Use of public humiliation as a deterrent to crime lias a long history as does the debate over its effectiveness. A recent rule change in college football presents a natural experiment to test the effectiveness of so-called shaming penalties, In 2004 the National Collegiate Athletic Association (NCAA) mandated that the head official in football should announce to the crowd the jersey number of the offending player when an infraction is called. We use data from Southeastern Conference Football (2000-2007) to evaluate the effect of disclosing the offender to the public on the number of penalties called in conference play, We find a significant decrease in penalties per game after the rule change.

Results from unit root tests applied to the bilateral China - US real exchange rate do not support purchasing power parity between the two countries. However, tests of the real equivalent exchange rate for the Chinese yuan versus a traded-weighted basket of currencies support purchasing power parity. Due to severe non-normality, critical values for tests of the real equivalent exchange rate are obtained from the wild bootstrap.

Institutional characteristics and regional economic data are used to determine if religious private colleges have a higher percentage of nonresident students than do secular colleges. A test of means and a two-stage least squares regression are used on a data set of 827 private higher education institutions to present evidence on the differences between religious and secular private colleges. The study finds that the percentage of nonresident students is higher at secular than at religious private colleges. Evidence suggests that religious colleges may serve a special niche in their local market. It does not appear that nonresident students are willing to attend a religious college solely for religious reasons as their lower tuition levels do not result in higher out-of-state enrollments.

We examine the initial public offering quiet period following the implementation of NYSE and NASD rules extending the quiet period from 25 to 40 days for lead underwriters. While early studies found positive excess returns at the expiration of the quiet period, more recent studies suggest that these returns have disappeared. Controlling for simultaneity bias and changes in analyst behaviour, we investigate whether positive significant returns indeed no longer occur around the expiration of the quiet period. Overall, we find that the quiet period is making noise again.

Christiano and Fitzgerald (2003) found a significant, positive correlation between M2 money growth and CPI inflation in all examined frequency bands for the U.S. prior to 1961. However, for post-1960 data, they found a positive correlation only in the frequency band corresponding to cycles of 20-40 years. Using their filter, we verify this result and extend the pre-1961 sample to include the monetary base and inflation calculated from the GDP deflator. In addition, we extend their post-1960 analysis to include growth in the monetary base, M1, and M3. A strongly positive correlation between post-1960 money growth and inflation exits only for the broad money aggregates and within the 20-40 year frequency band.

The Fisher-Seater (1993) methodology is applied to Nicaraguan data in order to test for long-run neutrality and superneutrality of money. Both the monetary base and M2a are found to be I(2) variables while real GDP is I(1). Given these orders of integration, the neutrality hypothesis cannot be rejected under their test. Furthermore, neither of the measures of money is superneutral but the evidence against the proposition is not strong. The results suggest that inflation imposed real costs on the economy.

The relation between inflation, M1 money, and real GDP in Mexico is examined using annual data from 1944 to 1991. When investigating the relation between changes in inflation and real GDP growth it is found that it is important to separate the changes in inflation into predictable and unpredictable components. Predictable increases in differenced inflation are found to have a significant, negative effect on real GDP growth. Unpredictable increases in differenced inflation are found to have a significant, positive effect on real GDP growth. In contrast, changes in M1 growth fail to Granger-cause real GDP growth even when the changes in money growth are divided into predictable and unpredictable components.

This research paper utilizes a two-stage least-squares regression equation to examine factors that significantly impact student migration in different US geographic regions. The dynamic interaction between a university, its environment, and student migration is examined by employing a unique data set that combines institution-specific characteristics with regional economic variables. The study found that higher education institutions that have regionally recognized quality programs have greater ability to attract nonresident students. In addition, it appears that there is a linkage between nonresident enrollment and the economic environment where the university is located.

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International Researchers have written extensively on the impact that strategic alliances between airlines have on airfare, but little is known of the market entry deterrent impact of strategic alliances. Using a structural econometric model, this paper examines the market entry deterrent impact of codesharing, a form of strategic alliance, between incumbent carriers in domestic air travel markets. We find evidence of market entry deterrence, but deterrence impact depends on the specific type of codesharing between market incumbents as well as the identity of the potential entrant. We quantify the extent to which market incumbents' codesharing influences potential entrants' market entry cost and probability of market entry. (JEL L13, L93).