http://denbridgepress.com/emfm.php Economics, Management, and Financial Markets provides a forum for theoretical, applied, policy and methodological research into social and economic issues, and publishes high quality original research on applied and theoretical issues related to the changing forms and boundaries of markets and planning, uneven development and world market instability; strategic management, organizational theory; securities trading and pricing. Strong emphasis is placed on critical perspectives, multidisciplinary approaches, the provision and use of empirical evidence, realistic analysis and accessibility to non-specialists. Tue, 23 Oct 2007 00:00:00 GMT en-us Denbridge Press 300 100 142 http://denbridgepress.com/emfm.php http://denbridgepress.com/imaggen2/emfm100.jpg http://denbridgepress.com/emfm_abstract.php?a=93Bandura remarks that the evolving information technologies will increasingly serve as a vehicle for building social network. Dahlgren notes that journalism is carried out in specific institutional circumstances, within concrete organizational settings and under particular technological conditions. Bolter and Grusin contend that a medium is that...http://denbridgepress.com/emfm_abstract.php?a=93http://denbridgepress.com/emfm_abstract.php?a=92Tadic holds that a clear understanding of the meaning and nature of "harmonization" makes it possible to judge the implications of harmonization efforts in relation to other goals and processes in the field of criminal justice. Zaibert writes that, in the continental scheme, justifications are constituted by facts, states of affairs...http://denbridgepress.com/emfm_abstract.php?a=92http://denbridgepress.com/emfm_abstract.php?a=91Murillo considers the fundamental transformation that has been taking place in the civil law tradition due to the influence of the decodification and recodification processes during the 20th century and their perspective on the future. According to Kedar, the story of civil codification in Israel demonstrates that beyond the common-law?civil-law...http://denbridgepress.com/emfm_abstract.php?a=91http://denbridgepress.com/emfm_abstract.php?a=90Aust remarks that bad news often deals with unpleasant, unfortunate, conflict-laden, and otherwise aversive events, circumstances, and conditions. Hughes-Freeland focuses on mass-media based on technology, in particular the products of broadcast and print technologies, and revisits the interface between ritual and media previously explored in...http://denbridgepress.com/emfm_abstract.php?a=90http://denbridgepress.com/emfm_abstract.php?a=89Derrida believes that it is necessary to account for the stability of interpretive contexts; to account for a certain stability is precisely not to speak of eternity or of absolute solidity. Foucault elucidates the bases for understanding how the subject was constituted in and through a dispositif that included technologies of domination. Deleuze...http://denbridgepress.com/emfm_abstract.php?a=89http://denbridgepress.com/emfm_abstract.php?a=88Barseghyan and DiCecio generalize Albanesi et al.'s model by allowing sticky-price firms to revise their price in response to the monetary authority's action by paying a menu cost. Yellen asserts that global factors may impact inflation in the medium term, just as higher productivity growth is now widely recognized to have put downward pressure on...http://denbridgepress.com/emfm_abstract.php?a=88http://denbridgepress.com/emfm_abstract.php?a=87Barseghyan and DiCecio think that if sticky-prices firms are allowed to pay menu costs to reoptimize, such costs have to be implausibly high to support multiple equilibria. Carlsson and Westermark study the implications for monetary policy in situations where declining nominal wages are not a viable margin for adjustment to adverse economic...http://denbridgepress.com/emfm_abstract.php?a=87http://denbridgepress.com/emfm_abstract.php?a=86Wagner analyzes a channel of influence on monetary policy, which is based on an increase in competition through global economic integration. Davig assesses the implications for optimal discretionary monetary policy if the slope of the Phillips curve changes. Carlsson and Westermark develop a New Keynesian model with staggered price and wage...http://denbridgepress.com/emfm_abstract.php?a=86http://denbridgepress.com/emfm_abstract.php?a=85INTOSAI contends that there is a direct relationship between the general objectives (which represent what an entity strives to achieve), and the internal control components (which represent what is needed to achieve the general objectives). Sullivan & Cromwell LLP write that risk relating to a financial reporting element includes both the...http://denbridgepress.com/emfm_abstract.php?a=85http://denbridgepress.com/emfm_abstract.php?a=84Lozada explores the impacts that present day environmentalism is having on the marketing function, and surveys how contemporary ecological tenets may be reshaping traditional marketing tactics or even triggering alternative approaches. Haley argues that corporate managers must take international socio-cultural considerations into account to...http://denbridgepress.com/emfm_abstract.php?a=84http://denbridgepress.com/emfm_abstract.php?a=83Carlsson and Westermark assert that downward nominal rigidity implies that there is a potential relationship between wage negotiations today and in the future. Berger et al. show that a globalization-induced flattening of the Phillips curve raises the maximum level of the real interest rate that central bankers are willing to endure in order to...http://denbridgepress.com/emfm_abstract.php?a=83http://denbridgepress.com/emfm_abstract.php?a=82Reddy contends that there is now widespread recognition of the adverse implications of high fiscal deficits on the conduct of monetary policy. Gnan and Valderrama argue that the effect of the domestic output gap on inflation in the euro area weakened markedly over time (the influence of the deviation of the global from the domestic output gap...http://denbridgepress.com/emfm_abstract.php?a=82http://denbridgepress.com/emfm_abstract.php?a=81Wind and Mahajan argue for the recognition of the process of "marketing hype", a set of prelaunch activities leading to the creation of a supportive market environment. Ockenden and Franklin state that the CAP provides evidence that agriculture carries a cultural and social significance far in excess of its economic importance. Anwander...http://denbridgepress.com/emfm_abstract.php?a=81http://denbridgepress.com/emfm_abstract.php?a=80Berger et al. study the nexus between globalization and the optimal monetary policy response to asset prices. Watanagase contends that in light of the diminished pressure on prices, the Bank of Thailand responded by shifting to an accommodative monetary policy stance. Reddy says that a factor that complicates the transmission mechanism of monetary...http://denbridgepress.com/emfm_abstract.php?a=80http://denbridgepress.com/emfm_abstract.php?a=79PCAOB argues that the evidence provided by the auditor's tests of the effectiveness of controls depends upon the mix of the nature, timing, and extent of the auditor's procedures. Sullivan & Cromwell LLP holds that in the case of a financial reporting element that has a relatively high risk characteristic but the associated control has a very...http://denbridgepress.com/emfm_abstract.php?a=79http://denbridgepress.com/emfm_abstract.php?a=78Extensive Treasury bills studies on the information in the term structure of interest rates have been done in USA and Canada. Unfortunately, literature reveals limited studies in developing countries. This study compared the efficiency of Treasury bill auctions as measured by the expectation theory of term structure of interest rates in Kenya,...http://denbridgepress.com/emfm_abstract.php?a=78http://denbridgepress.com/emfm_abstract.php?a=77A bona fide morality favors a consistent free market capitalist system of law. If there are dangers, if there are dangers and temptations arising from such a society, let the various institutions that can develop amongst free people respond to them. Individuals and their various voluntary organizations-not governments that have the unique...http://denbridgepress.com/emfm_abstract.php?a=77http://denbridgepress.com/emfm_abstract.php?a=76Bhattacharya says that, among country-specific studies on monetary policy frameworks, a study on India would be important. Gerlach and Gerlach-Kristen write that even though monetary policy makers in both economies have enviable records in delivering on their objectives, macroeconomic outcomes have differed and have at times been adverse. Ito...http://denbridgepress.com/emfm_abstract.php?a=76http://denbridgepress.com/emfm_abstract.php?a=75Hawkins claims that financial innovation and globalization have led most central banks to operate monetary policy by influencing conditions in the market for bank reserves. Moreno and Villar contend that foreign bank entry may enhance financial stability by permitting greater diversification of exposures and by improving risk management. Mihaljek...http://denbridgepress.com/emfm_abstract.php?a=75http://denbridgepress.com/emfm_abstract.php?a=74Mohanty and Scatigna contend that in a number of countries volatility in capital flows has been associated with speculative currency attacks, resulting in large changes in the exchange rate, high inflation and substantial loss of output. Andersen and Moreno remark that there is strong empirical evidence that external shocks are far more important...http://denbridgepress.com/emfm_abstract.php?a=74http://denbridgepress.com/emfm_abstract.php?a=73Kandil examines channels of interaction between exchange rate shifts and the macroeconomy. Exchange rate shifts are differentiated into anticipated and unanticipated components. Goldin and Reinert consider the development benefits and costs of four kinds of capital flows: foreign direct investment, equity portfolio investment, bond finance, and...http://denbridgepress.com/emfm_abstract.php?a=73http://denbridgepress.com/emfm_abstract.php?a=72Goodfriend and Prasad asserts that the fraction of reserves sterilized by the central bank has varied over the last few years, and it is not even straightforward to assess exactly how much sterilization has taken place. Gerlach and Gerlach-Kristen contend that the Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Singapore (MAS)...http://denbridgepress.com/emfm_abstract.php?a=72http://denbridgepress.com/emfm_abstract.php?a=71Bonner et al. present an extensive review of laboratory studies on financial incentives and examine the relations between type of task and type of incentive scheme, respectively, and task performance. Davila and Foster examine the association between the time-to-adoption of operating budgets and company performance, and find a significant increase...http://denbridgepress.com/emfm_abstract.php?a=71http://denbridgepress.com/emfm_abstract.php?a=70Bowen et al. examine the cross-sectional relation between an aggregate index of accounting discretion and governance quality after controlling for other economic determinants of accounting discretion such as firm size, leverage, growth opportunities, risk, performance and stakeholder claims. Tan and Jamal conduct an experiment in which...http://denbridgepress.com/emfm_abstract.php?a=70http://denbridgepress.com/emfm_abstract.php?a=69Gummesson contends that quantitative techniques are mostly used to try to pinpoint causality, usually between two or a few variables where the independent and dependent variables are defined. According to Milliken, in reviewing the management literature, especially marketing management, it is evident that little attention has been paid to...http://denbridgepress.com/emfm_abstract.php?a=69http://denbridgepress.com/emfm_abstract.php?a=68Hawkins claims that globalization has encouraged a convergence of monetary policy operating procedures in emerging market economies towards market-based instruments. Mohanty and Scatigna remark that growing global financial integration has influenced monetary policy in important ways. Andersen and Moreno state that the extent of the jure financial...http://denbridgepress.com/emfm_abstract.php?a=68http://denbridgepress.com/emfm_abstract.php?a=67Chang et al. maintain that the patterns of lower investment-cash flow sensitivities and higher cash-cash flow sensitivities of financially constrained firms are necessarily interrelated because investment and the change in cash balance are two major competing uses of funds. Ahmed and Goodwin claim that there is little empirical evidence on the...http://denbridgepress.com/emfm_abstract.php?a=67http://denbridgepress.com/emfm_abstract.php?a=66Becker-Blease and Paul investigate whether these abnormal expenditures are due to declines in information asymmetry following addition that result in enhanced access to external financing. Aggarwal and Kyaw examine how cross-border variations in institutional factors and financial development influence the role of debt in addressing agency...http://denbridgepress.com/emfm_abstract.php?a=66http://denbridgepress.com/emfm_abstract.php?a=65Soffer et al. examine the stock price effects of various earnings preannouncement strategies: regardless of the sign of total earnings news, the optimal disclosure strategy from a stock price perspective is to always report a positive earnings surprise. Nelson et al. observe a dependence between the flexibility in accounting standards and the type...http://denbridgepress.com/emfm_abstract.php?a=65http://denbridgepress.com/emfm_abstract.php?a=64Lai studies the association between investment opportunity and audit quality: high investment opportunity firms bear high agency cost that requires a higher level of audit quality, which will more likely constrain earnings management of those firms. Ruffino and Treussard contend that pursuing optimal life-cycle portfolio policies is...http://denbridgepress.com/emfm_abstract.php?a=64http://denbridgepress.com/emfm_abstract.php?a=63Bonnen says that economic welfare is a function not only of the amount of goods and services available but also of their distribution. Mundlak develops a conceptual framework for analyzing the ways in which changes in the economic environment modify factor productivity, and focuses on the technology actually used in production (implemented...http://denbridgepress.com/emfm_abstract.php?a=63http://denbridgepress.com/emfm_abstract.php?a=62Roed and Zhang use a flexible hazard rate model with unrestricted spell duration and calendar time effects to analyse a dataset including all Norwegian unemployment spells during the 1990s. Starrin and Larsson's study contributes to the understanding of women's unemployment with emphasis on individual reactions in terms of their significance and...http://denbridgepress.com/emfm_abstract.php?a=62http://denbridgepress.com/emfm_abstract.php?a=61Atkinson et al. argue that increasing complexity of financial services provision has made it more difficult for the average consumer to be sure they have made appropriate provision. Fujiwara et al. review how monetary policy should be conducted in a liquidity trap caused by the zero nominal interest rate bound. Collard notes that, in recent...http://denbridgepress.com/emfm_abstract.php?a=61http://denbridgepress.com/emfm_abstract.php?a=60Criminal punishment should be understood in retributive terms as a response to wrongdoing that seeks to communicate deserved censure and to induce repentant understanding (Duff). Punishment invokes a primordial understanding of state power that remains highly credible (Caplow and Simon). Large surplus labour populations are threatening to market...http://denbridgepress.com/emfm_abstract.php?a=60http://denbridgepress.com/emfm_abstract.php?a=59Lozada contextualizes marketing within current environmental views, proceeds to explore some specific issues that have been levied regarding a key marketing function (product development and management), and examines the strategic repercussions of contemporary marketing approaches to ecological concerns. Schaefer claims that if all is not well...http://denbridgepress.com/emfm_abstract.php?a=59http://denbridgepress.com/emfm_abstract.php?a=58Hediger claims that the understanding and interpretation of the multifunctionality of agriculture and the goals of sustainable development substantially depends upon the historical development and cultural context. Botterill argues that since the introduction of agriculture into the international trade debate in the Uruguay Round of Multilateral...http://denbridgepress.com/emfm_abstract.php?a=58http://denbridgepress.com/emfm_abstract.php?a=57McCauley remarks that the transmission of the policy interest rate out the yield curve can be strongly affected by exchange rate expectations. Camen presents the current status of the reform of monetary policy in the context of economic and financial sector developments in Vietnam. Ito reviews critically policy actions of the Bank of Japan under a...http://denbridgepress.com/emfm_abstract.php?a=57http://denbridgepress.com/emfm_abstract.php?a=56Andersen and Moreno claim that financial integration has been evident in frequently high correlations between asset yields or prices. Mohanty and Scatigna discuss the choice of exchange rate regime in the context of greater global financial integration, review recent movements of exchange rates. Hawkins discusses the influence of globalization on...http://denbridgepress.com/emfm_abstract.php?a=56http://denbridgepress.com/emfm_abstract.php?a=55McKillop et al. remark that credit unions, which embrace an income mix of members, may result in more sustainable credit unions in the longer term. Byrne et al. find that a significant number of people who borrow from money-lenders also borrow from mainstream sources of credit, and explain why new policy is needed which must not only focus on...http://denbridgepress.com/emfm_abstract.php?a=55http://denbridgepress.com/emfm_abstract.php?a=54Todd claims that environmentally aware individuals are already guided by their personal ethics; in trying to attract new consumers, environmentally minded businesses attach an aesthetic quality to environmental goods. According to Lozada, marketers should be encouraged to assess the cost of new laws and regulations, the cost of endless litigation,...http://denbridgepress.com/emfm_abstract.php?a=54http://denbridgepress.com/emfm_abstract.php?a=53Accounting management typically refers to the firm's discretionary choices which affect the firm's reported performance by altering the accounting measurement process; in their model, Liang and Wen interpret investment deviations from the first-best as an example of real earnings management and accounting manipulation of y into w as accounting...http://denbridgepress.com/emfm_abstract.php?a=53http://denbridgepress.com/emfm_abstract.php?a=52The goal of this paper is the examination of the conditions on preferences to guarantee the monotonicity of asset prices, when their returns change in the sense of first- and second-order stochastic dominanceshttp://denbridgepress.com/emfm_abstract.php?a=52http://denbridgepress.com/emfm_abstract.php?a=51This research analyzes the relationship between remittances and economic development in the context of South and South East Asian economies by using simultaneous equations model under the concept of panel data least-squares dummy variable regression model. Finally this paper comes out with an inverse relationship between remittances and real GDP...http://denbridgepress.com/emfm_abstract.php?a=51http://denbridgepress.com/emfm_abstract.php?a=50This article addresses the intentions of the framers with regard to governmental participation in and control of business activity. This topic is particularly timely today as the U.S. defends its international position and considers the relevance of economic regulation enacted as long ago as the late 19th century. We review what worked in the past...http://denbridgepress.com/emfm_abstract.php?a=50http://denbridgepress.com/emfm_abstract.php?a=49Given that developed countries dominate the international economic system and generally have high labor standards, we can expect that their higher standards provide the role model to which countries with lower standards are moving toward. Chun and Kim examine strategic competition behavior in heterogeneous market structure where both conventional...http://denbridgepress.com/emfm_abstract.php?a=49http://denbridgepress.com/emfm_abstract.php?a=48Gonzalez et al. identify bull and bear market turning points using a formal turning-point identification procedure: the bull and bear market phases are associated with distinct and persistent mean return shifts. Jin and Zou use a panel dataset for 30 provinces in China in order to examine the relationship between fiscal decentralization and...http://denbridgepress.com/emfm_abstract.php?a=48http://denbridgepress.com/emfm_abstract.php?a=47Ownership concentration varies systematically with respect to certain firm-specific economic variables and country characteristics in ways that are consistent with value maximization and predictions of agency theory. Markets for high-growth stocks offer venture capitalists a valuable exit opportunity for their investments; this allows them to...http://denbridgepress.com/emfm_abstract.php?a=47http://denbridgepress.com/emfm_abstract.php?a=46Many theoretical models show that redistribution causes low growth or capital outflows even though empirically redistribution and growth are often found to be positively associated across countries. The government of a technologically superior economy may attract foreign and domestically owned capital and may have relatively higher GDP growth and...http://denbridgepress.com/emfm_abstract.php?a=46http://denbridgepress.com/emfm_abstract.php?a=45Plott and Chen maintains that reflecting on every day notions about the way that people learn from observing other people can form a common sense impression of how an aggregation mechanism might work. Becker contends that workers increase productivity by learning new skills and perfecting old ones while on the job.http://denbridgepress.com/emfm_abstract.php?a=45http://denbridgepress.com/emfm_abstract.php?a=44Many of the characteristic practices of adjudication and decision making of contemporary western penal systems increasingly make express reference to vocabularies of risk assessment and risk reduction (Sparks). Improvement in accuracy of prediction risk assessments is contingent upon a determination of the characteristics of offenders and their...http://denbridgepress.com/emfm_abstract.php?a=44http://denbridgepress.com/emfm_abstract.php?a=43Ahmed et al. test whether the cash flow and working-capital accrual effects can be explained by common risk factors documented in empirical finance literature. Davis-Friday et al. examine the effect of the interaction between corporate governance and the economic situation on the value relevance of equity book value and earnings.http://denbridgepress.com/emfm_abstract.php?a=43http://denbridgepress.com/emfm_abstract.php?a=42Kanata remarks that training is considered an investment for the future and companies do not perceive the training of temporary workers as beneficial. Peterson says that the growth of contingent work in a lot of ways is the hand-maiden of corporate downsizing.http://denbridgepress.com/emfm_abstract.php?a=42http://denbridgepress.com/emfm_abstract.php?a=41Desai et al. examine cash flow and accrual inefficiencies with respect to stock prices, and focus on total accrual mispricing. Davis-Friday et al. examine whether differences in corporate governance influence the relative value relevance of the book value of equity and earnings of firms in these countries during the financial crisis.http://denbridgepress.com/emfm_abstract.php?a=41http://denbridgepress.com/emfm_abstract.php?a=40Thirlwall and Barton report a positive relationship between inflation and growth in a cross section of industrial countries and a negative relationship in a cross section of seven developing countries. Visco evaluates the estimate of inflation expectations for both wholesale and consumer price changes, comparing them with those held by respondents...http://denbridgepress.com/emfm_abstract.php?a=40http://denbridgepress.com/emfm_abstract.php?a=39Gallagher and Looi find consistency in performance according to a fund manager's investment philosophy, in that growth managers exhibit a competitive advantage in trading stocks that have low book-to-market ratios. According to Gruen et al., if an activist policymaker believes asset prices to be currently overvalued, she will necessarily judge the...http://denbridgepress.com/emfm_abstract.php?a=39http://denbridgepress.com/emfm_abstract.php?a=38Criminology has become a resource plundered by policy entrepreneurs. Countries that are very punitive rely on both high levels of imprisonment as well as the death penalty. Differences in the attitudes of the upper-level administrators and in the institutional history of the facilities help explain why the values and attitudes of prison staffs...http://denbridgepress.com/emfm_abstract.php?a=38http://denbridgepress.com/emfm_abstract.php?a=37Kester attributes the portion of a firm's capitalization not explained by assets-in-place to the present value of its growth options. John and Lang adopt a sequential structure to analyze the stock price response to dividend announcements depending on prior insider trading. Andrés-Alonso et al. test whether stock prices reflect investor's...http://denbridgepress.com/emfm_abstract.php?a=37http://denbridgepress.com/emfm_abstract.php?a=36González predicts a negative relationship between the probability of a bank equity stake in the firm and the age of the firm. Gallagher and Looi's study examines the ability of active Australian equity managers to earn superior risk-adjusted returns. Beccalli et al. combine the capital market research in accounting and the bank efficiency...http://denbridgepress.com/emfm_abstract.php?a=36http://denbridgepress.com/emfm_abstract.php?a=35Watts and Zimmerman utilize size to proxy for a firm's political sensitivity and thus the incentive of managers to select income-decreasing accounting choices. Davis-Friday et al. examine the impact of the interaction between the economic environment and corporate governance on the value relevance of book value and earnings.http://denbridgepress.com/emfm_abstract.php?a=35http://denbridgepress.com/emfm_abstract.php?a=34Chen et al. treat Japenese managerial ownership, firm investment and firm valuation as endogenous to the firm and model them in a three-equation simultaneous equation system. Elsinger et al. see that for the analysis of systemic risk, defined as the probability assessment of joint default events, the analysis of both corrections and interlinkages...http://denbridgepress.com/emfm_abstract.php?a=34http://denbridgepress.com/emfm_abstract.php?a=33By applying the collective wisdom on relative pricing of accruals and cash flows, Shivakumar's study helps sharpen strategies that are designed to take advantage of the post-earnings-announcement drift. Gruen et al. state that different views about the appropriate role of monetary policy in the presence of asset-price bubbles do not arise...http://denbridgepress.com/emfm_abstract.php?a=33http://denbridgepress.com/emfm_abstract.php?a=32To avoid conditioning their estimation on whether or not there was a policy change, a fact that is only known ex post, Carpenter and Demiralp focus exclusively on anticipation of policy changes that took place at FOMC meetings. González remarks that bank investment in borrowing firms is driven by two different factors: the wish to reduce agency...http://denbridgepress.com/emfm_abstract.php?a=32http://denbridgepress.com/emfm_abstract.php?a=31Gray holds that the global free market is created by specific policies based on ideological commitment to economic liberalism, rather than being spontaneously generated. Storper distinguishes four dynamics that work differentially across economic sectors and world regions. Waltz fears that a world government would stifle freedom, become a terrible...http://denbridgepress.com/emfm_abstract.php?a=31http://denbridgepress.com/emfm_abstract.php?a=30The problem of a weak domestic financial sector intermediating international capital flows is common to both the transition and developing economies (Kalyuzhnova and Taylor). Christiano et al. describe how they estimate a monetary policy shock, report estimates of how major macroeconomic variables respond to a monetary policy shock, and report the...http://denbridgepress.com/emfm_abstract.php?a=30http://denbridgepress.com/emfm_abstract.php?a=29Gil-Bazo provides a theoretical analysis that relates the evolution of the risky asset return distribution over time to the optimal portfolio of a utility-maximizing investor. Gervais and Odean state that investors become less overconfident as they gain more experience in investment activities. Kritzman and Rich study the problem of an investor...http://denbridgepress.com/emfm_abstract.php?a=29http://denbridgepress.com/emfm_abstract.php?a=28Preston considers a potentially important source of model misspecification in the design of instrument rules: the assumed manner in which expectations are formed. Losses in one state enterprise would be made good by surpluses generated elsewhere in the system, the distribution between surplus and loss taking place across the balance sheet of the...http://denbridgepress.com/emfm_abstract.php?a=28http://denbridgepress.com/emfm_abstract.php?a=27The task of monetary theory is a much wider one than is commonly assumed (Hayek). Beccalli et al. shift the focus from the traditional framework to the relationship between share prices and efficiency measures. Countries that open the capital account before eliminating severe macroeconomic imbalances are courting disaster (Eichengreen). Global...http://denbridgepress.com/emfm_abstract.php?a=27http://denbridgepress.com/emfm_abstract.php?a=26In completely integrated financial markets, securities with identical risk command the same expected return irrespective of the market of trading; barriers to international capital flows exist that can cause segmentation of capital markets along national boundaries. If banks expect the funds rate to be higher tomorrow, and funds are perfectly...http://denbridgepress.com/emfm_abstract.php?a=26http://denbridgepress.com/emfm_abstract.php?a=25Pryor defines economic systems of developing nations in terms of clusters of complementary institutions, using 31 indicators of economic institutions to derive four quite different economic systems. Christiano et al. describe their model economy and display the problems solved by firms and households, and describe the behavior of financial...http://denbridgepress.com/emfm_abstract.php?a=25http://denbridgepress.com/emfm_abstract.php?a=24Ekholm seeks to consider what investor overconfidence would imply for the trading behaviour of different types of investors, when new public information arrives on the stock market. Gil-Bazo analyzes empirically the effect of the investor's time horizon on his optimal asset allocation. The institutional trading class is less affected by the...http://denbridgepress.com/emfm_abstract.php?a=24http://denbridgepress.com/emfm_abstract.php?a=23Globalization of trade, foreign direct investment, and production are not just about an emerging geography of flows but how flows fit into and adapt to existing territorial or place-based patterns of economic development (Agnew). Roberts et al. highlight how the neoliberal geopolitics of the war planners illustrated the contradictory dependency of...http://denbridgepress.com/emfm_abstract.php?a=23http://denbridgepress.com/emfm_abstract.php?a=22Gruen et al.'s results highlight the stringent informational requirements inherent in an activist policy approach to handling asset-price bubbles. Europe's economy is highly developed and diversified, and its financial markets are deep; the debates provoked by the EMS crisis parallel those stimulated by its emerging-market successors...http://denbridgepress.com/emfm_abstract.php?a=22http://denbridgepress.com/emfm_abstract.php?a=21Banks often demand greater levels of excess balances when flows in and out of their accounts are in greater volumes, and thus a greater uncertainty attends their end-of-day balance. Beccalli et al. use the natural log of total assets as a proxy of the influence of bank size. Carpenter and Demiralp note that, beginning in January 2004, banks were...http://denbridgepress.com/emfm_abstract.php?a=21http://denbridgepress.com/emfm_abstract.php?a=20In an attempt to capture the buying and selling behaviour of different investors in the vicinity of interim earnings announcements, Vieru et al. separate the individuals into five trading frequency (activity) classes. Shivakumar disaggregates the commonly used proxy for earnings surprise into cash flow and accrual components and evaluates the...http://denbridgepress.com/emfm_abstract.php?a=20http://denbridgepress.com/emfm_abstract.php?a=19The rules and laws of economy govern all types of interactions between any interactors. There is an acute need for the clear distinction between economics and politics. We provide the reasons for this necessity, and we also present a solution. In order to better understand the different aspects of economy, we divide the latter in two categories:...http://denbridgepress.com/emfm_abstract.php?a=19http://denbridgepress.com/emfm_abstract.php?a=18The paper discusses the advantages (associated benefits) and disadvantages (potential and realized costs) of entering the EU and the EMU for country members, accession and potential for accession countries. The benefits from integration are multidimensional: political, economical and cultural, while the EU entrance is not considered to be without...http://denbridgepress.com/emfm_abstract.php?a=18http://denbridgepress.com/emfm_abstract.php?a=16Trade flows provide a conduit through which advanced production techniques and technological knowledge are transmitted across countries (Coe). By inducing rapid structural change and shifting employment within industrializing countries that liberalize, trade leads to falling real wages and declining working conditions and living standards.http://denbridgepress.com/emfm_abstract.php?a=16http://denbridgepress.com/emfm_abstract.php?a=15The impact of globalization on market concentration is in need of more empirical investigation; even if the issue is validated empirically, protesters should be lobbying for better anti-trust laws, not more trade restrictions (Bardhan). Firm heterogeneity is an important channel of transmission for monetary policy; small firms are much more...http://denbridgepress.com/emfm_abstract.php?a=15http://denbridgepress.com/emfm_abstract.php?a=14Dworkin argues for a universal healthcare system, a more generous welfare scheme, greater regulations on campaign expenditures and contributions, and race-sensitive admissions policies. Dworkin's notion of undeserved wealth presupposes the nonentrepreneur for whom wealth is immediately consumed or invested for future consumption. The equality of...http://denbridgepress.com/emfm_abstract.php?a=14http://denbridgepress.com/emfm_abstract.php?a=13Dworkin claims that there may well be a set of legal rules recognized by a rule of recognition. Dworkin aims to find a plausible conception of equality that can be used to guide the state's redistribution of resources and justify the state's interference with individual liberty in that redistribution. According to equality of resources, the rights...http://denbridgepress.com/emfm_abstract.php?a=13http://denbridgepress.com/emfm_abstract.php?a=12The concept of capital market efficiency has not gained widespread appreciation among the general investing public. Subjective discount rates decrease with time delay and monetary sum, and are higher for postpone-a-receipt than for a postpone-a-payment scenario. Differences in corporate dividend smoothing are documented by estimating the...http://denbridgepress.com/emfm_abstract.php?a=12http://denbridgepress.com/emfm_abstract.php?a=11Hart holds that the Rule of Recognition is a social rule, meaning that it is constituted by a customary practice of convergent behavior among judges, where the rule describing the pattern of behavior is accepted by those officials from an internal point of view. Hart explores the variety of rules which serve distinctive functions and which...http://denbridgepress.com/emfm_abstract.php?a=11http://denbridgepress.com/emfm_abstract.php?a=10Rawls considers the conflict between the value of appealing to the "whole truth" and the political values which are realized only when we do not appeal to the whole truth. What democracy is ultimately about is not majority rule but political equality, which in turn is based on the more fundamental idea of the citizen as a moral person...http://denbridgepress.com/emfm_abstract.php?a=10http://denbridgepress.com/emfm_abstract.php?a=9Real economic phenomena cannot be investigated insulated from other potential influences falling outside the theoretical domain. The growth rate of manufacturing firms and their volatility is negatively associated with their initial age and size. The new image of mathematics shaped an emergent mathematical economics. The firm's production plan is...http://denbridgepress.com/emfm_abstract.php?a=9http://denbridgepress.com/emfm_abstract.php?a=8The notion of cosmopolitan democracy recognizes certain problems and policies as appropriate for local governments and national states. Deliberative and political decision-making centres beyond national territories are justified when cross-border or transnational groups are affected significantly by a public matter. The task of the political...http://denbridgepress.com/emfm_abstract.php?a=8http://denbridgepress.com/emfm_abstract.php?a=7Ideas such as cosmopolitan democracy are contributions to new debates and what these structures will look like; new innovative political arrangements are not only a necessity but also a possibility in the light of the changing organization of regional and global processes. Cosmopolitan democracy will only serve to intensify the enduring tensions...http://denbridgepress.com/emfm_abstract.php?a=7http://denbridgepress.com/emfm_abstract.php?a=6The intensification of globalization has increased the demand for multilateral cooperation and the provision of global public goods; global politics is anchored not just in traditional geopolitical concerns but also in a large diversity of economic, social and ecological questions. If there are many risky technologies available, financial openness...http://denbridgepress.com/emfm_abstract.php?a=6http://denbridgepress.com/emfm_abstract.php?a=5Globalization has led to substantial economic progress among rich and poor countries alike and may be the principal mechanism for the international convergence of living standards. The fortunes of political communities and peoples can no longer be simply understood in exclusively national or territorial terms. Globalizers among low-income...http://denbridgepress.com/emfm_abstract.php?a=5http://denbridgepress.com/emfm_abstract.php?a=4In the presence of the capital market imperfections that affect the ability of workers to borrow and invest in human capital, the impact of trade liberalization depends on the country's endowment of skilled labor. More market-oriented corporate activities can also be viewed as political; the legitimacy of business activities is a deeply political...http://denbridgepress.com/emfm_abstract.php?a=4http://denbridgepress.com/emfm_abstract.php?a=3Dworkin assumes that a conception of law must explain how what it takes to be law "provides a general justification for the exercise of coercive power by the state." Moral principles that cohere with past legal practice are also valid propositions of law, even to the extent that such principles go beyond what existing legal rules and...http://denbridgepress.com/emfm_abstract.php?a=3http://denbridgepress.com/emfm_abstract.php?a=2Global financial markets have few incentives to equip poor countries to be globally productive; on the whole trade is not as unequal as has been widely thought. Some markets appear more integrated (based on flow variables) than one would expect on the basis of statutory restrictions imposed by nation-states. The pressures for financial integration...http://denbridgepress.com/emfm_abstract.php?a=2http://denbridgepress.com/emfm_abstract.php?a=1Rawls addresses in Political Liberalism the idea of the citizen as a moral person with equal claims to participate in the political processes of collective decision making, giving rise to the problem of public justification. The kind of redistribution needed in order to achieve social justice in the Rawlsian sense can be effected only by a much...http://denbridgepress.com/emfm_abstract.php?a=1