We investigate relations between inside ownership, managerial expenses and equity valuations. Our engine of analysis —Real Estate Investment Trusts (REITs) —provides a unique and rich framework for analysis since we can calculate extremely accurate measures of asset replacement costs, and hence relative valuation (Tobin's Q). Further, the nature of the financial statements allows us to examine ...

The surge in capital flows towards emerging market countries is one of the major developments in the world economy in the 1990s. In particular, short-term flows, in the form of portfolio investments or bank loans, have grown at an extremely rapid pace. At the same time, emerging markets have experienced an increasing number of financial crises, with dire consequences. It is increasingly argued ...

This research draws upon a growing interest within media sociology in the ways in which news is shaped by information flows between sources; it focuses on how the media, and newspapers in particular, report on the business aspects of the UK football industry. Media interest in the workings of the City and issues of corporate governance extend beyond the conventional business pages to encompass ...

Chicanery, Intelligence, and Financial Market Equilibrium In this paper, we provide perspectives on how disclosure policies and managerial intelligence interact to influence stock prices, firm values, and the liquidity of financial markets. In addition to the natural premise that intelligent managers positively influence firm values, we adopt two alternative perspectives on managerial intellige...

The United States is considered by many economists, to be trapped in an excessive debt position, while China is accumulating excessive foreign reserves. Japan is in a delicate situation in between, because, in spite of indicators like the declining household savings rate that predicts Japan to be a debtor country in the future, the current account of Japan still shows a solid surplus. The princ...

globalization is a worldwide phenomenon. the concept globalization is a very recent term only establishing its current meaning in the 1970s, which emerged from the intersection of four inter related sets of communities of practice, academics, journalists, publishers. this paper models the channels through which globalization affects financial sector development in nigeria. to this end this stud...

We consider a class of Markovian risk models in which the insurer collects premiums at rate c1 (c2) whenever the surplus level is below (above) a constant barrier level b. We derive the Laplace­Stieltjes transform (LST) of the distribution of the time to ruin as well as the LST (with respect to time) of the joint distribution of the time to ruin, the surplus prior to ruin, and the deficit at ru...

In this paper, we conduct an analysis of the implications of capital controls for financial stability. We study a financial transaction (Tobin) tax applicable to cross-border capital flows in a multi-good, multi-country dynamic equilibrium model with incomplete financial markets and heterogeneous agents. The results derived from the model suggest that the impact of capital controls may vary con...

The central question of this paper concerns the implications of remittance flows for migrants and their origin households in the country of origin. This paper represents the first attempt to present a disaggregated view of international remittance flows using a matched sample of international migrants and their origin families. I investigate two types of remittances: transfers to the home famil...