This paper is concerned witl). "a problem in which a firm is engaged in manufacturing a number of types and sizes of goods at equal intervals, e. g. monthly, and the production is forced to fulfill the customer's demand immediately. In general the products are subject to considerable variations in demands. Let us assume that the amount demanded is uncertain but has a certain probability distrib...

This paper analyzes the relationship between structured finance par coupon spreads at issuance and the securities' credit performance. Using structured finance securities including asset-backed and mortgage-backed securities and collateralized debt obligations issued in the U.S. during 1998-2004, we find spreads vary substantially by rating, over time, and across asset classes; the spreads on s...

In this paper we undertake the first joint investigation of bidding in the primary market and trading in the immediate post-issuance secondary market for municipal bonds. We introduce a ‘distance-to-next-bid’ measure – the distance by which the winning underwriter’s bid exceeded the next highest (non-winning) bid in the primary market. We document a winners’ curse effect: bonds where the distan...

An unlocked Electronic Product Code (EPC) tag allows for issuance of most commands without the need for any authorization. This means that a system with unlocked tags would allow any attacker to modify tag data at will, whilst also opening the door to a range of other misuse. One possible avenue of active misuse against unlocked tags would be to issue LockID commands and ‘permanently’ lock some...

This paper investigates a market-valuation-based hypothesis for employee stock options (ESOs). It examines how market valuation has affected the decision to grant ESOs, the amount of options granted, and the distribution of options among executives and rankand-file employees. I find strong empirical evidence that firms with high market valuation and high probability of future overvaluation are ...

With the growing expansion of Internet connectivity and usage by consumers and merchants, financial institutions and governmental entities, the requirement for stable and secure software is being elevated to the legislative and judicial levels. No longer can software manufacturers disregard this growing requirement in fulfilling their commercial obligations. The issuance of a patch is the begin...

We propose to leverage accountability mechanisms to deal with trust-related security incidents of certification authorities (CAs) in the SSL/TLS public-key infrastructure (PKI). We argue that, despite recent advances in securing certificate issuance and verification, the TLS PKI does not sufficiently incentivize careful identity verification by CAs during certificate issuance or provide CA acco...

Article history: Received 5 March 2012 Received in revised form 7 October 2012 Accepted 13 October 2012 Available online 22 October 2012 This paper explores the relationship between firms' investment and stock market liquidity. Using a panel of Latin American firms, I find evidence that a higher trading volume and a higher industry-adjusted trading volume are associated with higher firm investm...