
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White Papers
Production In Entrepreneurial Firms: The Effects Of Financial Constraints On Labor And Capital
Sep 2007
The authors model the contrasting capital-labor decisions of financially constrained and unconstrained firms. They show that financially restricted firms use relatively more labor than physical...
Provided by University of California, Los Angeles (Anderson)
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White Papers
Risking Foreign (Corrupt) Practices
Mar 2010
The Foreign Corrupt Practices Act (FCPA) has been on the books for decades, but these days it is provoking much more virile enforcement from the Securities and Exchange Commission and the U.S....
Provided by LRP Publications
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White Papers
Outsourcing Corporate Tax Services: Superior Strategies For Tax Compliance And Payment
Jul 2010
These are some of the questions that CFOs, controllers, treasurers and tax directors are now trying to answer for themselves. They realize that all is not well with their existing tax management...
Provided by Anybill.com
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White Papers
Pay-For-Performance At Financial Services Firms Is In The Eye Of The Storm
Jul 2010
Many people don't realize that the Treasury Department, the Federal Reserve, and the FDIC all put pressure on financial institutions to accept bailout money. The government even pressured...
Provided by HCR Software
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White Papers
Subprime Lending: Lessons For The Microfinance Industry
May 2008
With the collapse of the subprime credit market, investors and other players are asking if the same forces that drove this market also extend to commercial microfinance. Through the 1970's and...
Provided by MicroCapital
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White Papers
The New Transparency: Getting A Grip On Accounts Payable
Mar 2008
Much of the recent focus on corporate transparency has been driven by negative factors, and understandably so. Failing to comply with regulations demanding transparency and accountability has...
Provided by Anybill.com
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White Papers
The Case For Automating Tax Fulfillment
Nov 2007
Traditional fulfillment processes simply do not lend themselves to the demands of tax payments. While it is common for many companies to take 30 days or more to push invoices through AP, they may...
Provided by Anybill.com
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White Papers
Finance For Nonfinancial Managers
Sep 2007
In order for an organization to be successful in an increasingly complex business environment, the key players cannot operate in silos, but must operate cross-functionally across the value chain...
Provided by American Management Association
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White Papers
Before You Retire
Jul 2008
Before making the decision to retire, you must figure out how much income you will need to supplement your lost wages. This may sound obvious, yet it is often ignored. Prepare a detailed review of...
Provided by American Management Association
