The capital-allocation role of financial markets rests on the informational efficiency of security prices. For the capital allocation determined by markets to be efficient, it is essential that security prices reflect all relevant information fully and accurately. Then, what types of security markets are the most conducive to price discovery and information incorporation? To investigate these i...

This paper draws lessons from a review of primary health care services in Windhoek, the capital of Namibia, undertaken by a regional health management team. The review was carried out because of perceived increases in workload and inadequate staffing levels, arising from the rapid expansion of the city associated with inward migration. A survey of the utilization of government clinics was used ...

One of the main bottlenecks Brazilian development faces is its insufficient and biased supply of public services. In a country with low and concentrated income, the supply of public goods configures the only way to create human as well as social capital. This article argues that the allocation of rights on the supply of public services can largely explain many of the undesired results that are ...

Online communities are forming in the Blogosphere as people connect online with friends and those they have affinities, or inherent similarities with. We explore the social capital that exists within these communities by deriving an effective mathematical formulation of social capital based on implicit and explicit connections. We illustrate these concepts by conducting a case study on an activ...

The prices and allocations in two sets of asset markets experiments are studied. One set is the certainty equivalent of the other. In both sets, markets evidently price risk correctly (expected excess returns are proportional to covariance with aggregate risk) even when allocations are wrong (individual allocations do not reflect the portfolio separation predicted by theory). We explain this pr...

In view of the allocation of cash flow rights and control rights in venture capital firms, a financing contract model is set up by introducing the entrepreneur’s self-owned capital in this paper. This paper analyzes the affecting factors and mechanism to the allocation of cash flow rights and control rights, shows the relationship between cash flow rights and control rights, gives the bargain i...

The Aumann–Shapley [Values of Non-atomic Games, Princeton University Press, Princeton] value, originating in cooperative game theory, is used for the allocation of risk capital to portfolios of pooled liabilities, as proposed by Denault [Coherent allocation of risk capital, J. Risk 4 (1) (2001) 1]. We obtain an explicit formula for the Aumann–Shapley value, when the risk measure is given by a d...

We examine the determinants of institutional investors when deciding about international capital allocation in Venture Capital and Private Equity Limited Partnerships through a questionnaire addressed to (potential) Limited Partners world-wide. The respondents provide information about their criteria for international asset allocation. The protection of property rights is the dominant concern, ...

It is reasonable to say that Adam Smith (1776) has played an important role in the development of welfare theory. The reasons are at least two. In the first place, he created the invisible hand idea that is one of the most fundamental equilibrating relations in Economic Theory; the equalization of rates of returns as enforced by a tendency of factors to move from low to high returns through the...