MoneyScience News |
- False positives: fraud and misconduct are threatening scientific research http://t.co/SyTWunKR
- Published / Preprint: 14Sep/Core principles for effective banking supervision - revised version endorsed by global bank supervisors
- Blog Post: TheFinancialServicesClub: The World's Global Language is English
- Blog Post: PatrickBurns: Horses and volatility
- Published / Preprint: The Future Has Thicker Tails than the Past: Model Error As Branching Counterfactuals
- Published / Preprint: The competitiveness versus the wealth of a country
- Published / Preprint: Preferential Attachment in the Interaction between Dynamically Generated Interdependent Networks
- The Financial Education Daily is out! http://t.co/TYluKzUv ⸠Top stories today via @NSHMBA
- Blog Post: TheAlephBlog: Actuaries Versus Quants
- Published / Preprint: Wealth distribution on complex networks. (arXiv:1209.2781v1 [nlin.AO])
- Published / Preprint: The competitiveness versus the wealth of a country. (arXiv:1209.2813v1 [q-fin.GN])
- Published / Preprint: Preferential Attachment in the Interaction between Dynamically Generated Interdependent Networks. (arXiv:1209.2817v1 [physics.soc-ph])
- EasyJet entrepreneur hosts alumni reception in Monaco
- IBM Study finds that leading financial firms are able to regularly deploy new products in less than 3 months #tcm http://t.co/QT42h4a1
- Blog Post: iMFdirect: United States: How Inequality Affects Saving Behavior
- Research Library: How big is too big? Critical Shocks for Systemic Failure Cascades
- Research Library: Estimating the historical and future probabilities of large terrorist events
- .@Cassinthenews: World leading academics deliver 2012 Onassis Lectures http://t.co/nUpiro7E
- Lecture - Moneyâs Situational Effects - Kathleen Vohs #tcm http://t.co/F2qdkRGe
- The Financial Education Daily is out! http://t.co/TYluKzUv ⸠Top stories today via @BerkeleyHaas @RobinsonCollege @cardiffuni
- .@Cassinthenews: Cass stages inaugural Chairmen's Forum http://t.co/GMNvdydY
- RT @TimHarford: Doyne Farmer - Macroeconomics From the Bottom Up (interesting video interview) http://t.co/ajx4fHyB
- Published / Preprint: Do Changes in Wealth Inequality Help Explain CEO Compensation Inequality? A Study Using the Pareto Distribution
- Published / Preprint: The Supply-Side Determinants of Loan Contract Strictness
- Published / Preprint: Dynamic CEO Compensation
- Published / Preprint: Are Banks Still Special When There Is a Secondary Market for Loans?
- Published / Preprint: Financial Flexibility, Bank Capital Flows, and Asset Prices
- Published / Preprint: Financial Expertise as an Arms Race
- Published / Preprint: A Lintner Model of Payout and Managerial Rents
- Published / Preprint: Banking Globalization and Monetary Transmission
- Published / Preprint: Regulatory Arbitrage and International Bank Flows
- Published / Preprint: Incomplete-Market Equilibria Solved Recursively on an Event Tree
- Published / Preprint: The Vote Is Cast: The Effect of Corporate Governance on Shareholder Value
- Financial regulatory systems fragmented and unprepared for next crisis, says bailout expert
- Financial Technology News Report is out! http://t.co/Jds9GCg0 : Top stories today via @MATLAB @finteligent @TradeTech
- Blog Post: OlsenBlog: Speed is Good
- Artificial Intelligence, unstructured data and banking scams
- Event: Society for Neuroeconomics Annual Conference: Decision Making and the Brain
- Cass Knowledge Newsletter - June 2012
- Link Library: Notes for Economists on Writing Code
- Vendor News: SS&C Acquires GlobeOp
| False positives: fraud and misconduct are threatening scientific research http://t.co/SyTWunKR Posted: 14 Sep 2012 02:15 AM PDT BusinessSchools: False positives: fraud and misconduct are threatening scientific research http://t.co/SyTWunKR Visit MoneyScience for the Complete Article.      |
| Posted: 14 Sep 2012 02:06 AM PDT Press release about global bank supervisors endorsing revised "Core principles for effective banking supervision " (14 September 2012) Visit MoneyScience for the Complete Article.    |
| Blog Post: TheFinancialServicesClub: The World's Global Language is English Posted: 14 Sep 2012 01:27 AM PDT I started another debate yesterday after saying that English is the global language.read more... Visit MoneyScience for the Complete Article.    |
| Blog Post: PatrickBurns: Horses and volatility Posted: 14 Sep 2012 01:18 AM PDT Two items struck me as being connected. Maybe they are.read more... Visit MoneyScience for the Complete Article.    |
| Posted: 14 Sep 2012 01:03 AM PDT Ex ante forecast outcomes should b 989 e interpreted as counterfactuals (potential histories), with errors as the spread between outcomes. Reapplying measurements of uncertainty about the estimation errors of the estimation errors of an estimation leads to branching counterfactuals. Such recursions of epistemic uncertainty have markedly different distributial properties from conventional sampling... Visit MoneyScience for the Complete Article.    |
| Published / Preprint: The competitiveness versus the wealth of a country Posted: 14 Sep 2012 12:39 AM PDT Politicians world-wide frequently promise a better life for their citizens. We find that the probability that a country will increase its {\it per capita} GDP ({\it 8a7 gdp}) rank within a decade follows an exponential distribution with decay constant $\lambda = 0.12$. We use the Corruption Perceptions Index (CPI) and the Global Competitiveness Index (GCI) and find that the... Visit MoneyScience for the Complete Article.    |
| Posted: 14 Sep 2012 12:32 AM PDT We generalize the scale-free network model of Barab\`asi and Albert [Science 286, 509 (1999)] by proposing a class of stochastic models for scale-free interdependent networks in which interdependent nodes are not randomly connected but rather are connected via preferential attachment (PA). Each network grows through the continuous addition of new nodes, and new nodes in each network attach... Visit MoneyScience for the Complete Article.    |
| Posted: 14 Sep 2012 12:26 AM PDT BusinessSchools: The Financial Education Daily is out! http://t.co/TYluKzUv â–¸ Top stories today via @NSHMBA Visit MoneyScience for the Complete Article.    |
| Blog Post: TheAlephBlog: Actuaries Versus Quants Posted: 14 Sep 2012 12:14 AM PDT I’m an Actuary and a Quant. I’m not and Actuary, and I’m not a Quant.read more... Visit MoneyScience for the Complete Article.    |
| Published / Preprint: Wealth distribution on complex networks. (arXiv:1209.2781v1 [nlin.AO]) Posted: 13 Sep 2012 05:30 PM PDT We study the wealth distribution of the Bouchaud--M\'ezard (BM) model on complex networks. It has been known that this distribution depends on the topology of network by numerical simulations, however, no one have succeeded to explain it. Using "adiabatic" and "independent" assumptions along with the central-limit theorem, we derive equations that determine the probability distribution... Visit MoneyScience for the Complete Article.    |
| Posted: 13 Sep 2012 05:30 PM PDT Politicians world-wide frequently promise a better life for their citizens. We find that the probability that a country will increase its {\it per capita} GDP ({\it gdp}) rank within a decade follows an exponential distribution with decay constant $\lambda = 0.12$. We use the Corruption Perceptions Index (CPI) and the Global Competitiveness Index (GCI) and find that the distribution... Visit MoneyScience for the Complete Article.    |
| Posted: 13 Sep 2012 05:30 PM PDT We generalize the scale-free network model of Barab\`asi and Albert [Science 286, 509 (1999)] by proposing a class of stochastic models for scale-free interdependent networks in which interdependent nodes are not randomly connected but rather are connected via preferential attachment (PA). Each network grows through the continuous addition of new nodes, and new nodes in each network attach... Visit MoneyScience for the Complete Article.    |
| EasyJet entrepreneur hosts alumni reception in Monaco Posted: 13 Sep 2012 01:02 PM PDT Alumni jet in from around the world for weekend event Visit MoneyScience for the Complete Article.    |
| Posted: 13 Sep 2012 08:32 AM PDT fin_tech: IBM Study finds that leading financial firms are able to regularly deploy new products in less than 3 months #tcm http://t.co/QT42h4a1 Visit MoneyScience for the Complete Article.    |
| Blog Post: iMFdirect: United States: How Inequality Affects Saving Behavior Posted: 13 Sep 2012 08:23 AM PDT By Oya Celasunread more... Visit MoneyScience for the Complete Article.    |
| Research Library: How big is too big? Critical Shocks for Systemic Failure Cascades Posted: 13 Sep 2012 07:30 AM PDT Claudio J. Tessone, Antonios Garas, Beniamino Guerra, Frank Schweitzer Abstract External or internal shocks may lead to the collapse of a system consisting of many agents. If the shock hits only one agent initially and causes it to fail, this can induce a cascade of failures among neighoring agents. Several critical constellations determine whether this cascade remains finite or reaches... Visit MoneyScience for the Complete Article.    |
| Research Library: Estimating the historical and future probabilities of large terrorist events Posted: 13 Sep 2012 06:52 AM PDT Aaron Clauset, Ryan Woodard Abstract Quantities with right-skewed distributions are ubiquitous in complex social systems, including political conflict, economics and social networks, and these systems sometimes produce extremely large events. For instance, the 9/11 terrorist events produced nearly 3000 fatalities, nearly six times more than the next largest event. But, was this enormous loss of... Visit MoneyScience for the Complete Article.    |
| .@Cassinthenews: World leading academics deliver 2012 Onassis Lectures http://t.co/nUpiro7E Posted: 13 Sep 2012 06:37 AM PDT BusinessSchools: .@Cassinthenews: World leading academics deliver 2012 Onassis Lectures http://t.co/nUpiro7E Visit MoneyScience for the Complete Article.    |
| Lecture - Moneyâs Situational Effects - Kathleen Vohs #tcm http://t.co/F2qdkRGe Posted: 13 Sep 2012 06:37 AM PDT BusinessSchools: Lecture - Money’s Situational Effects - Kathleen Vohs #tcm http://t.co/F2qdkRGe Visit MoneyScience for the Complete Article.    |
| Posted: 13 Sep 2012 06:37 AM PDT BusinessSchools: The Financial Education Daily is out! http://t.co/TYluKzUv â–¸ Top stories today via @BerkeleyHaas @RobinsonCollege @cardiffuni Visit MoneyScience for the Complete Article.    |
| .@Cassinthenews: Cass stages inaugural Chairmen's Forum http://t.co/GMNvdydY Posted: 13 Sep 2012 06:37 AM PDT BusinessSchools: .@Cassinthenews: Cass stages inaugural Chairmen's Forum http://t.co/GMNvdydY Visit MoneyScience for the Complete Article.    |
| Posted: 13 Sep 2012 06:37 AM PDT BusinessSchools: RT @TimHarford: Doyne Farmer - Macroeconomics From the Bottom Up (interesting video interview) http://t.co/ajx4fHyB Visit MoneyScience for the Complete Article.    |
| Posted: 13 Sep 2012 06:28 AM PDT Over the past twenty years there has been a dramatic increase in both CEO pay and the wealth of the richest Americans. We hypothesize that the increase in CEO pay is due to the same economy-wide factors that have increased the asset value of the wealthiest Americans. We test this hypothesis by estimating Pareto distributions for both CEO compensation and the Forbes 400 list of the wealthiest... Visit MoneyScience for the Complete Article.    |
| Published / Preprint: The Supply-Side Determinants of Loan Contract Strictness Posted: 13 Sep 2012 06:18 AM PDT Using a measure of contract strictness based on the probability of a covenant violation, I investigate how lender-specific shocks impact the strictness of the loan contract that a borrower receives. Banks write tighter contracts than their peers after suffering payment defaults to their own loan portfolios, even when defaulting borrowers are in different industries and geographic regions from the... Visit MoneyScience for the Complete Article.    |
| Published / Preprint: Dynamic CEO Compensation Posted: 13 Sep 2012 06:18 AM PDT We study optimal compensation in a dynamic framework where the CEO consumes in multiple periods, can undo the contract by privately saving, and can temporarily inflate earnings. We obtain a simple closed-form contract that yields clear predictions for how the level and performance sensitivity of pay vary over time and across firms. The contract can be implemented by escrowing the CEO’s pay into... Visit MoneyScience for the Complete Article.    |
| Published / Preprint: Are Banks Still Special When There Is a Secondary Market for Loans? Posted: 13 Sep 2012 06:18 AM PDT Secondary market trading in loans elicits a significant positive stock price response by a borrowing firm’s equity investors. We find the major reason for this response is the alleviation of borrowing firms’ financial constraints. We also find that new loan announcements are associated with a positive stock price effect even when prior loans made to the same borrower already trade on the... Visit MoneyScience for the Complete Article.    |
| Published / Preprint: Financial Flexibility, Bank Capital Flows, and Asset Prices Posted: 13 Sep 2012 06:18 AM PDT In our parsimonious general-equilibrium model of banking and asset pricing, intermediaries have the expertise to monitor and reallocate capital. We study financial development, intraeconomy capital flows, the size of the banking sector, the value of intermediation, expected market returns, and the risk of bank crashes. Asset pricing implications include: a market’s dividend yield is related to... Visit MoneyScience for the Complete Article.    |
| Published / Preprint: Financial Expertise as an Arms Race Posted: 13 Sep 2012 06:18 AM PDT We show that firms intermediating trade have incentives to overinvest in financial expertise. In our model, expertise improves firms’ ability to estimate value when trading a security. Expertise creates asymmetric information, which, under normal circumstances, works to the advantage of the expert as it deters opportunistic bargaining by counterparties. This advantage is neutralized in... Visit MoneyScience for the Complete Article.    |
| Published / Preprint: A Lintner Model of Payout and Managerial Rents Posted: 13 Sep 2012 06:18 AM PDT We develop a dynamic agency model in which payout, investment, and financing decisions are made by managers who attempt to maximize the rents they take from the firm, subject to a capital market constraint. Managers smooth payout to smooth their flow of rents. Total payout (dividends plus net repurchases) follows Lintner’s (1956) target adjustment model. Payout smooths out transitory shocks to... Visit MoneyScience for the Complete Article.    |
| Published / Preprint: Banking Globalization and Monetary Transmission Posted: 13 Sep 2012 06:18 AM PDT Globalization of banking raises questions about banks’ liquidity management, their response to liquidity shocks, and the potential for international shock propagation. We conjecture that global banks manage liquidity on a global scale, actively using cross-border internal funding in response to local shocks. Having global operations insulates banks from changes in monetary policy, while banks... Visit MoneyScience for the Complete Article.    |
| Published / Preprint: Regulatory Arbitrage and International Bank Flows Posted: 13 Sep 2012 06:18 AM PDT We study whether cross-country differences in regulations have affected international bank flows. We find strong evidence that banks have transferred funds to markets with fewer regulations. This form of regulatory arbitrage suggests there may be a destructive “race to the bottom†in global regulations, which restricts domestic regulators’ ability to limit bank risk-taking. However, we also... Visit MoneyScience for the Complete Article.    |
| Published / Preprint: Incomplete-Market Equilibria Solved Recursively on an Event Tree Posted: 13 Sep 2012 06:18 AM PDT Because of non-traded human capital, real-world financial markets are massively incomplete, while the modeling of imperfect, dynamic financial markets remains a wide-open and difficult field. Some 30 years after Cox, Ross, and Rubinstein (1979) taught us how to calculate the prices of derivative securities on an event tree by simple backward induction, we show how a similar formulation can be... Visit MoneyScience for the Complete Article.    |
| Published / Preprint: The Vote Is Cast: The Effect of Corporate Governance on Shareholder Value Posted: 13 Sep 2012 06:18 AM PDT This paper investigates whether improvements in the firm’s internal corporate governance create value for shareholders. We analyze the market reaction to governance proposals that pass or fail by a small margin of votes in annual meetings. This provides a clean causal estimate that deals with the endogeneity of internal governance rules. We find that passing a proposal leads to significant... Visit MoneyScience for the Complete Article.    |
| Financial regulatory systems fragmented and unprepared for next crisis, says bailout expert Posted: 13 Sep 2012 06:12 AM PDT The "No More 'Too Big to Fail'" rallying cry is unrealistic, says Cheryl Block, JD, federal taxation, budget and bailout expert and professor of law at Washington University in St. Louis. read more... Visit MoneyScience for the Complete Article.    |
| Posted: 13 Sep 2012 05:53 AM PDT fin_tech: Financial Technology News Report is out! http://t.co/Jds9GCg0 â–¸ Top stories today via @MATLAB @finteligent @TradeTech Visit MoneyScience for the Complete Article.    |
| Blog Post: OlsenBlog: Speed is Good Posted: 13 Sep 2012 05:20 AM PDT Richard Olsen argues (in the September issue of Investment & Pensions Europe) that, far from slowing down, transaction volumes need to increase by a factor of thousands, and that pension funds should benefit from its uncorrelated alpha. Download original articleread more... Visit MoneyScience for the Complete Article.    |
| Artificial Intelligence, unstructured data and banking scams Posted: 23 Jul 2012 05:29 AM PDT New Scientist covers the technology firms who are using Artificial Intelligence to identify behaviours which could indicate improper behaviour:read more... Visit MoneyScience for the Complete Article.    |
| Event: Society for Neuroeconomics Annual Conference: Decision Making and the Brain Posted: 04 Jul 2012 01:26 PM PDT Location: Ritz-Carlton Key Biscayne in Miami, Florida, USA; Date: September 28th, 2012; Our annual conference, Neuroeconomics: Decision Making and the Brain, aims to promote interdisciplinary collaborations and discussions on topics lying at the intersection of the brain and decision sciences in the hopes of advancing both theory and research in decision making. To this end, we... Visit MoneyScience for the Complete Article.    |
| Cass Knowledge Newsletter - June 2012 Posted: 04 Jul 2012 05:05 AM PDT Welcome to the June edition of the Cass Knowledge newsletter. This month’s newsletter will highlight key articles from the past month. Topics covered include knowledge acquisition in investment banking and the use of images to shape a consumers reaction to really new products (RNPs). There is also more information on an upcoming event that all Cass Knowledge subscribers are invited to,... Visit MoneyScience for the Complete Article.    |
| Link Library: Notes for Economists on Writing Code Posted: 03 Jul 2012 05:25 AM PDT Matthew Gentzkow Jesse M. Shapiro Chicago Booth June 25, 2012 Introduction Every step of every research project we do is written in code, from raw data to final paper. Doing research is therefore writing software. Over time, people who write software for a living have learned a lot about how to write it well. We follow their lead. We aim to write code that would pass muster if we worked at... Visit MoneyScience for the Complete Article.    |
| Vendor News: SS&C Acquires GlobeOp Posted: 27 Jun 2012 07:06 AM PDT SS&C Technologies Holdings, Inc. (NASDAQ: SSNC), a global provider of financial services software and software-enabled services, today announced its acquisition of GlobeOp Financial Services S.A. (GlobeOp), for £4.85 per share (approximately £572 million). GlobeOp (LSE:GO) provides independent fund services, specializing in middle and back office services and integrated... Visit MoneyScience for the Complete Article.    |
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