<p> The main objective of this dissertation is to evaluate the unexpressed effect of Cross-Listing on stock prices of Companies from Latin America, in particular, I expect stock prices to get closer to their intrinsic or true value after cross-listing. Specifically, I test the impact of the issuance of ADRs on two market microstructure variables, namely, volatility and efficiency, which will be assessed throughout the usage of three models: the GARCH model, which measures the impact on volatility, second, the news impact curve, which assesses the effect of volatility over bad news, and third, the proper ARMA model is specified to gauge efficiency.</p><p> Overall, in 82% of the cases at least one result is as expected, and 49% of results are consistent with the hypotheses. First, in the case of the GARCH model, 59% of the results are as expected, particularly in the case of Brazil 73% of the results are as expected, in the case of Argentina 43% are as expected, Mexico 50%, Chile 40%, Peru 50% and Colombia 100%. On the other hand, 32% of the results show improvements in terms of efficiency, specifically, in the case of Brazil 40% of the results are as expected, in the case of Argentina 43% are as expected, Mexico 25%, Chile 0%, Peru 50% and Colombia 0%. Finally, in the case of the News Impact Curve test, 56% of the results are as expected, in the case of Brazil 67% of the results are as expected, in the case of Argentina 43% are as expected, Mexico 0%, Chile 60%, Peru 100% and Colombia 100%. In contrast, assessing the effect of companies that issue ADRs versus the competition, I find that in 80% of the cases, companies that cross-list are better-off in terms of expected results when comparing with the competitors. Moreover, dividing the findings before and after the introduction of electronic systems in each country, I find that in general, before the introduction of electronic systems, overall, there is a consistency of 54% in the whole region, whereas after the introduction of electronic systems, there is a consistency of only 38% of expected results. This outcome suggests that once the electronic systems are implemented there is an improvement in terms of the information environment, thus reducing the effects of crosslisting This study contributes to the financial literature because it tests the impact of crosslisting on two specified market microstructure variables through the utilization of novel models. </p>

<p> Poverty remains the scourge of the modern world. Millions of people live in poverty despite the best efforts of the most powerful governments in the world. Due to a myriad of political and historical reasons, the most vulnerable of these are in Africa, and the sub-Saharan region of Africa remains the poorest region in the world. Over the last two decades, the world's two largest economies, the United States and China, have emerged as the preeminent aid donors to the African continent. The purpose of this research is to analyze the competition between both development models, discern which model is responsible for the alleviation of the most poverty and assess the human values questions that arise from both approaches. </p><p> The analysis used data from 2004&ndash;2008 because the timeframe is considered the golden age of American Aid to the continent, is free of data skewed from the 2008 economic downturn and represents a mature Chinese foreign aid mechanism. Chinese and United States aid allocations to Angola, Sudan and the Democratic Republic of Congo, often the poster childs of negative connotations of Chinese foreign aid, were analyzed and compared from this timeframe. </p><p> Despite various problems with the quality of data and considering the long-term viability of the poverty alleviation, the data showed a positive correlation to both the United States' and Chinese models of aid and poverty alleviation. The data also showed a clear indication that the Chinese model affected poverty levels at a greater measure than the United States' model. </p><p> Based on the data and research concerning the two development aid models, the American development aid system was found to be characterized by a bureaucratic process, insistency on aid conditionality, and a focus on good governance that collectively neglected poverty reduction. The Chinese model was found to be more conducive to poverty reduction due to a minimal development aid structure, nominal aid conditionality and a consistent focus on infrastructure projects, despite the system's opacity which presented some trouble in data collection. </p><p> Three primary human values concepts also arose from the dichotomy of the two development aid problems. The impoverished were found to be better served by a focus of development aid on infrastructure rather than good governance. The United States' focus on good governance was found to essentially punish those in poverty for their government's ineffectiveness. Finally, the ascension of the Chinese development aid model changed both the Chinese and United States' development aid model positively.</p>

<p> This dissertation focuses on the effects of a third-party mediator in protracted conflict settings. I primarily use formal models based on game theory and mechanism design, employing case studies and empirical work to further my analysis. The question of mediation effectiveness in the literature is still an open one, addressed empirically but with little theoretical support. While some work has emphasized the important role of enforcement, there is no consensus as to whether, how and why these tactics work. I use formal modeling to examine the mediator's enforcement ability and show the ways in which manipulative mediation can in fact improve upon bilateral results. </p><p> The first chapter examines the use of different types of enforcement in conflict mediation. This paper compares potential outcomes of bilateral negotiations with the outcomes achievable with the help of a mediator capable of various levels of enforcement, seeking to gain insight into how to end ongoing war using a signaling framework. I find that a mediator with sufficient enforcement capabilities can improve on the bilateral outcome, perhaps creating peace that would not have been possible bilaterally. However, while exhibiting enforcement capabilities can help a mediator to mandate peace in the short term, there can sometimes be a lower likelihood of lasting results, consistent with stylized facts about mediation. </p><p> The second chapter models conditions for efficiency gains from third-party conflict mediation when concessions are risky. Each party engaged in a conflict can indicate its interest in peace through costly signaling, or concessions. Through a formal model, I explore ways in which a mediator can act as a guarantor that promised concessions will be delivered, thereby reducing inefficiencies and increasing the potential for peace. In this process, I open up a rationale for mediation: to remove the inefficiencies of signaling in the pre-play round of negotiations. </p><p> The third chapter uses a game-theoretic framework to explain the persistence of de facto independent states that are not internationally recognized. This paper uses a four-player, game-theoretic framework to model the stalemates that often arise between the secessionist elite and home state central government and leverages this model to explore paths to settlement. We emphasize the pivotal role of an outside patron in sustaining unrecognized statehood as a stable equilibrium, but we also argue that the international community is capable of inducing peaceful settlement in these conflicts if it is sufficiently motivated to do so.</p>

<p> In the face of global economic recession, the competition and collaboration for innovation and future growth among nations has led to discussions of how young people are being prepared to become the next generation of workers and leaders. Although the U.S. has enjoyed a strong presence among the international community since the turn of the century, U.S. scores on international reading assessments and the GCI have dropped over the past decade. National literacy assessment comparisons on the NAEP show that variations exist in economic equity and literacy achievement among the fifty states. </p><p> Multiple Spearman rho calculations were performed in the study to examine the possibility of a correlation between academic achievement and economic health using the PISA OECD country literacy rankings, the NAEP U.S. state literacy rankings, and the GDP per capita from 2009. In doing so, the possibility of a correlation between international and national data was investigated. </p>

<p> This exploratory dissertation examines governmental influences during the ongoing emergence of NewSpace, which is a community of private, entrepreneurial organizations pursuing space-related business opportunities outside of the traditional NASA-Military-Industrial complex model. </p><p> While recent research has provided significant insights into how organizations, populations and communities emerge, our understanding of the influence of government in this process has been minimal. Since government is the single most important actor in the modern economy, correcting this oversight is crucial to any modeling of community emergence. As emerging communities are lacking in traditional quantitative data, and the goals of this research are exploratory rather than theory testing, an inductive, qualitative methodology is utilized. The first step towards understanding governmental influence during the emergence of a new community is documenting exactly what the government does in this environment. Chapter IV uses grounded theory methodology to produce a Taxonomy of Governmental Roles in the Emergence of High-Technology Communities. The question of whether government facilitates the creation of new industries - or whether entrepreneurs manipulate government - is of critical importance to researchers of entrepreneurship and policy. Chapter V uses historical analysis to consider the causal role of government in the establishment of the environment in which this new community of organizations is emerging. Institutional legitimacy is crucial to the survival of entrepreneurial firms as well as to new populations and communities. Chapter VI considers the government's key role as legitimizer, and proposes a theoretical model for the process of legitimacy transfer from governmental agencies to entrepreneurial firms, populations and communities. </p><p> This dissertation makes contributions to the literatures of organizational evolution, community emergence, institutional theory, entrepreneurship and policy. It offers researchers a framework to better model governmental influence. It also provides entrepreneurs with a holistic view of governmental influence on their environments and offers governmental actors a fuller understanding of the impact that their legislation and enforcement activities have on new organizations and industries.</p>

<p> In the financial turmoil of 2008, U.S. firms reported debt-ratios that differed from the debt-ratios calculated from balance sheets. The problem is that investors bought common stock expecting initial investment return and lost money when companies delisted. The purpose of this quantitative study was to determine sample securities pricing with the application of synthetic assets and debt accrued. Addressed in the research questions was whether those securities were (a) underpriced compared with return-on-assets (ROA), (b) overpriced compared with ROA, (c) a debt-ratio higher than 60% and also overpriced, (d) underpriced with a synthetic asset added, or (e) related by relative pricing to variant pricing and market capitalization. The study's base theory was Pan's efficient market hypothesis (EMH) of security price prediction of market prices versus model prices. The data from the financial statements of 16 publicly traded U.S. electric utility companies were analyzed via correlations and multiple regression analyses to determine securities pricing and suitability. The findings from the analyses of the sample's variables of market price, book value, market-to-book, and study constructed variables from those variable data were statistically significant. The alternate hypotheses were accepted for all 5 research questions since the analytical operationalization of the hypothetical constructs led to significant relationships. Results suggest that the use of more pricing determinants in securities evaluation may lead to investors losing less money and earning the expected returns for a more efficient capital market, leading to a stronger economy and macroeconomic stability.</p>

This thesis addresses the issue of Japan's economic expansion in East and Southeast Asia and its regional political implications. Both quantitative and qualitative approaches are employed to capture the significance of Japan's economic role in the world's most dynamic and productive region. This thesis tests the relationship between elite perception of dependence on Japan and the statistical reality and evidence of Japanese economic linkages in the region. More importantly from the methodological point of view, this thesis incorporates the phenomenon of Japan's economic expansion in Asia into the political economy paradigms of development. Advanced statistical analyses are used to capture the impact of Japanese investment and trade on three standard development indicators--the economic growth rate, employment generation and human capital development in Pacific Asia. This quantitative treatment of the topic is then supplemented by 98 in-depth elite interviews taken between September 1992 and January 1993 in Singapore, Thailand and Malaysia. Going beyond the questions related to dependency and Southeast Asian elites' concern about Japanese ventures in the region, the survey attempted to understand whether the elites regarded Japan as a potential political and military leader in Asia. Thesis findings provide access to the opinions of a powerful core group of current Asian leaders. The results from statistical analyses generally support the neo-classical model in the context of regional development experience and economic linkages with Japan. The interview analyses reveal a perception among Malaysian and Thai elites of dependence on Japan. The Asian elites are concerned about technology transfer and opening up of management in Japanese corporations. A substantial percentage of the elites perceive a Japanese economic empire in Asia. A significant finding of this research is the divergence between statistical evidence of a lack of dependent development and the Southeast Asian elites' perception of economic dependence on Japan. Another important finding is that while an overwhelming number of the elites considered Japan to be the economic leader and a potential political leader of Pacific Asia, a slight majority of the interviewed elites disagreed with the general statement that Japan could emerge as a military leader of the region.

My dissertation consists of two unrelated essays. In the first essay, "Wage Subsidy in an Optimal Redistribution Program", I analyze the efficiency of income transfers and wage subsidies as instruments of income redistribution in an optimal taxation framework. I extend the Mirrlees model (1971) of income inequality by specifying a model in which individuals' productivity and wages depend on investment in skill acquisition in addition to ability. The principal result of the research is that a wage subsidy has an important role to play in an optimal system of income maintenance. In the second essay, "Bundling Hardware and Software", a class of simple models is analyzed to explain prevailing bundling practices in computer markets. A profit-maximizing monopolist may over-provide hardware-software bundles, practice "pure bundling" when preferences are symmetric with respect to software, and under-bundle and under-produce software when preferences are asymmetric.

The impact of French decentralization reforms undertaken in the early 1980s is examined. The study presents institutional, cultural, partisan, and policy models to explain economic performance changes across twenty-one metropolitan French regions. Regions are found to be still largely dependent on the French state, although elements of each model account for some regional economic differences.

New semiparametric panel estimation methods have been developed, which make minimal distributional or functional form assumptions on the model. These estimators are illustrated in an efficiency analysis of the banking industry. This analysis finds that functional form and distributional assumptions are important in efficiency estimation. Moreover, models of time varying efficiency are relevant and indicate productivity movements in the banking industry.