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This project involved gathering, analyzing, and preparing for publication the new empirical evidence on the working of capital markets in several economies of East and Central Europe, additionally providing material to enrich the curriculum in economics and finance. It also provided material for a conference presentation.
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P¿Countries are showing interest in accumulating foreign reserves to ensure macroeconomic stability. There has been some debate whether to beef up the level of nations' foreign reserves or make it lower, especially in developing countries like Nigeria. Whereas some argue that the foreign reserve determines the country's rating in the global market, others hold opposing views. In this light, this paper examined the interactive influence of foreign reserve (FRS) on some macroeconomic variables such as: economic size (GDP); trade; level of capital inflows (KFL); exchange rate (EXR); and inflation. Analyzing secondary data from CBN statistical bulletins (1970-2007), the econometric results obtained from cointegration test, vector error correction (VEC) within the framework of autoregressive distributed lags (ARDL) revealed the following: (1) existence of a long-run relationship between the variables and two cointegrating equations; (2) possibility of convergence of the variables from the short run to the long run with slow speed of adjustment. It is thus the conclusion of this paper that accumulation of large foreign reserves is not very productive in Nigeria due to its inability to induce some of the macroeconomic variables.
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In this paper, we examine the differences in information asymmetry and financing patterns and a generalized version of the trade-off theory across countries with different institutional environments. We find that firms in Civil law countries have higher information asymmetry, rely more on internally generated funds, and use more short-term debt to finance their financing deficit, relative to those in Common law countries. In both Civil law and Common law countries, factors suggested by the trade-off theory explain the financing deficit coefficient in the generalized version of the trade-off model. Overall, the generalized version of the trade-off theory provides a better explanation for the changes in capital structure relative to the pecking order theory, even in countries with higher information asymmetry.
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How do noise and manipulation affect the accuracy of collective decision rules? This paper presents simulation results that measure the accuracy of ten well known collective decision rules under noise and manipulation. When noise is low these rules can be divided into accurate ("good") and inaccurate ("bad") groups. The bad rules' accuracy improves, sometimes significantly, when noise increases while the good rules' performance steadily worsens with noise. Also, when noise increases the accuracy of the good rules deteriorates at different rates. Manipulation delays the effects of noise: Accuracy improvement and deterioration due to noise emerge only at higher noise levels with manipulation than without it. In some cases at high noise levels there is only a negligible difference between the accuracy of good and bad collective decision rules. © 2009 Springer-Verlag Berlin Heidelberg.
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