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"1980-2006"
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جنرالات صدام : وجهات نظر عن الحرب العراقية-الإيرانية
يتناول كتاب (جنرالات صدام : وجهات نظر عن الحرب العراقية-الإيرانية) والذي قام بتأليفه (كيفن م. وودز، وليامسن موراي، إليزابيث أ. ناثان، ليلى صبارا، آنا م. فينيغاس) في حوالي (408) صفحة من القطع المتوسط موضوع (الحرب الإيرانية العراقية) مستعرضا المحتويات التالية : الخليفة، أصول الحرب والتخطيط لشنها، تعليم صدام في الحرب، تأقلم القوات المسلحة العراقية مع واقع الحرب، السياق التاريخي ولائحة الأحداث بحسب تسلسلها الزمني، حوار مع الفريق الركن مجيد رشيد الحمداني، القيادة العامة للقوات المسلحة المساعدة الأجنبية.
BOOK
A Flow-Based Explanation for Return Predictability
I propose and test a capital-flow-based explanation for some well-known empirical regularities concerning return predictability—the persistence of mutual fund performance, the \"smart money\" effect, and stock price momentum. First, I construct a measure of demand shocks to individual stocks by aggregating flow-induced trading across all mutual funds, and document a significant, temporary price impact of such uninformed trading. Next, given that mutual fund flows are highly predictable, I show that the expected part of flow-induced trading positively forecasts stock and mutual fund returns in the following year, which are then reversed in subsequent years. The main findings of the paper are that the flow-driven return effect can fully account for mutual fund performance persistence and the smart money effect, and can partially explain stock price momentum.
Journal Article
Against reform
\"In Against Reform, John Pepall offers a stringent critique of proposed reforms to Canada's political institutions. Examining electoral reform, an elected or provincially appointed Senate and reduced terms for Senators, fixed election dates, recall, initiative, and parliamentary reform, including 'free votes' and parliamentary confirmation of appointments, Pepall contends that these reforms are ill-conceived and would be harmful.
Book
Why Do U.S. Firms Hold So Much More Cash than They Used To?
The average cash-to-assets ratio for U.S. industrial firms more than doubles from 1980 to 2006. A measure of the economic importance of this increase is that at the end of the sample period, the average firm can retire all debt obligations with its cash holdings. Cash ratios increase because firms' cash flows become riskier. In addition, firms change: They hold fewer inventories and receivables and are increasingly R&D intensive. While the precautionary motive for cash holdings plays an important role in explaining the increase in cash ratios, we find no consistent evidence that agency conflicts contribute to the increase.
Journal Article
Presidential Address: The Cost of Active Investing
I compare the fees, expenses, and trading costs society pays to invest in the U.S. stock market with an estimate of what would be paid if everyone invested passively. Averaging over 1980–2006, I find investors spend 0.67% of the aggregate value of the market each year searching for superior returns. Society's capitalized cost of price discovery is at least 10% of the current market cap. Under reasonable assumptions, the typical investor would increase his average annual return by 67 basis points over the 1980–2006 period if he switched to a passive market portfolio.
Journal Article
Risk Shifting and Mutual Fund Performance
Mutual funds change their risk levels significantly over time. Risk shifting might be caused by ill-motivated trades of unskilled or agency-prone fund managers who trade to increase their personal compensation. Alternatively, risk shifting might occur when skilled fund managers trade to take advantage of their stock selection and timing abilities. This article investigates the performance consequences of risk shifting and sheds light on the mechanisms and the economic motivations behind risk-shifting behavior. Using a holdings-based measure of risk shifting, we find that funds that increase risk perform worse than funds that keep stable risk levels over time, suggesting that risk shifting either is an indication of inferior ability or is motivated by agency issues.
Journal Article
Nationalism, Myth, and the State in Russia and Serbia : Antecedents of the Dissolution of the Soviet Union and Yugoslavia
\"This book examines the role of Russian and Serbian nationalism in different modes of dissolution of the Soviet Union and Yugoslavia in 1991. Why did Russia's elites agree to the dissolution of the Soviet Union along the borders of Soviet republics, leaving twenty-five million Russians outside of Russia? Conversely, why did Serbia's elite succeed in mobilizing Serbs in Croatia and Bosnia for the nationalist cause? Combining a Weberian emphasis on interpretive understanding and counterfactual analysis with theories of nationalism, Veljko Vujaéciâc highlights the role of historical legacies, national myths, collective memories, and literary narratives in shaping diametrically opposed attitudes toward the state in Russia and Serbia. The emphasis on the unintended consequences of communist nationality policy highlights how these attitudes interacted with institutional factors, favoring different outcomes in 1991. The book's postscript examines how this explanation holds up in the light of Russia's annexation of Crimea\"-- Provided by publisher.
BOOK
Punctuated Generosity: How Mega-events and Natural Disasters Affect Corporate Philanthropy in U.S. Communities
This article focuses on geographic communities as fields in which human-made and natural events occasionally disrupt the lives of organizations. We develop an institutional perspective to unpack how and why major events within communities affect organizations in the context of corporate philanthropy. To test this framework, we examine how different types of megaevents (the Olympics, the Super Bowl, political conventions) and natural disasters (such as floods and hurricanes) affected the philanthropic spending of locally headquartered Fortune 1000 firms between 1980 and 2006. Results show that philanthropic spending fluctuated dramatically as mega-events generally led to a punctuated increase in otherwise relatively stable patterns of giving by local corporations. The impact of natural disasters depended on the severity of damage: while major disasters had a negative effect, smallerscale disasters had a positive impact. Firms' philanthropic history and communities' intercorporate network cohesion moderated some of these effects. This study extends the institutional and community literatures by illuminating the geographic distribution of punctuating events as a central mechanism for community influences on organizations, shedding new light on the temporal dynamics of both endogenous and exogenous punctuating events and providing a more nuanced understanding of corporate-community relations.
Journal Article