Corporate Governance in State-Owned and Privately-Owned Enterprises
by Despoina Chouliara Abstract In this paper I examine the principal/agency relationship in corporate governance and introduce it in a steady state growth model. More specifically, I will model a profit-maximizing privately-owned enterprise and a series of state-owned enterprises with varying economic goals. I will use the insights of agency theory to revisit the debate […]
Regulatory Uncertainty: The Impact of the 2015 Open Internet Order on Broadband Infrastructure Investment
By Dane Bourcy Burkholder and Chin Jie Lim This paper analyzes the impact of the United States Federal Communication’s (FCC) March 2015 Open Internet Order (OIO) on broadband infrastructure investment outcomes such as changes in speed of services, market entry. We find that higher broadband investment levels deter potential entrants and may weed out competition […]
The Market for Apples: A Theory of Identity and Consumption
By Clement Lee This paper presents an economic model of the effects of identity and social norms on consumption patterns. By incorporating qualitative studies in psychology and sociology, I propose a utility function that features two components – economic (functional) and identity elements. This setup is extended to analyze a market comprising a continuum of consumers, whose identity distribution along a spectrum of binary identities is described by a Beta distribution. I also introduce the notion of salience in […]
Book-building versus Auctions: An investigation into which IPO pricing and selling method more effectively promotes the aims of an IPO issuer
by Amrith Krushnakumaar Abstract In recent years, book-building has emerged as a method of choice among investment banks in the U.S and around the world for pricing and selling initial public offerings (IPOs). Proponents of the book-building method argue that discriminatory share allocations, the pooling of IPOs and other standard book-building practices price new shares […]
