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World Affairs Online
This dissertation consists of three chapters. In the first chapter, I investigate how political spending by corporations responds to regulatory concerns and if it is associated with improved firm value. Using the 2010 Deepwater Horizon disaster as an exogenous shock to the difficulty of obtaining offshore oil drilling permits, I show that offshore oil firms spent more money hiring lobbyists in order to influence the permitting process. In contrast, the evidence of a response through campaign contributions is weak. The lobbying spending was associated with both a higher probability of permit approval and faster time to approval. Permit approvals had a five-day cumulative abnormal return of 0.69% after the disaster. In particular, offshore firms hired more lobbyists with prior-employment connections to Congressmen or Federal agencies with oil industry oversight. My results show that corporate governance issues may be second-order in this setting and that lobbying may have a real impact on regulator decisions and a positive effect on firm value.In the second chapter, I establish a previously unknown fact about the value of firms engaging in lobbying. Despite evidence that firms respond to specific opportunities or concerns through lobbying spending, most corporations lobby persistently. I show that firms engaging in lobbying spending earn higher returns relative to non-lobbying firms in response to elections that result in a unified government (White House and Congress controlled by the same political party). In contrast, lobbying firms earn lower returns relative to non-lobbying firms in response to elections that result in a divided government (White House and Congress controlled by different political parties, or Congressional division). The results show that the balance of power within the government has an effect on the cross-section of stock returns. Disentangling expected return and abnormal return explanations for these results is an interesting area for future research.In the third chapter (with Ivo Welch), we investigate extended abnormal rates of return for S&P 500 index changes in a comprehensive 1979-2013 sample. The evidence suggests that the short-window portfolio announcement returns that did not revert in the 1980s have fully reverted in the 2000s. The reversion was a portfolio effect, not an individual stock effect.
BASE
In: Edward Elgar E-Book Archive
How to deliver adequate pension benefits at reasonable costs is a huge challenge confronting our ageing societies. This book delivers a comprehensive overview of the latest insights into pension finance, pension system design, pension governance and risk based supervision. It combines state-of-the-art analyses with innovative policy proposals to increase the efficiency and resilience of pension systems and to advance these systems' contribution to global financial stability. Renowned pension experts offer cutting-edge guidance for future decision making and the development of best practices. This exciting exploration of the frontiers in pension finance highlights key aspects of securing long term retirement provisions
In: Research handbooks in money and finance series
"Offering an in-depth overview of the field's past, present, and future, this Handbook provides a comprehensive analysis of the current topics, methodologies, findings, and breakthroughs in research conducted with the help of experimental finance methodology. Suggesting innovative ways of navigating and structuring financial markets, it also showcases the diversity and promise of using experiments in finance. With contributions from leading experts, the Handbook begins with a series of investigations into human behavior in financial decision-making, asking methodological questions regarding subject pool choice, cognitive finance, physical and physiological measurement, and research directions. Stressing the dual nature of experimental finance, chapters then relate to market experiments by exploring applied topics, including bank runs, financial accounting and nudging. Finally, it examines experimental tools and methodologies, critical perspectives, roadmaps for implementation, and empirical testing of finance theories. With examples of experiments that test the fundamental theoretical constructs in finance, this Handbook will prove a vital resource to students and scholars of finance, financial economics, and experimental methodology. It will also prove useful to practitioners and policymakers looking to innovate and experiment with their approaches to financial decision-making"--
In: CEIF Discussion Paper (4/2017)
SSRN
Working paper
In: Soundings: a journal of politics and culture, Heft 46, S. 124-128
ISSN: 1362-6620
A review essay on a book by Sue Gerhardt, The Selfish Society: How We All Forgot to Love One Another and Made Money Instead (Simon & Schuster, 2010).
In: International organization, Band 25, S. 523-540
ISSN: 0020-8183
In: Pacific affairs, Band 10, S. 393-406
ISSN: 0030-851X
In: Pacific affairs, Band 10, Heft 4, S. 393
ISSN: 0030-851X
In: http://hdl.handle.net/11540/14765
This paper explores the alternative financial instruments that are or could become available to Georgian SMEs. Through the examination of various secondary sources and several interviews with relevant stakeholders, the paper identifies obstacles and opportunities in the path toward development of two asset-based instruments (leasing and factoring) and two equity-based instruments (crowdfunding and venture capital) that currently have limited availability and/or are being discussed by the regulatory authority of the country. The paper also looks into several innovative practices that are increasingly being implemented around the world to support the creation of alternative sources of finance, namely open banking, regulatory sandboxes, digital banks, and central bank digital currency (CBDC). Based on secondary sources, the paper also includes three case studies on Lithuania, Poland, and Israel. Meanwhile, the paper ultimately provides several recommendations to foster the development of the alternative instruments reviewed in the paper in Georgia.
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SSRN
Working paper
In: Socialist studies: Etudes socialistes, Band 16, Heft 1
ISSN: 1918-2821
ABSTRACT: Class relations specific to finance capital arise among people in their struggles of life, defined within the broad bounds of the economies they help to form. Eras of economic and social transition from foraging to farming and fishing, through industry and now finance capital define classes, their relations, redefinition and renewal.