Background: Crowdfunding has risen rapidly as a way of raising funds to support projects such as art projects, charity projects, and new ventures. It is very important to understand how crowds in the crowdfunding market are organized to carry out various activities. This study documents and compares two crowd designs for crowdfunding, namely pure crowds, where all crowd members participate as e...

This study examines the effect of international listing on the conditional return distribution of Australian stocks in the domestic market. We conduct an intervention analysis in an EGARCH framework to measure any shift in the parameters describing the daily return generating process. All fifteen stocks that were listed on the major U.S. exchanges (NYSE and NASDAQ) as American Depositary Receip...

Previous theories of "nancial market rationing focussed on a single market, either the credit or the equity market. An interesting question is whether credit and equity rationing are mutually compatible, and how they interact. We consider a model with twodimensional asymmetric information, where entrepreneurs have private information about both the expected returns and the risk of their project...

This paper examines the problem of aggregating infinite utility streams with a social welfare function that respects the Hammond Equity and Weak Pareto Axioms. The paper provides a complete characterization of domains (of the one period utilities) on which such an aggregation is possible. A social welfare function satisfying the Hammond Equity and Weak Pareto Axioms exists on precisely those do...

The world-wide electricity sector reforms of the early 1990s have revealed the complexities of introducing market driven reforms and making them work in network and infrastructure industries. This paper reflects on the experience to date with the process and outcomes of marketbased electricity reforms in less-developed, transition and developed economies. Evidence suggests similar problems faci...

a r t i c l e i n f o Keywords: Brand equity Industrial branding Dimensions of brand equity Marketing-mix efforts Corporate image A model is developed to examine the relationships among marketing-mix efforts (channel performance, value-oriented price, promotion, and after-sales service), corporate image, three dimensions of brand equity (brand awareness with associations, perceived quality, and...

We examine the role of security design when lenders make inefficient accept or reject decisions after screening projects. Lenders may be either “too conservative,” in which case they reject positive-NPV projects, or “too aggressive,” in which case they accept negative-NPV projects. In the first case, the uniquely optimal security is debt. In the second case, it is levered equity. In equilibrium...

Promoting equity in health is not an easy task. Current trends in the global economy, in the environment and in the scientific and technological development are all conducive to increasing disparities in exposure to risk factors for ill health as well as in access to health services. Indeed, available data point to increasing inequalities in health outcomes among countries and within countries ...

UK commentators have noted for some time that the structure of the UK housing market may be detrimental to labour market flexibility. The early 1990s experience of negative housing equity which affected over 20% of home buyers may have “locked” home owners into property, reducing mobility and worsening further the flexibility of the labour market. The present paper uses UK household longitudina...

Equity in healthcare in British Columbia is defined as the provision of services based on need rather than ability to pay and a separation of contributions to financing from the use of services. Physician and hospital services in Canada are financed mainly through general tax revenues, and there is a perception that this financing is progressive. This paper uses Gini coefficients, concentration...