8,583 research outputs found
Financial Instability under Floating Exchange Rates
Get PDFAt the end of the nineties, many developing countries featured an open capital market and relied heavily on dollar-debt financing of their economy. This paper analyses whether, in this context, clean floating can be a sustainable policy choice. The model is cast as a game between successive generations of investors who decide whether they buy or not the debt of a representative firm. The exchange rate is subject to random shocks, which makes uncertain the private sector’s solvency. We show that a small risk of insolvency would bring about a much larger risk of illiquidity. A rational expectation equilibrium without default can be put forward only in the highly improbable case when the currency is extremely overvalued. The case against flexible exchange rates may be stronger than usually thought.Floating; Rational Expectations; Financial Crises; Developing Countries
The Information Limit to Honest Managerial Behavior
Get PDFIn the last years of the Internet bubble, many managers provided fraudulent financial statements with the aim at inflating the market value of their firms. Is this shortage of honesty an accident or a buit-in feature of shareholder capitalism? This paper argues that in an economy hosting publicly traded companies where investors have only imperfect information about a firm’s type and where a honest financial report may be wrong, at least some bad firms managers will provide false statements. Furthermore, in equilibrium some good firm managers may also resort to corrupt auditors which will issue a favorable report without carrying out any investigation. The frequency of dishonest managers is analysed in keeping with the precision of the report and the total number of firms.Corporate fraud; Accounting information; Manager behavior; Honesty; Perfect Bayesian Equilibrium
Seriozitatea jocului. O abordare multidisciplinară a ludicului (Diana Mărgărit, Ciprian Jeler (eds.)- Book Review
No full text“Seriozitatea jocului. O abordare multidisciplinară
a ludicului” (The seriousness of
playing. A multidisciplinary approach to playfulness),
coordinated by Diana Mărgărit and
Ciprian Jeler, was published in 2021 at the
“Alexandru Ioan Cuza” University Publishing
House, introducing the topic of game, as
seen from the perspective of ten original contributions
of researchers and authors dedicated
to this vast topic. Playing, an activity
that does not seem to raise major epistemic
issues, comes out unfolding its multiple dimensions
such as semantic, aesthetic, historical,
social, anthropological or ontological relevance.
As a philosopher interested in topics
that encompass a wide range of extended
applicability disciplines, the subject of play
seems to me as much fascinating and spectacular
as it is peculiar, mysterious, enticing.
I found myself delighted to encounter in
contemporary philosophy a paper work that
gathers in its content such a vast repertoire of
meanings, approaches and tensions related
to the proposed topic
Seriozitatea jocului. O abordare multidisciplinară a ludicului (Diana Mărgărit, Ciprian Jeler (eds.)- Book Review
No full text“Seriozitatea jocului. O abordare multidisciplinară
a ludicului” (The seriousness of
playing. A multidisciplinary approach to playfulness),
coordinated by Diana Mărgărit and
Ciprian Jeler, was published in 2021 at the
“Alexandru Ioan Cuza” University Publishing
House, introducing the topic of game, as
seen from the perspective of ten original contributions
of researchers and authors dedicated
to this vast topic. Playing, an activity
that does not seem to raise major epistemic
issues, comes out unfolding its multiple dimensions
such as semantic, aesthetic, historical,
social, anthropological or ontological relevance.
As a philosopher interested in topics
that encompass a wide range of extended
applicability disciplines, the subject of play
seems to me as much fascinating and spectacular
as it is peculiar, mysterious, enticing.
I found myself delighted to encounter in
contemporary philosophy a paper work that
gathers in its content such a vast repertoire of
meanings, approaches and tensions related
to the proposed topic
Manager Unethical Behavior During The New Economy Bubble
Get PDFThis paper investigates factors that brought about the surge in manager unethical behavior within the US economy. Key structural causes are the weak internal control, perverse incentives related to managers’ compensation, conflicts of interest in the banking and auditing sectors. Unethical behavior was further enhanced by the large economic noise specific to the IT bubble, which emerged in the late nineties against the background of increased deregulation in the goods and financial markets. The US administration opposed to the proliferation of CEO unethical behavior the Sarbanes-Oxley Act of 2002; we argue why some of its provisions might be taken one step furtherUnethical behavior; CEOs; Financial deregulation; Activism; Sarbanes-Oxely Act
Excessive Liability Dollarization in a Simple Signaling Model
Get PDFIf a dollar denominated external debt comes with so many risks, why do emerging economies allow for such an imbalance to accumulate ? The explanation provided in this paper builds on a simple signaling model. By assumption, lenders have no direct possibility to infer a firm’s financial stance. Therefore sound firms might want to borrow dollars and bear a high clearance cost, just in order to signal their type. The success of this policy depends on the behavior of bad firms. When dollar borrowing clearance costs are relatively small with respect to the clearance cost of borrowing in the local currency, the whole private sector would opt for liability dollarization. In this case the signaling effect vanishes, while all firms bear high clearance costs.Original sin; Signaling; Developing countries; Liability dollarization; Perfect Bayesian Equilibrium
Data for: On the roles of the alanine and serine in the β-sheet structure of fibroin, by Carrascoza-Mayen et al
No full textThis is the primary data for the article Carrascoza, Francisco; Lupan, Alexandru; Cosar, Ciprian; Kun, Attila; Silaghi-Dumitrescu, Radu. On the roles of the alanine and serine in the sheet structure of fibroin. Biophysical Chemistry, 2015, 197, 10-17 https://doi.org/10.1016/j.bpc.2014.11.001 . It includes input and output files for MOPAC and Gaussian calculations, and others
Méthodes formelles pour l'étude des programmes (Paul Gochet et Pascal Gribomont)
No full textLazar Radu. Méthodes formelles pour l'étude des programmes (Paul Gochet et Pascal Gribomont). In: Réseaux, volume 12, n°67, 1994. Les jeux vidéo. pp. 208-209
Integrated Architecture for Next-Generation m-Health Services (Education, Monitoring and Prevention) in Teenagers
No full text- …
