Download or read book Collusion and Financial Leverage written by Richard A. Lord and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We show that firms can design their capital structure to provide a publicly observable indication of compliance with a collusive agreement. We develop two empirically testable hypotheses based on this argument and test these propositions on data for seven integrated mill steel firms. Our study period covers years when prices were overtly coordinated under the basing point pricing system and after the demise of the system. Empirical tests confirm the hypotheses that leverage is positively related to both price elasticity of demand and the level of convertibles outstanding during the years after the collapse of the basing point pricing system.
Download or read book Capital Structure Under Collusion written by Daniel Ferrés and published by . This book was released on 2017 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the financial leverage of firms that collude by forming a cartel. We find that cartel firms have lower leverage ratios during collusion periods, consistent with the idea that reductions in leverage help increase cartel stability. Cartel firms have a surprisingly large economic footprint (they represent more than 20% of the total market capitalization in the U.S.), so understanding their decisions is relevant. Our findings show that anti-competitive behavior has a significant effect on capital structure choices. They also shed new light on the relation between profitability and financial leverage.
Download or read book Capital Structure and Tacit Collusion in Supergame Models of Oligopoly written by Margaret Jane Hobson and published by . This book was released on 1990 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Leverage written by Karl Denninger and published by John Wiley & Sons. This book was released on 2017-12-04 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: How the wealthy and powerful abuse finance to skim immense profits Debasement of the dollar as a result of ill-use of leverage is destroying the global economy, and in Leverage, well known market commentator Karl Denninger follows the path of money throughout history to prove that currencies are debased when moneyed and powerful interests pull the levers of government and policy to enrich themselves at the expense of the masses. The result is ugly: the value of everything—including gold—falls, and even personal safety is at risk in a world where there is limited money even for essentials like food and fuel. History is littered with the collapse of monetary and economic systems from Rome to Germany to Zimbabwe. Presents an inside look at how moneyed and powerful interests debase the dollar through the willful and intentional failure to honestly represent short and long-term mathematical truths that underlie all economic systems Shows how, if imbalances are not corrected, financial crises will reoccur again and again Authored by Karl Denninger, who has been running the popular website The Market Ticker since 2007
Download or read book Collusion written by Nomi Prins and published by Bold Type Books. This book was released on 2018-05-01 with total page 493 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this searing exposéformer Wall Street insider Nomi Prins shows how the 2007-2008 financial crisis turbo-boosted the influence of central bankers and triggered a massive shift in the world order. Central banks and international institutions like the IMF have overstepped their traditional mandates by directing the flow of epic sums of fabricated money without any checks or balances. Meanwhile, the open door between private and central banking has ensured endless opportunities for market manipulation and asset bubbles -- with government support. Through on-the-ground reporting, Prins reveals how five regions and their central banks reshaped economics and geopolitics. She discloses how Mexico navigated its relationship with the US while striving for independence and how Brazil led the BRICS countries to challenge the US dollar's hegemony. She explains how China's retaliation against the Fed's supremacy is aiding its ongoing ascent as a global superpower and how Japan is negotiating the power shift from the West to the East. And she illustrates how the European response to the financial crisis fueled instability that manifests itself in everything from rising populism to the shocking Brexit vote. Packed with tantalizing details about the elite players orchestrating the world economy -- from Janet Yellen and Mario Draghi to Ben Bernanke and Christine Lagarde -- Collusion takes the reader inside the most discreet conversations at exclusive retreats like Jackson Hole and Davos. A work of meticulous reporting and bracing analysis, Collusion will change the way we understand the new world of international finance.
Download or read book Complicit written by Mark Gilbert and published by John Wiley and Sons. This book was released on 2010-05-13 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: The credit crunch is affecting every investor and every consumer, every industry and every government program, yet few people truly understand how it happened. Subprime mortgages have been center stage, but behind the scenes a conspiracy of greed among bankers, investors, rating agencies and regulators has imperiled everyone's financial future. We need to know what went wrong and how to change the practices that led to this calamity. Bloomberg columnist Mark Gilbert shows how Wall Street's tolerance for extremes made the global credit crunch both foreseeable and inevitable. He offers a blow-by-blow account of what went wrong and what lessons need to be learned from the crisis. Gilbert's argument—that everyone with skin in the money game had a vested interest in pretending that nothing could go awry—is a well-defended, compelling indictment of the financial community. Gilbert is able to make complex financial events easy to understand. His outlook is truly global: this financial crisis respects no geographical boundaries, and Gilbert draws on anecdotes and examples from around the world to make his case.
Download or read book Ball of Collusion written by Andrew C. McCarthy and published by Encounter Books. This book was released on 2020-09-22 with total page 387 pages. Available in PDF, EPUB and Kindle. Book excerpt: The real collusion in the 2016 election was not between the Trump campaign and the Kremlin. It was between the Clinton campaign and the Obama administration. The media–Democrat “collusion narrative,” which paints Donald Trump as cat’s paw of Russia, is a studiously crafted illusion. Despite Clinton’s commanding lead in the polls, hyper-partisan intelligence officials decided they needed an “insurance policy” against a Trump presidency. Thus was born the collusion narrative, built on an anonymously sourced “dossier,” secretly underwritten by the Clinton campaign and compiled by a former British spy. Though acknowledged to be “salacious and unverified” at the FBI’s highest level, the dossier was used to build a counterintelligence investigation against Trump’s campaign. Miraculously, Trump won anyway. But his political opponents refused to accept the voters’ decision. Their collusion narrative was now peddled relentlessly by political operatives, intelligence agents, Justice Department officials, and media ideologues—the vanguard of the “Trump Resistance.” Through secret surveillance, high-level intelligence leaking, and tireless news coverage, the public was led to believe that Trump conspired with Russia to steal the election. Not one to sit passively through an onslaught, President Trump fought back in his tumultuous way. Matters came to a head when he fired his FBI director, who had given explosive House testimony suggesting the president was a criminal suspect, despite privately assuring Trump otherwise. The resulting firestorm of partisan protest cowed the Justice Department to appoint a special counsel, whose seemingly limitless investigation bedeviled the administration for two years. Yet as months passed, concrete evidence of collusion failed to materialize. Was the collusion narrative an elaborate fraud? And if so, choreographed by whom? Against media–Democrat caterwauling, a doughty group of lawmakers forced a shift in the spotlight from Trump to his investigators and accusers. This has exposed the depth of politicization within American law-enforcement and intelligence agencies. It is now clear that the institutions on which our nation depends for objective policing and clear-eyed analysis injected themselves scandalously into the divisive politics of the 2016 election. They failed to forge a new Clinton administration. Will they succeed in bringing down President Trump?
Download or read book The Economics of Collusion written by Robert C. Marshall and published by MIT Press. This book was released on 2012-04-27 with total page 315 pages. Available in PDF, EPUB and Kindle. Book excerpt: An examination of collusive behavior: what it is, why it is profitable, how it is implemented, and how it might be detected. Explicit collusion is an agreement among competitors to suppress rivalry that relies on interfirm communication and/or transfers. Rivalry between competitors erodes profits; the suppression of rivalry through collusion is one avenue by which firms can enhance profits. Many cartels and bidding rings function for years in a stable and peaceful manner despite the illegality of their agreements and incentives for deviation by their members. In The Economics of Collusion, Robert Marshall and Leslie Marx offer an examination of collusive behavior: what it is, why it is profitable, how it is implemented, and how it might be detected. Marshall and Marx, who have studied collusion extensively for two decades, begin with three narratives: the organization and implementation of a cartel, the organization and implementation of a bidding ring, and a parent company's efforts to detect collusion by its divisions. These accounts—fictitious, but rooted in the inner workings and details from actual cases—offer a novel and engaging way for the reader to understand the basics of collusive behavior. The narratives are followed by detailed economic analyses of cartels, bidding rings, and detection. The narratives offer an engaging entrée to the more rigorous economic discussion that follows. The book is accessible to any reader who understands basic economic reasoning. Mathematical material is flagged with asterisks.
Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Download or read book The Oxford Handbook of International Antitrust Economics written by Roger D. Blair and published by Oxford Handbooks. This book was released on 2015 with total page 665 pages. Available in PDF, EPUB and Kindle. Book excerpt: More than any other area of regulation, antitrust economics shapes law and policy in the United States, the Americas, Europe, and Asia. In a number of different areas of antitrust, advances in theory and empirical work have caused a fundamental reevaluation and shift of some of the assumptions behind antitrust policy. This reevaluation has profound implications for the future of the field. The Oxford Handbook of International Antitrust Economics has collected chapters from many of the leading figures in antitrust. In doing so, this two volume Handbook provides an important reference guide for scholars, teachers, and practitioners. However, it is more than a merely reference guide. Rather, it has a number of different goals. First, it takes stock of the current state of scholarship across a number of different antitrust topics. In doing so, it relies primarily upon the economics scholarship. In some situations, though, there is also coverage of legal scholarship, case law developments, and legal policies. The second goal of the Handbook is to provide some ideas about future directions of antitrust scholarship and policy. Antitrust economics has evolved over the last 60 years. It has both shaped policy and been shaped by policy. The Oxford Handbook of International Antitrust Economics will serve as a policy and research guide of next steps to consider when shaping the future of the field of antitrust.
Download or read book Collusion written by Luke Harding and published by Vintage. This book was released on 2017-11-16 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: #1 NEW YORK TIMES BESTSELLER • An explosive exposé that lays out the story behind the Steele Dossier, including Russia’s decades-in-the-making political game to upend American democracy and the Trump administration’s ties to Moscow. “Harding…presents a powerful case for Russian interference, and Trump campaign collusion, by collecting years of reporting on Trump’s connections to Russia and putting it all together in a coherent narrative.” —The Nation December 2016. Luke Harding, the Guardian reporter and former Moscow bureau chief, quietly meets former MI6 officer Christopher Steele in a London pub to discuss President-elect Donald Trump’s Russia connections. A month later, Steele’s now-famous dossier sparks what may be the biggest scandal of the modern era. The names of the Americans involved are well-known—Paul Manafort, Michael Flynn, Jared Kushner, George Papadopoulos, Carter Page—but here Harding also shines a light on powerful Russian figures like Aras Agalarov, Natalia Veselnitskaya, and Sergey Kislyak, whose motivations and instructions may have been coming from the highest echelons of the Kremlin. Drawing on new material and his expert understanding of Moscow and its players, Harding takes the reader through every bizarre and disquieting detail of the “Trump-Russia” story—an event so huge it involves international espionage, off-shore banks, sketchy real estate deals, the Miss Universe pageant, mobsters, money laundering, poisoned dissidents, computer hacking, and the most shocking election in American history.
Download or read book Advanced Tactical Fighter to F 22 Raptor written by David C. Aronstein and published by AIAA. This book was released on 1998 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Law and Economics of Class Actions written by James Langenfeld and published by Emerald Group Publishing. This book was released on 2014-03-28 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the changing landscape of class action law and its interaction with the economic analysis of key issues in class actions. Articles examine the elements of class action law from diverse viewpoints, featuring defendant and plaintiff perspectives, concerning domestic and international law, and written by lawyers and economists.
Download or read book Optimal Prudential Regulation of Banks and the Political Economy of Supervision written by Mr.Thierry Tressel and published by International Monetary Fund. This book was released on 2014-05-28 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: We consider a moral hazard economy in banks and production to study how incentives for risk taking are affected by the quality of supervision. We show that low interest rates may generate excessive risk taking. Because of a pecuniary externality, the market equilibrium may not be optimal and there is a need for prudential regulation. We show that the optimal capital ratio depends on the macro-financial cycle, and that, in presence of production externalities, it should be complemented by a constraint on asset allocation. We show that the political process tends to exacerbate excessive risk taking and credit cycles.
Download or read book The Geography of Competition written by John R. Miron and published by Springer Science & Business Media. This book was released on 2010-03-16 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive, up-to-date, and expert synthesis of location theory. What are the impacts of a firm’s geographic location on the locations of customers, suppliers, and competitors in a market economy? How, when, and why does this result in the clustering of firms in space? When and how is society made better or worse off as a result? This book uses dozens of locational models to address aspects of these three questions. Classical location problems considered include Greenhut-Manne, Hitchcock-Koopmans, and Weber-Launhardt. The book reinterprets competitive location theory, focusing on the linkages between Walrasian price equilibrium and the localization of firms. It also demonstrates that competitive location theory offers diverse ideas about the nature of market equilibrium in geographic space and its implications for a broad range of public policies, including free trade, industrial policy, regional development, and investment in infrastructure. With an extensive bibliography and fresh, interdisciplinary approach, the book will be an invaluable reference for academics and researchers with an interest in regional science, economic geography, and urban planning, as well as policy advisors, urban planners, and consultants.
Download or read book Comparative Company Law written by Andreas Cahn and published by Cambridge University Press. This book was released on 2018-10-04 with total page 1095 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents in-depth, comparative analyses of German, UK and US company laws illustrated by leading cases, with German cases in English translation.
Download or read book Powering the Digital Economy Opportunities and Risks of Artificial Intelligence in Finance written by El Bachir Boukherouaa and published by International Monetary Fund. This book was released on 2021-10-22 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.
