scholarly journals Measuring Technological Innovation over the Long Run

2021 ◽  
Vol 3 (3) ◽  
pp. 303-320
Author(s):  
Bryan Kelly ◽  
Dimitris Papanikolaou ◽  
Amit Seru ◽  
Matt Taddy
Keyword(s):  
Nonprofit Organizations ◽  
Technological Innovation ◽  
Subsequent Work ◽  
Public Firms ◽  
Long Run ◽  
The Us ◽  
Us Government ◽  
Long Time ◽  
Private And Public ◽  
The Right

We use textual analysis of high-dimensional data from patent documents to create new indicators of technological innovation. We identify important patents based on textual similarity of a given patent to previous and subsequent work: these patents are distinct from previous work but related to subsequent innovations. Our importance indicators correlate with existing measures of patent quality but also provide complementary information. We identify breakthrough innovations as the most important patents—those in the right tail of our measure—and construct time series indices of technological change at the aggregate and sectoral levels. Our technology indices capture the evolution of technological waves over a long time span (1840 to the present) and cover innovation by private and public firms as well as nonprofit organizations and the US government. Advances in electricity and transportation drive the index in the 1880s, chemicals and electricity in the 1920s and 1930s, and computers and communication in the post-1980s. (JEL C43, N71, N72, O31, O33, O34)

scholarly journals A financial risk and fraud model comparison of Bear Stearns and Sehman Brothers: was the right or wrong firm bailed out?

2013 ◽  
Vol 11 (1) ◽  
pp. 68-87
Author(s):  
Hugh Grove ◽  
Maclyn Clouse
Keyword(s):  
Financial Reporting ◽  
Financial Risk ◽  
Model Comparison ◽  
The Us ◽  
Lehman Brothers ◽  
Us Government ◽  
Crisis Conditions ◽  
The Stability ◽  
The Right ◽  
Bail Out

In March 2008, the US government bailed out a failing Bear Stearns by arranging a sale to JP Morgan Chase, with US government guarantees for many Bear Stearns’ toxic assets that came with the acquisition. In September 2008, the US government failed to bail out a failing Lehman Brothers, which then went into bankruptcy. Soon thereafter, the US government established a bailout program for many other failing financial institutions. This paper uses financial risk and fraud models to attempt to answer the question as to why Bear Stearns was bailed out, but Lehman Brothers was not. Based on the analysis, was the right or wrong firm bailed out? In summary, these financial risk and fraud models show potential for developing effective risk management monitoring and stronger corporate governance in order to enhance relationships between management, financial reporting, and the stability of the economic system in crisis and post-crisis conditions.

New Global Institutions

2010 ◽  
pp. 178-195
Author(s):  
Robert A. Schultz
Keyword(s):  
Global Economy ◽  
Infinite Regress ◽  
Checks And Balances ◽  
Global Institutions ◽  
The Us ◽  
Public Recognition ◽  
Us Government ◽  
Principles Of Justice ◽  
The Right ◽  
Enforcement Activity

How do we decide which new global institutions should be created to implement the Global Economy Principles of Justice? It would be tempting to create authorities whenever wrongs and injustices need to be prevented or corrected. As I noted in Chapter 8, The Ethical Status of Globalized Institutions, the difficult question is, who oversees that an authority is using its power appropriately? We don’t want to create institutions with unchecked power, yet we don’t want to create any more authorities than absolutely necessary for the implementation of the Global Economy Principles of Justice. For if each new institution requires oversight, we apparently create an infinite regress: We need someone to oversee the oversight, and someone else to oversee whoever is overseeing the oversight, and so on. There are two possible ways to avoid this infinite regress. As I suggested in Chapter 10, public recognition of the existence of a social contract itself lessens the need for oversight and enforcement activity. Most people obey the law even when they are sure a policeman is not watching. The other way to avoid the regress, as I suggested in Chapter 8, was to use the checks and balances system of the branches of the US government. Effectively, each branch has oversight on the others. Three seems to be the right number of branches,1 and executive, judicial, and legislative branches are plausible.

The Making of a Prophetic People

2016 ◽  
Author(s):  
Michael N. Barnett
Keyword(s):  
United States ◽  
Nineteenth Century ◽  
Middle East ◽  
Rule Of Law ◽  
The United States ◽  
Turn Of The Century ◽  
American Jews ◽  
Long Run ◽  
The Us ◽  
Us Government

This chapter examines the period from the mid-nineteenth century to the turn of the century, when American Jews were absorbed by the task of acculturation. As American Jews grew more settled, accepted, and confident, they began asking the US government to use its growing power to stop the persecution of Jews abroad. In the long run, American Jews placed their faith in the same sort of liberalism and rule of law that had been so good to them. Because illiberal states that were tormenting Jews were unlikely to become converts to liberalism, the Jews of France, Britain, and the United States hoped that their governments would impose these reforms. Additionally, they were antinationalists and anti-Zionists. In their view, the answer to the Jewish Problem was not a Jewish homeland in some godforsaken backwater in the Middle East where they were not wanted. Zionism was unrealistic and could potentially lead to questions American Jews would prefer were never asked.

Determinants of divestiture methods for US firms: asset sell-off versus equity carve-out

2018 ◽  
Vol 17 (1) ◽  
pp. 41-57 ◽  
Author(s):  
Dung Pham ◽  
Thanh Nguyen ◽  
Hari Adhikari
Keyword(s):  
Service Industry ◽  
Market Timing ◽  
Investment Strategies ◽  
Content Type ◽  
Public Firms ◽  
Market Values ◽  
Long Run ◽  
Cash Payment ◽  
Wide Range ◽  
The Us

Purpose The purpose of this paper is to examine two different choices of corporate divestiture for US firms: selling off assets to public firms or issuing stocks in equity carve-outs. The authors identify industry-related, firm-specific, deal-related and market-timing factors that influence the choice between the two methods of divestiture. Design/methodology/approach The authors use the univariate tests, logistic regressions and buy-and-hold excess return computations to identify industry-related, firm-specific, deal-related and market-timing factors that influence the choice between the two methods of divestiture. Findings The results show that industry concentration, relative “hotness” of the equity carve-out market, market values of divested units and firm’s growth opportunities are all positively related to the probability of an equity carve-out selection. In contrast, firms in financial service industry, firms that divest smaller units and firms with higher asymmetric information mainly choose to divest assets through asset sell-offs. The findings also indicate that firms with higher leverage and/or higher cash flow constraint show a stronger likelihood for choosing either the equity carve-out option or asset sell-off with cash payment over asset sell-off with stock payment. In the long run, firms that sell-off their assets experienced better performance relative to firms that choose to carve-out. Research limitations/implications The authors recognize several limitations of this study. First, the findings use the data collected in the US market. These findings may not be necessarily true to non-US firms. Therefore, one possible extension of this paper is to further examine the determinants that drive the methods of divestiture for non-US firms. Second, the authors have not examined the association between the choices of divestiture and the subsequent long-term operating performance of the firms. This could be another interesting direction for research in the future. Practical implications The findings have some implication for the divestiture literature by providing a set of determinants which play important roles on firms’ choice between an asset sell-off and an equity carve-out. The findings also have important implications for a potential acquirer who is interested in buying a firm’s subsidiary. Specifically, by analyzing the aforementioned influencing factors, the acquirer might foresee the possibility of a carve-out method and plan its bidding offer accordingly. From investors’ perspective, knowing which factors affect firms’ divesting methods and their subsequent long-run stock performance is undoubtedly beneficial to their investment strategies. Originality/value Prior research has attempted to address the reasons why firms divest or the outcomes of those actions. This paper focuses on the factors that influence the choice of sell-off versus carve-out once the decision to divest has been made. In addition, the authors look at a wide range of factors including industry-related, firm-specific, deal-related and market timing.

scholarly journals Application of Data Mining Technology in Financial Intervention Based on Data Fusion Information Entropy

2022 ◽  
Vol 2022 ◽  
pp. 1-10
Author(s):  
Cong Gu
Keyword(s):  
Decision Tree ◽  
Stratified Sampling ◽  
Normal Operation ◽  
Decision Tree Algorithm ◽  
Financial Policies ◽  
Long Run ◽  
The Us ◽  
C4.5 Algorithm ◽  
Us Government ◽  
The Stability

Finance, as the core of the modern economy, supports sustained economic growth through financing and distribution. With the continuous development of the market economy, finance plays an increasingly important role in economic development. A new economic and financial phenomenon, known as financial intervention, has emerged in recent years, which has created a series of new problems, promoting the rapid increase both in credit and investment and causing many problems on normal operation of financial bodies. In the long run, it will inevitably affect the stability and soundness of the entire economic and financial system. In order to maximize the effect of financial intervention, in response to the above problems, this article uses a series of US practices in financial intervention as the survey content, combined with the loan data provided by the US government financial intervention department, and mines the data of the general C4.5 algorithm of the decision tree algorithm. Generate a decision tree and convert it into classification rules. Next, we will discover the laws hidden behind the loan data, further discover information that may violate relevant financial policies, provide a reliable basis for financial intervention, and improve the efficiency of financial intervention. Experiments show that the method used in this article can effectively solve the above problems and has certain practicability in fiscal intervention. With stratified sampling, the risky accuracy rate increased by 10%, probably because stratified sampling increased the number of high-risk samples.

Part 1 The Cold War Era (1945–89), 36 The US Intervention in Panama—1989

2018 ◽  
Author(s):  
Tsagourias Nicholas
Keyword(s):  
Cold War ◽  
International Law ◽  
Use Of Force ◽  
Panama Canal ◽  
The Us ◽  
Us Government ◽  
Legal Arguments ◽  
The Right ◽  
The Cold War ◽  
Us Intervention

This chapter examines the legality of the 1989 US intervention in Panama and assesses its impact on the use of force regime. After recalling the facts of the incident, it goes on to analyse the legal arguments provided by the US government to justify its action. More specifically, the US invoked its right to protect American citizens abroad as part of its right to self-defence; the right to intervene to protect the Panama Canal provided by the Panama Canal Treaties; and the invitation of the democratically elected Leader of the Opposition. The chapter then presents the reactions of states and the views of legal commentators. It concludes by saying that the incident affirms existing law but also contributes to the development of the rules regulating the use of force in international law.

Petro-RMB? The oil trade and the internationalization of the renminbi

2019 ◽  
Vol 95 (5) ◽  
pp. 1131-1148 ◽  
Author(s):  
Maha Kamel ◽  
Hongying Wang
Keyword(s):  
Financial Markets ◽  
Alternative Energy ◽  
Oil Futures ◽  
International Currency ◽  
Alternative Energy Sources ◽  
Long Run ◽  
The Us ◽  
Us Government

Abstract In this article, we examine China's promotion of the renminbi (RMB) in international oil trade and explore its implications for the international currency system in the short and the long term. The article traces the rise of the RMB in international oil trade in recent years and provides an analysis of its impact on the internationalization of the Chinese currency. We argue that despite the increasing use of the yuan in oil trade in recent years, in the short term it is highly unlikely that a petro-RMB system will emerge to rival the petrodollar system. Unlike the petrodollar, which combines the qualities of a master currency, a top currency and a negotiated currency, China lacks the economic leadership and the political and geopolitical leverages to make the RMB a major petrocurrency. Although the emergence of the RMB-denominated Shanghai oil futures is an important development, the absence of highly developed financial markets and a strong legal system in China hinders its potential. In the long run, the RMB may take on a more prominent role in the international oil trade as China's weight as an oil importer rises. More importantly, the overuse of financial sanctions by the US government has begun to undermine the role of the dollar within and beyond the oil trade. In addition, the rise of alternative energy sources will diminish the centrality of oil in the world economy, thus reducing the significance of petrocurrencies—whether the dollar or the RMB—in shaping the international currency system.

The Political and Legal Force of the Prohibition of Force: Assessing State Behaviour

2008 ◽  
Vol 21 (4) ◽  
pp. 995-1003
Author(s):  
ALFRED VAN STADEN
Keyword(s):  
Effective Control ◽  
Military Force ◽  
The Us ◽  
Un Security Council ◽  
Us Government ◽  
State Behaviour ◽  
The Right ◽  
Military Campaign ◽  
The Military ◽  
Self Defence

Recent political developments on the global scene have shed new light on established rules concerning the employment of military force while giving rise, among other things, to a reappraisal of the scope and limits of the right of self-defence. The terrorist attacks of September 2001 raised the question of whether actions by non-state actors can fall within the concept of ‘armed attack’. Those attacks were defined by UN Security Council Resolution 1368, under Article 39 of Chapter VII of the UN Charter, as ‘a threat to international peace and security’, but the ambiguous formulation left sufficient scope for upholding the prevailing view that Article 51 may only be invoked in the case of conflict between states. According to this view, which meanwhile has been contested, any resort to self-defence for legally justifying unilateral military action against terrorist organizations operating in other countries needs to be supported by evidence or argumentation that attacks perpetrated by those organizations can be attributed to a state. In defending the military campaign conducted to oust the Taliban regime in Afghanistan, the US government could credibly argue that this regime, exercising effective control over the country, was to be held accountable since it was harbouring members of al Qaeda on its territory and was actively supporting them.

Sign in / Sign up

Export Citation Format

Share Document