Military spending,economic growth and investment: a disaggregated analysis by income group

Empirical Economics - Employing a panel vector autoregression (PVAR) methodology, the paper addresses the nexus between military expenditures and two key macroeconomic variables, namely growth...     

Macroprudential regulations and bank profit efficiency: international evidence

This study examines the impact of macroprudential regulations on bank profit efficiency. The latter is being estimated with a production frontier function using a cross-country dataset of more than 3000 banks from over 130 countries during 2013–2018. The results show that macroprudential regulatory policies diminish bank efficiency. This finding applies to both borrower-targeted and financial institutions-targeted policies, and it is robust to the inclusion of controls for microprudential regulations, financial consumer protection policies, and other county-level characteristics in the regressions.

     

Market Valuation and Equity Ownership Structure: The Case of Agency Conflict Regimes

This paper provides further evidence on the link between the firm's performance and the distribution of the common shares between insiders, blockholders and institutions. We endogenize the functional form of the market valuecommon equity structure relationship by using a switching regression methodology. This allows us to observe four distinct ownership structure types that constitute different agency conflict regimes. We provide evidence that supports the notion that investors recognize the existence of such regimes and assess market values differently depending on the type of agency regime the firm operates in. We find that firms with low insider stakes and low blockholder stakes and firms with high insider stakes and high blockholder stakes have the highest agency costs of free cash flow. We also find that the effect of the ownership variables on market values differs across regimes and that there are differences in the monitoring effectiveness of institutional holders and blockholders.     

Cost-Effectiveness Analysis Combining Medical and Mental Health Services for Older Adults with HIV in New York City

Atlantic Economic Journal - Older adults with the human immunodeficiency virus or HIV (OAWH), people 50 years and older, are aging with the disease and experience low quality of life....     

Influences of family ownership on dividend policy under mandatory dividend rules

The LIBOR manipulation scandal of 2008 spurred extensive policy debates regarding the importance of market-based reference rates. The alternative reference rates committee (ARRC) eventually identified the secured overnight financing rate (SOFR) to be a suitable replacement to LIBOR. In this study, we question the underlying process behind the choice of SOFR as a replacement for LIBOR. Both academic literature and regulatory bodies fail to identify a consistent definition and criteria of a good reference rate. We fill in this gap in the literature by providing an empirically testable ‘checklist’ to evaluate any potential money market rate to gauge its suitability as a reference rate. We also carry out an empirical evaluation of various money market rates against our criteria and identify the 1-month AA non-financial commercial paper rate as the best available replacement for LIBOR.

     

The European Framework for Regulating Telecommunications: A 25-year Appraisal

Review of Industrial Organization - The European telecommunications sector has been radically transformed in the past 25 years: from a group of state monopolies to a set of increasingly...     

Technoeconomic analysis of a VDSL2/G.fast vectoring network: a case study from Greece

NETNOMICS: Economic Research and Electronic Networking - Following the increasing need for higher broadband speeds, the European Commission (EC) has set specific goals to all member states...     

Introduction to the Special Issue in “Celebrating 25 Years of the EU Single Market”

Review of Industrial Organization -