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The economic dynamics of law
\"This book offers a theory of law and economics focused on change over time, aimed at avoiding systemic risks, and implemented through an analysis of law's economic incentives and how people respond to them\"-- Provided by publisher.
Book
Power to the people
Power to the Peopleexamines the varied but interconnected relationships between energy consumption and economic development in Europe over the last five centuries. It describes how the traditional energy economy of medieval and early modern Europe was marked by stable or falling per capita energy consumption, and how the First Industrial Revolution in the eighteenth century--fueled by coal and steam engines--redrew the economic, social, and geopolitical map of Europe and the world. The Second Industrial Revolution continued this energy expansion and social transformation through the use of oil and electricity, but after 1970 Europe entered a new stage in which energy consumption has stabilized. This book challenges the view that the outsourcing of heavy industry overseas is the cause, arguing that a Third Industrial Revolution driven by new information and communication technologies has played a major stabilizing role.
Power to the Peopleoffers new perspectives on the challenges posed today by climate change and peak oil, demonstrating that although the path of modern economic development has vastly increased our energy use, it has not been a story of ever-rising and continuous consumption. The book sheds light on the often lengthy and complex changes needed for new energy systems to emerge, the role of energy resources in economic growth, and the importance of energy efficiency in promoting growth and reducing future energy demand.
eBook
Economics of banking
\"Economics of Banking presents a thorough overview and analysis of the key aspects of financial intermediation necessary to understand this field. Based on the latest theory, and supporting arguments with practical examples, Hans Keiding discusses the problems of competition, risk taking in banks and the irregularities that may occur as a result. Banks in distress and avoiding bank failures through suitable regulation are also treated in a rigorous, yet easy-to-understand way. Economics of Banking: [bullet] treats financial intermediation both from the point of view of the bank itself and from that of society [bullet] covers both microeconomics of banking and risk management in banks [bullet] offers more complicated mathematics as optional A comprehensive advanced undergraduate or master's level textbook for students in banking, economics and finance who need to get to grips with the economic theory of banks\"-- Provided by publisher.
Book
COMMON COMPONENTS OF RISK AND UNCERTAINTY ATTITUDES ACROSS CONTEXTS AND DOMAINS: EVIDENCE FROM 30 COUNTRIES
Attitudes towards risk and uncertainty have been indicated to be highly context-dependent, and to be sensitive to the measurement technique employed. We present data collected in controlled experiments with 2,939 subjects in 30 countries measuring risk and uncertaintly attitudes through incentivized measures as well as survey questions. Our data show clearly that measures correlate not only within decision contexts or measurement methods, but also across contexts and methods. This points to the existence of one underlying \"risk preference\", which influences attitudes independently of the measurement method or choice domain. We furthermore find that answers to a general and a financial survey question correlate with incentivized lottery choices in most countries. Incentivized and survey measures also correlate significantly between countries. This opens the possibility to conduct cultural comparisons on risk attitudes using survey instruments.
Journal Article
Continuous-time models in corporate finance, banking, and insurance
\" Continuous-Time Models in Corporate Finance synthesizes four decades of research to show how stochastic calculus can be used in corporate finance. Combining mathematical rigor with economic intuition, Santiago Moreno-Bromberg and Jean-Charles Rochet analyze corporate decisions such as dividend distribution, the issuance of securities, and capital structure and default. They pay particular attention to financial intermediaries, including banks and insurance companies. The authors begin by recalling the ways that option-pricing techniques can be employed for the pricing of corporate debt and equity. They then present the dynamic model of the trade-off between taxes and bankruptcy costs and derive implications for optimal capital structure. The core chapter introduces the workhorse liquidity-management model--where liquidity and risk management decisions are made in order to minimize the costs of external finance. This model is used to study corporate finance decisions and specific features of banks and insurance companies. The book concludes by presenting the dynamic agency model, where financial frictions stem from the lack of interest alignment between a firm's manager and its financiers. The appendix contains an overview of the main mathematical tools used throughout the book. Requiring some familiarity with stochastic calculus methods, Continuous-Time Models in Corporate Finance will be useful for students, researchers, and professionals who want to develop dynamic models of firms' financial decisions. \"-- Provided by publisher.
Book
Remaking the Global Economy
Remaking the Global Economy offers a state -of-the-art survey of geographical perspectives on the restructuring and reorganization of the global economy. With contributions from leading figures in the globalization debate, the book explores the latest thinking and research, as well as the enduring controversies, across a range of interrelated issues.
eBook
The Corporate Financiers : Williams, Alchian, Demsets, Jensen and Meckling
\"The Corporate Financiers is the fifth book in a series of discussions about the great minds in the history and theory of finance. While the series addresses the contributions of scholars in our understanding of modern finance, this volume presents the ways in which a corporation creates value. More than two centuries ago, Adam Smith explained the concept of division of labor and the efficiencies of specialization as the mechanism in which a firm creates value. However, corporations now find themselves outsourcing some processes to other firms as an alternative way to create value. There must be other economic forces at work than simply the internal efficiencies of a firm. We begin by describing the work of a rather obscure scholar named John Burr Williams who demonstrated in 1938 how the earnings of a firm are capitalized into corporate value through its stock price. We then delve into the inner workings of the modern corporation by describing the contributions of Nobel Memorial Prize winners Ronald Coase and Oliver Williamson. More than any others, these scholars created a renewed appreciation for our understanding of the institutional detail of the modern corporation in reducing costs and increasing efficiency. While Coase and Williamson provided meaningful descriptions of the advantage of a corporation, they did not offer prescriptions for the avenues the corporation can create more value in an era when new technologies make outsourcing and telecommuting increasingly possible. Michael Jensen and William Meckling describe in greater detail the nature of the implicit contracts a corporation employs, and recommend remedies to various problems that arise when the goals of the corporation are not aligned with the incentives of its agents. We also describe the further nuances to these relationships as offered by Armen Alchian and Harold Demsetz. We treat the lives of these extraordinary individuals who looked at a very familiar problem in a sufficiently novel light to change the way all look at corporations ever since. That is the test of genius\"-- Provided by publisher.
Book
Markets as networks: implications for strategy-making
Based on empirical studies of firm exchange activities in business markets, this paper outlines a business network view of the firm-market relationship, which differs fundamentally from the view assumed by neo-classical economic theory. We define business networks as sets of connected business relationships. Thus business relationships and connections between relationships are the critical elements in the business network view. It is assumed, as suggested by the Uppsala internationalization process model, that an interplay between knowledge and commitment development is the mechanism that drives the relationship and network development process. Against this background the paper discusses how strategic change is analyzed in literature on alliances and networks. In conclusion the paper presents a set of propositions about strategy-making in business network settings.
Journal Article
The organization of transport : a history of users, industry, and public policy
\"Over the past ten years, the study of mobility has demonstrated groundbreaking approaches and new research patterns. These investigations criticize the concept of mobility itself, suggesting the need to merge transport and communication research, and to approach the topic with novel instruments and new methodologies. Following the debates on the role of users in shaping transport technology, new mobility research includes debates from sociology, planning, economy, geography, history, and anthropology. This edited volume examines how users, policy-makers, and industrial managers have organized and continue to organize mobility, with a particularly attention to Europe, North America, and Asia. Taking a long-term and comparative perspective, the volume brings together thirteen chapters from the fields of urban studies, history, cultural studies, and geography. Covering a variety of countries and regions, these chapters investigate how various actors have shaped transport systems, creating models of mobility that differ along a number of dimensions, including public vs. private ownership and operation as well as individual vs. collective forms of transportation. The contributions also examine the extent to which initial models have created path dependencies in terms of technology, physical infrastructure, urban development, and cultural and behavioral preferences that limit subsequent choices\"-- Provided by publisher.
Book
The fate of accounting for public governance development
PurposeThe purpose of this paper is to explain how public sector accounting has changed and is changing due to public governance development.Design/methodology/approachThis paper conducts a traditional literature review based on selected studies in the fields of accounting, public administration and management. The aim of the review is to explain how diverse forms of public governance influence the fate of public sector accounting, including accountability, performance measurement, budgeting and reporting practices.FindingsPublic governance is developing into more inclusive but also complex forms, resulting in network, collaborative and digital governance. Consequently, the focus and practices of public sector accounting have changed, as reflected in new types of accountability, performance measurement, budgeting and reporting practices.Research limitations/implicationsDrawing upon literature from different fields enables a deeper understanding of the changes in public sector accounting. Nevertheless, the intention is not to execute a systematic literature review but to provide an overview and resolve the scattered body of knowledge generated by previous contributions. The areas of risk management and auditing were not included and deserve further attention.Originality/valueThis paper discusses the need to continually redefine and reassess public sector accounting practices, by recognising the interdependencies between different actors, citizens and digital technologies.
Journal Article