Organizational boards of directors are one of the most important subgroups within most modern organizations, performing critical advisory, monitoring and resource dependence roles. This paper investigates the crucial question of whether the stock market values ethnic and gender diversity within organizational boards. We find that board diversity is positively associated with market valuation. W...

Why is income inequality higher in Latin America than in East Asia? Is this phenomenon related to the region’s natural resource abundance? Is it a contributor to Latin America’s slow and narrowly focused human capital accumulation? If so, can anything be done to reverse the Latin American trends, or should we think of the region’s fate as unalterable? To help answer these questions, this paper ...

When should a buyer of an exhaustible resource move to a substitute if only the seller knows the exact size of the remaining resource stock? We characterize stationary dynamic signalling equilibrium of this Coasian bargaining problem, and find that adjustment delays in ending the relationship and the degree of asymmetric information shape the equilibrium outcome. The Coase conjecture —the infor...

i n the past decades, the effect of different tax amendments on various economic issues has been studied. the majority of these studies have avoided considering shadow economy as part of the calculation and analysis, and an issue, which has received little attention, is the relationship between green tax reforms and shadow economy, as for informal labor, which is well-connected to unemployment ...

abstract research and development (r&d;) spending plays a major role in innovation, raising productivity and increasing economic growth. the purpose of this paper is to investigate the impact of r&d; spending on growth and total factor productivity (tfp) in iran's agricultural sector. we estimate growth and productivity models using auto-regressive distributed lag (ardl) approach and data over ...

Migration and Urban Poverty and Inequality in China Using data from recent surveys of migrants and local residents in 10 cities in 2005, this paper examines how migration influences measurements of urban poverty and inequality in China, and also compares how other indicators of well-being differ for migrants and local residents. Contrary to previous studies that report that the income poverty r...

Data Issues and Databases Used in Analysis of Growth, Poverty and Economic Inequality This paper focuses on the importance data issues to the analysis of growth, poverty and economic inequality. We introduce a number of major databases frequently used in applied research on growth, poverty and global and international inequality. A discussion of data quality, data consistency, variable definiti...

This paper shows how a mean variance criterion can be applied to a multi period setting in order to obtain efficient portfolios in an asset and liability context. The optimization model allows for rebalancing activities, transaction costs, stochastic volatilities for both assets and liabilities. Furthermore, a general framework for the projection of pension fund liabilities as well as for the g...

  Data envelopment analysis (DEA) is a non-parametric method for assessing relative efficiency of decision-making units (DMUs). Every single decision-maker with the use of inputs produces outputs. These decision-making units will be defined by the production possibility set. Resource allocation to DMUs is one of the concerns of managers since managers can employ the results of this process to a...

This paper develops and tests several models of pure Nash strategies of individuals who extract from a common pool resource when they are motivated by a combination of selfinterest and preferences for altruism, reciprocity, inequity aversion and conformity. Using data from a series of common pool resource experiments conducted in three rural areas of Colombia, we test whether an econometric sum...