Coalition-Proof Trade and the Friedman Rule in the Lagos-Wright Model

The Lagos-Wright model -- a monetary model in which pairwise meetings alternate in time with a centralized meeting -- has been extensively analyzed, but always using particular trading protocols. Here, trading protocols are replaced by two alternative notions of implementability: one that allows only individual defections and one that also allows cooperative defections in meetings. It is shown that the first-best allocation is implementable under the stricter notion with- out taxation if people are sufficiently patient. And, if people are free to skip the centralized meeting, then lump-sum taxation used to pay interest on money does not enlarge the set of implementable allocations.

Real interest rate parity: evidence from East Asian economies relative to China

This study examines the real interest rate parity (RIP) hypothesis in the case of East Asian economies by taking China as foreign counterpart. Results obtained from panel unit root tests are in line with previous findings that are supportive of the hypothesis. The estimated half-life of the RIP deviations is 3.21 quarters, indicating RIP holds strongly in this region with respect to China. This implies that the choices and effectiveness of the monetary and fiscal policies in the East Asian economies will be very much influenced by the external factors originating from China, in additional to Japan and US as identified in other studies. Furthermore, judging from the another finding of this study that East Asian economies is more integrated with Japan than China, China has yet to further liberalize its financial system before it can overtake Japan as leading financial centre or as anchor country for common currency area in this region.Real interest rate parity;East Asia; panel unit root test

The market reaction to convertible bond issues and the determinants of bookrunner selection

This thesis was previously held under moratorium from 10 February 2020 until 10 February 2022.This thesis examines three major aspects of international convertible bond offerings, particularly the market reaction and its determinants, the determinants of bookrunner selection in underwriting market and the outcomes of bookrunner selection. These issues are important for a corporate firm to design the best features of convertible bond underwriting contracts to enhance shareholders’ wealth and mitigate asymmetric information. These are relevant to the underwriters to understand whether informational advantage gained via reputation and geographic proximity could equip them if more competitive advantage in delivering better underwriting services. Furthermore, financial regulators are benefited from this study to better understand the underwriting market in convertible bond offerings. My research focuses on an overall sample size of 11,350 convertible bond offerings worldwide issued between 1984 and 2015. I analyse the market reaction for different countries, industrial classifications and stated purpose of proceeds following the announcements of convertible bond offerings. I regress the stock price reactions against firm-specific, issue-specific, market-specific, country-specific and investor protection-specific factors. I examine the determinants of domestic, regional and reputable bookrunner selection by regressing them on firm-specific, issue-specific and market-specific. I also examine whether bookrunners with economies of scale advantage are more likely to gain underwriting contracts in convertible bonds. The bookrunner performance is analysed based on the stock price reactions, underwriting fees and offering yields-at-issue. I further explore to investigate the outcome of bookrunner selection across different regions. The findings of this study have important implications for various strands of academic literature. I contribute to reveal that the stock prices of convertible bond issuers react differently to different countries, industrial classifications and stated purpose of proceeds. My results from regression analysis show that the different market reactions are significantly associated by firm-specific, issue-specific, market specific, country-specific and legal system factors. I also contribute to identify the underwriting preferences by corporate treasurers in hiring domestic, regional and reputable bookrunners. This helps underwriters to effectively gain underwriting contracts. This study contributes to two dominant literature on geographic proximate and reputable bookrunner selections in international convertible bond offerings. My findings provides important policy suggestions for issuers and investors to make a better evaluation on the outcomes of both geographical proximate and reputable bookrunners simultaneously in international convertible bond offerings.This thesis examines three major aspects of international convertible bond offerings, particularly the market reaction and its determinants, the determinants of bookrunner selection in underwriting market and the outcomes of bookrunner selection. These issues are important for a corporate firm to design the best features of convertible bond underwriting contracts to enhance shareholders’ wealth and mitigate asymmetric information. These are relevant to the underwriters to understand whether informational advantage gained via reputation and geographic proximity could equip them if more competitive advantage in delivering better underwriting services. Furthermore, financial regulators are benefited from this study to better understand the underwriting market in convertible bond offerings. My research focuses on an overall sample size of 11,350 convertible bond offerings worldwide issued between 1984 and 2015. I analyse the market reaction for different countries, industrial classifications and stated purpose of proceeds following the announcements of convertible bond offerings. I regress the stock price reactions against firm-specific, issue-specific, market-specific, country-specific and investor protection-specific factors. I examine the determinants of domestic, regional and reputable bookrunner selection by regressing them on firm-specific, issue-specific and market-specific. I also examine whether bookrunners with economies of scale advantage are more likely to gain underwriting contracts in convertible bonds. The bookrunner performance is analysed based on the stock price reactions, underwriting fees and offering yields-at-issue. I further explore to investigate the outcome of bookrunner selection across different regions. The findings of this study have important implications for various strands of academic literature. I contribute to reveal that the stock prices of convertible bond issuers react differently to different countries, industrial classifications and stated purpose of proceeds. My results from regression analysis show that the different market reactions are significantly associated by firm-specific, issue-specific, market specific, country-specific and legal system factors. I also contribute to identify the underwriting preferences by corporate treasurers in hiring domestic, regional and reputable bookrunners. This helps underwriters to effectively gain underwriting contracts. This study contributes to two dominant literature on geographic proximate and reputable bookrunner selections in international convertible bond offerings. My findings provides important policy suggestions for issuers and investors to make a better evaluation on the outcomes of both geographical proximate and reputable bookrunners simultaneously in international convertible bond offerings

Memory-Based High-Level Synthesis Optimizations Security Exploration on the Power Side-Channel

High-level synthesis (HLS) allows hardware designers to think algorithmically and not worry about low-level, cycle-by-cycle details. This provides the ability to quickly explore the architectural design space and tradeoffs between resource utilization and performance. Unfortunately, security evaluation is not a standard part of the HLS design flow. In this article, we aim to understand the effects of memory-based HLS optimizations on power side-channel leakage. We use Xilinx Vivado HLS to develop different cryptographic cores, implement them on a Spartan-6 FPGA, and collect power traces. We evaluate the designs with respect to resource utilization, performance, and information leakage through power consumption. We have two important observations and contributions. First, the choice of resource optimization directive results in different levels of side-channel vulnerabilities. Second, the partitioning optimization directive can greatly compromise the hardware cryptographic system through power side-channel leakage due to the deployment of memory control logic. We describe an evaluation procedure for power side-channel leakage and use it to make best-effort recommendations about how to design more secure architectures in the cryptographic domain

A Quantitative Study of Alliance Structures in the Warring States of Ancient China, 453-221 B.C.

This study makes a unique contribution to applied game theory and to the studies of Shiji (Records of Grand Historian) and the Warring States Period of ancient China (453-221B.C.) by constructing and analyzing the annual series of alliance structures or partitions of the seven states during the period of two hundred thirty three years. It shows that twenty six of the eight hundred seventy seven possible partitions were observed, and that the three most frequent partitions were the finest partition (146 years), partitions with four singletons and one three-member coalition (63 years), and partitions with five singletons and one two-member coalition (33 years). Such quantitative results have future applications in alliance studies, game theory, and international economics. They also provide a list of future research topics such as the unknown statistical properties of a series of partition of seven elements with 233 observations