Despite the political sensitivity of foreign capital, existing work on the effect of foreign capital at the firm level is slim. This paper examines the effect of foreign equity ownership and management on firm performance using a panel of Korean firms for the period of 1993-2007 when foreign capital inflows increased dramatically. Empirical results show that foreign equity ownership positively ...

• The role played by the state as a land market regulator in urban areas with natural vulnerability to flooding; as a producer of urban land and housing; and as a builder of defenses against flooding. • Impacts on the land market of flooding and built defenses as well as access to urban land for different population sectors; land value increases and decreases in urban areas according to floodin...

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In a Fisher market, a market maker sells m items to n potential buyers. The buyers submit their utility functions and money endowments to the market maker, who, upon receiving submitted information, derives market equilibrium prices and allocations of its items. While agents may benefit by misreporting their private information, we show that the percentage of improvement by a unilateral strateg...

Assumptions of individual rationality and preference stability provide the foundation for a convenient and tractable modeling approach. While both of these assumptions have come under scrutiny in distinct literatures, the two lines of research remain disjointed. This study begins by explicitly linking the two literatures while providing insights into perhaps the central issue facing behavioral ...

Competition is an increasingly important theme in telecommunications policy. It has been credited with expanding services, lowering prices, and stimulating innovation. (Jamison et al. 2009) But competition can raise difficult challenges for telecommunications policy makers and regulators. One of these challenges is determining the optimal mix of market and regulatory involvement in determinatio...

This paper demonstrates a method to how reserve capacity and cost allocation could be determined in a pool-based and disaggregated market model. The method considers both the spinning reserve and interruptible loads as the operating reserve services. In the proposed market, generators and consumers (including participation of interruptible loads) submit offers and bids to the independent system...