Impact investing and ESG are specific “ethical” types integrating social, environmental, moral values with financial goals. Despite receiving heightened scholarly attention, the difference between impact is largely unexamined, it not clear how they differ from conventional investment. To explain differences ESG, impact, investing, this paper draws on a dataset of over 8000 private market invest...

Effective and efficient regulation by government is important for economic development. Effective and efficient regulation promotes economic development, while vexatious regulation can cripple it. Many of the problems of developing countries are blamed on ineffective and inefficient government regulation. At the same time, however, understanding of the appropriate institutions and processes of ...

In this paper, we propose a watermarking scheme for the image ownership verification in terms of a private key pattern and wavelet filters. The watermarking is mainly achieved within the process of decomposition and reconstruction by forging watermark-carrying wavelet filters. This scheme improves the watermark robustness and invisibility since it maximally avoids inserting the watermark into t...

The credibility of American-style capitalism was among the earliest victims of the global financial crisis. With Lehman Brothers barely in its grave, pundits the world over rushed to perform the last rites for US economic ideals, including limited government, minimal regulation, and the free-market allocation of credit. In contemplating alternatives to the fallen American model, some looked to ...

The role that financial information plays in facilitating the flow of capital between external providers of capital and the firm is less obvious for private firms compared with public firms. We find that private firms that choose to have their financial information reviewed by an independent external auditor (our proxy for financial transparency) experience significantly lower problems with gai...

class Subject { private List observers = new LinkedList(); void addObserver(Observer o) { observers.add(o); } protected void notifyObservers() { for (Iterator i = observers.iterator(); i.hasNext();) { ((Observer) i.next()).update(this); } } } class ConcreteSubject extends Subject { private final Date date = new Date(); void setDate(long milli) { date.setTime(milli); notifyObservers(); } Date ge...