The Finite-time Ruin Probabilities of a Bidimensional risk model with Constant Interest Force and correlated Brownian Motions

We follow some recent works to study bidimensional perturbed compound Poisson risk models with constant interest force and correlated Brownian Motions. Several asymptotic formulae for three different type of ruin probabilities over a finite-time horizon are established. Our approach appeals directly to very recent developments in the ruin theory in the presence of heavy tails of unidimensional risk models and the dependence theory of stochastic processes and random vectors.Comment: 25page

Solicited and Unsolicited Credit Ratings: A Global Perspective

We conducted a global study of the long-term issuer ratings of nonfinancial firms from Standard and Poor's Ratings Services (S&P) for the period 1998–2003. Specifically, we focused on the solicited versus unsolicited ratings and sample-selection bias in the analysis. Unlike the literature, we adopted an improved method using Wooldridge’s instrumental-variable approach to mitigate the concern of specification errors in Heckman’s model. We found that the probability of seeking a long-term issuer rating is positively related to the size and profitability of the firm, and negatively related to the growth opportunities and debt levels of the firm. The credit rating is positively related to the sovereign rating, size, and profitability of the issuer, and negatively related to the debt ratio of the issuer. Consistent with the literature, we found sample-selection bias in credit ratings. Our findings suggest that the firms with solicited ratings seem to be more profitable, more liquid, and have lower leverage than the issuers with unsolicited ratings. After controlling for sample-selection bias and some key financial ratios, we found that unsolicited firms, on average, seem to have lower long-term issuer ratings.corporate long-term issuer ratings; solicited and unsolicited

The Making of the USA PATRIOT Act I: The Legislative Process and Dynamics

ABSTRACT On September 11, 2001, terrorists attacked America without warning, killing 2752 in New York City alone. The President declared war on terrorism and pledged to use all resources at United States’ disposal to conquer the enemy. On October 26, 2001, President Bush signed into law the USA PATRIOT ACT, giving the law enforcement officials expansive powers and security agencies increased resources to fight terrorism, at home and abroad. A cursory review of the legal literature shows that the USA PATRIOT ACT was “rushed” passed Congress by the Bush administration without following the usual legislative procedure. Throughout the entire legislative process, neither the Congress nor the Administration has systematically investigated and critically debated the merit – necessity and efficacy, costs and benefits, and the impact and implications of the ACT on the Constitution, on the society, on the people. More mystifyingly, neither the general public nor the mass media took the government to task for a want of due diligent in scrutinizing the ACT. How could this have happened? To date, no serious attempt has been made to explain how and why the USA PATRIOT ACT was adopted without any serious context and effective challenge. This is a first attempt to do so. This article, based on a larger research project (“The Impact and Implications of USA PATRIOT Act on American Society.”) investigated into the legislative history of the USA PATRIOT ACT, broadly define. This article is first of a two part series reporting upon: “The Making of the USA PATRIOT ACT”. It is subtitled: “Legislative Process and Dynamics”. The article to follow is subtitled: “Legislative Climate and Political Context.” This article examined the Congressional records, tracked the floor debates and monitored newspaper accounts to document the process and detail the dynamics as to how the USA PATRIOT ACT was passed. The subsequent article would be looking into the historical context, political climate, social circumstances, and cultural milieu to ascertain why the USA PATRIOT ACT was made in the way and manner it did

The Institutional and Individual Contributors to Research in Financial Education: 1991-2002

This paper provides an account of the contributors in financial education research during 1991-2002. We present the top institutions and individuals in financial education research that were published in Financial Practice and Education and Journal of Financial Education. In terms of institutional and individual contributors, doctoral programs faculty and institutions contribute significant large number of articles in financial education research. Similarly AACSB accredited academic programs also contribute significantly to the financial education literature. The findings in this study provide information to the potential college bound students, donors, and job applicants

Computer Crime and Control in Hong Kong

This Article is a first attempt to study cyberspace governance and computer crime control in Hong Kong. It begins with a discussion of how computer crime was discovered as a cognizable object of control. Next, it explores the nature, prevalence and distribution of computer crime in Hong Kong before embarking on a comprehensive review and critical analysis of the Hong Kong government\u27s cyberspace governance philosophy and computer crime control policy. The Article closes with a number of recommendations for improving Hong Kong cyberspace governance, which focus on developing a broad, overarching policy that both meets the public\u27s goals and addresses private sector concerns

The USA Patriot Act: A Policy of Alienation

This Article provides a brief overview of how Muslims were treated after 9/11. It documents how the USAPA and related measures have been used to monitor, investigate, detain, and deport Muslim U.S. citizens in violation of their civil rights. Of particular importance, is how the life circumstances of the Muslims in America have changed for the worse as a result of zealous enforcement and discriminatory application of the USAPA. In so doing, this Article seeks to provide concrete facts and a rich context to ascertain the implications of 9/11 on American society