Integrating Macroeconomics and Corporate Finance in Executive Education

Executive education is increasingly using team teaching and an integrated approach to curriculum development and delivery. We outline one example of how economic policy and basic finance concepts can be connected. Specifically, we utilize a simple model to illustrate the impact that monetary and fiscal policy, via interest rate and tax rate changes, can have on the growth capacity and dividend paying capacity of the firm

Primary Election Systems and Candidate Deviation

The purpose of this paper is to analyze the effect of primary voting systems on the ability of agent-representatives to deviate within the median voter model. While conclusions are consistent with the results found in Gerber and Morton (1998), this paper extends their analysis by including the role played by electoral security and the extant incentives that accompany it. The results presented herein make 2 important contributions to the literature. First, while the report has been consistent with the literature in maintaining that deviation is driven by ideology, these results reflect that institutional arrangements also allow for deviation. Second, the measurement combining ADA and ACU scores reduces the potential of liberal bias or conservative bias by combining these scores into the determination of the dependent variable. Results suggest that more open primaries produce candidates with positions that are closer to those of the median voter. If blanket primaries encourage broader electoral participation by voters, the resulting median voter in such primaries will more closely resemble the median voter in the entire constituency.Election

Corruption and Voter Turnout: Evidence from the US States

The literature on voter turnout focuses on the determinants of the electorate’s vote supply. There is growing recognition, however, that the demanders of votes—candidates, political parties, and interest groups—have strong incentives to invest resources in mobilizing support on Election Day. The authors test the hypothesis that corruption rents increase the value of holding public office and, hence, elicit greater demand-side effort in building winning coalitions. Analyzing a pooled time-series data set of public officials convicted of misusing their offices between 1979 and 2005, we find, after controlling for other influential factors, that governmental corruption raises voter turnout rates in gubernatorial elections

Corruption and Voter Participation: Evidence from the U.S. States

Abstract: The literature on voter turnout focuses on the determinants of the electorate's vote supply. There is growing recognition, however, that the demanders of votes -candidates, political parties and interest groups -have strong incentives to invest resources in mobilizing support on Election Day. We test the hypothesis that corruption rents increase the value of holding public office and, hence, elicit greater demand-side effort in building winning coalitions. Analyzing a panel dataset of public officials convicted of misusing their offices between 1977 and 2005, we find, after controlling for other influential factors, that governmental corruption raises voter turnout rates in gubernatorial elections. JEL Classifications: D72, K4, H

Quantifying the Evolution of Vascular Barrier Disruption in Advanced Atherosclerosis with Semipermeant Nanoparticle Contrast Agents

Acute atherothrombotic occlusion in heart attack and stroke implies disruption of the vascular endothelial barrier that exposes a highly procoagulant intimal milieu. However, the evolution, severity, and pathophysiological consequences of vascular barrier damage in atherosclerotic plaque remain unknown, in part because quantifiable methods and experimental models are lacking for its in vivo assessment.To develop quantitative nondestructive methodologies and models for detecting vascular barrier disruption in advanced plaques.Sustained hypercholesterolemia in New Zealand White (NZW) rabbits for >7-14 months engendered endothelial barrier disruption that was evident from massive and rapid passive penetration and intimal trapping of perfluorocarbon-core nanoparticles (PFC-NP: ∼250 nm diameter) after in vivo circulation for as little as 1 hour. Only older plaques (>7 mo), but not younger plaques (<3 mo) demonstrated the marked enhancement of endothelial permeability to these particles. Electron microscopy revealed a complex of subintimal spongiform channels associated with endothelial apoptosis, superficial erosions, and surface-penetrating cholesterol crystals. Fluorine ((19)F) magnetic resonance imaging and spectroscopy (MRI/MRS) enabled absolute quantification (in nanoMolar) of the passive permeation of PFC-NP into the disrupted vascular lesions by sensing the unique spectral signatures from the fluorine core of plaque-bound PFC-NP.The application of semipermeant nanoparticles reveals the presence of profound barrier disruption in later stage plaques and focuses attention on the disrupted endothelium as a potential contributor to plaque vulnerability. The response to sustained high cholesterol levels yields a progressive deterioration of the vascular barrier that can be quantified with fluorine MRI/MRS of passively permeable nanostructures. The possibility of plaque classification based on the metric of endothelial permeability to nanoparticles is suggested

An Analysis of the Employment Effects of the Washington High Technology Business and Occupation (B&O) Tax Credit: Technical Report

This paper estimates the effects of an R&D tax credit in the state of Washington on job creation. The research uses micro-data on the job creation and tax credits received by individual firms in the state of Washington from 2004 to 2009. We correct for the endogeneity of R&D tax credits received by individual firms by using instrumental variables based in part on national industry factor shares for R&D. We estimate that this tax credit created jobs, but at a high cost. The cost per job-year created is estimated to be between $40,000 and$50,000. The credit was so high cost in part because the credit was non-refundable. As a result, about one-quarter of the firms receiving credits were maxed out on credit eligibility, so that the credit provided no marginal incentive for additional R&D spending or job creation

A Review of Regulatory Theory and the U.S. Casino Industry

The casino industry is one of the most stringently regulated industries in the United States. State governments and their regulatory agencies control almost every aspect of the industry. However, U.S. casino regulation has not received much research attention. We examine the five most applicable economic theories of regulation. Since relevant empirical data of regulatory changes for casinos are sparse, we examine trends of the key variables to evaluate these theories. We categorize and examine trends in state and industry characteristics to determine if any one of these theories best explains the regulation of casinos. Based on our review of the state-level data, we conclude that the legalization and regulation of casinos best conform to a Leviathan theory of government in which the primary policy goal is to maximize government revenues

State Targeting of Business Investment: Does Targeting Increase Corporate Tax Revenue?

State governments increasingly use financial incentives to target and attract firms. The li-terature on state supported development reports mixed results at best as to whether there are net economic benefits to the state economy. Little has been done, however, to investigate the benefits that politicians may receive by offering incentives. We hypothesize that state govern-ments benefit from offering financial incentives. Specifically, we use pooled cross sectional da-ta from 1981 and 1989 to develop a model to test whether a state government offering financial incentives increases state corporate tax revenue. We argue that increases in state corporate tax revenue may explain why it is in the government’s interest to target firms regardless of net economic benefit of financial incentives