NFL 球队围绕质量列队

美式橄榄球比赛中，四分卫在场上与其他球员蜷缩在一起，等候排列地点指令时，总是喜欢在沙子上进行着某种创作，或是画着某种曲线图案。     

WHO GETS FORMAL HOUSING FINANCE IN JORDAN?

The role of housing finance in actualizing housing demand is widely appreciated. Many developing nations have established special institutions in an attempt to assure that adequate volumes of financing are made available. Jordan offers an especially interesting case because the Jordan Housing Bank has the resources to serve almost any number of applicants at highly competitive rates. In addition, several other formal lenders make mortgage loans as do some government programs. This paper analyzes the determinants of the likelihood of recent home purchasers actually obtaining a loan from a formal finance institution. We find that purchasers in rural areas are much less likely to obtain such loans. In urban areas, the probability of using formal finance rises steadily with income. Also in urban areas, a household that purchases a unit that is an addition to an existing structure is much more likely to obtain formal financing than an otherwise similar household.     

Monetary anticipation and the demand for money in the U.K.: Testing rationality in the Shock-Absorber hypothesis

The Carr-Darby shock-absorber hypothesis that unanticipated changes in the money supply cause changes in real balances but anticipated changes have a unit impact on the price level (and therefore leave real balances unchanged) is tested using two-step and joint estimation techniques. For the U.K., two-step methods appear to support the shock-absorber hypothesis, but the superior joint estimation technique decisively rejects the hypothesis, particularly the implicit rational expectations cross-equation restrictions.     

迪士尼逆势抢“赛点”

说迪士尼仅仅是像嘉年华那样的游乐企业，一定没有看到游乐园在香港、东京的巨亏，在巴黎的那家分店还因为经营不善倒闭了。迪士尼本质上，还是一家媒体公司，每年从《玩具总动员》这样的影视产品大获其利，顺带还卖点同品牌的童装。     

ONLINE FREE MARKETS AND ENTREPRENEURSHIP IN THE MUSLIM WORLD

For centuries, networks of free exchange enabled populations of the Islamic world to thrive. Today, by contrast, the largest Muslim countries lag in international measures of economic freedom. At this critical time, hundreds of online markets for 'telework' are bringing global business opportunities within reach of many in the Muslim and non-Muslim worlds alike. Individuals with internet access can directly engage in the global online economy without having to wait for the results of domestic policy liberalisation or needing to relocate in search of higher wages.     

Debt policy, corporate taxes, and discount rates

This paper applies the standard risk-neutral valuation framework to tax shields generated by dynamic debt policies. We derive a partial differential equation (PDE) for the value of the debt tax shield. For a class of dynamic debt policies that depend on the asset's free cash flows, value, and past performance, we obtain closed-form solutions for the PDE. We also derive the tax-adjusted cost of capital for free cash flows and analyze the conditions under which the weighted average cost of capital is an appropriate discount rate. Finally, we derive closed-form solutions for equity betas, which differ from the formulas that have traditionally been used to lever and unlever equity betas.