Democratization’s Risk Premium: Partisan and Opportunistic Political Business Cycle Effects on Sovereign Ratings in Developing Countries

We use partisan and opportunistic political business cycle (“PBC”) considerations to develop a framework for explaining election-period decisions by credit rating agencies (“agencies”) publishing developing country sovereign risk-ratings (“ratings”). We test six hypotheses derived from the framework with 482 agency ratings for 19 countries holding 39 presidential elections from 1987-2000. We find that ratings are linked to the partisan orientation of incumbents facing election and to expectations of incumbent victory. Consistent with the framework, rating effects are sometimes greater for right-wing compared to left-wing incumbents, perhaps, because partisan PBC considerations with right-wing (left-wing) incumbents reinforce (counteract) opportunistic PBC considerations.http://deepblue.lib.umich.edu/bitstream/2027.42/39931/3/wp546.pd

DEMOCRACY’S SPREAD: Elections and Sovereign Debt in Developing Countries

We use partisan and opportunistic political business cycle (“PBC”) considerations to develop and test a framework for explaining election-period changes in credit spreads for developing country sovereign bonds. Pre-election bond spread trends are significantly linked both to the partisan orientation of incumbents facing election and to expectations of incumbent victory. Bond spreads for right-wing (leftwing) incumbents increase (decrease) as the likelihood of left-wing (right-wing) challenger victory increases. For right-wing incumbent partisan and opportunistic PBC effects bondholder risk perceptions are mutually reinforcing. For left-wing incumbents partisan PBC effects dominate bondholder risk perceptions compared to opportunistic PBC effects.http://deepblue.lib.umich.edu/bitstream/2027.42/39961/3/wp575.pd

The Price of Empire: Unrest Location and Sovereign Risk in Tsarist Russia

Research on politically motivated unrest and sovereign risk overlooks whether and how unrest location matters for sovereign risk in geographically extensive states. Intuitively, political violence in the capital or nearby would seem to directly threaten the state's ability to pay its debts. However, it is possible that the effect on a government could be more pronounced the farther away the violence is, connected to the longer-term costs of suppressing rebellion. We use Tsarist Russia to assess these differences in risk effects when unrest occurs in Russian homeland territories versus more remote imperial territories. Our analysis of unrest events across the Russian imperium from 1820 to 1914 suggests that unrest increases risk more in imperial territories. Echoing current events, we find that unrest in Ukraine increases risk most. The price of empire included higher costs in projecting force to repress unrest and retain the confidence of the foreign investors financing those costs.Comment: 13 Tables, 8 Figure

Some extremal functions in Fourier analysis, III

We obtain the best approximation in $L^1(\R)$, by entire functions of exponential type, for a class of even functions that includes $e^{-\lambda|x|}$, where $\lambda >0$, $\log |x|$ and $|x|^{\alpha}$, where $-1 < \alpha < 1$. We also give periodic versions of these results where the approximating functions are trigonometric polynomials of bounded degree.Comment: 26 pages. Submitte

The Potential of Industry Standards in Undergraduate Education

Industry standards have a significant impact on business as a means to eliminate waste, reduce costs, market products (e.g., for quality, safety, interoperability) and lessen liability (Thompson, 2011). Consequently, an understanding and the ability to use standards, agreed upon practices among interested or vested parties, is a critical workplace competency for those engaged in business and industry. To have a workforce competent in the use of standards, higher education curricula must be developed to integrate standards education at appropriate points within the curriculum. Despite the importance of standards, they are not universally integrated into the college and university curricula. Given the widespread use of standards in business and industry, a study was undertaken by four academic librarians to explore the use and potential integration of standards in undergraduate business management curricula

Managing the Changing Climate of Business Collections

Librarians that support business programs are weathering competing priorities in business collection management. When making decisions to cut and add new databases, we must assess the value of a given resource by considering a variety of quantitative metrics such as usage, cost per use, cost per citation, and pricing history. In addition, qualitative criteria are increasingly important when making decisions. These criteria include, but are not limited to, content coverage, accessibility, and whether a resource can be provided in a way that supports the principles of critical librarianship. This Lively Lunch discussion provided three brief presentations, which discussed (1) how value is determined for existing resources using metrics that are useful for holistic collection analysis and individual resource analysis (Macy), (2) critical librarianship and the selection of new business resources (Howard), and (3) managing accessibility requirements with business resources (Vaaler). Following the presentations, the librarians and vendors engaged in conversation in regard to evaluating business resources and making collection decisions

Critical Business Collections: Examining Key Issues Using a Social Justice Lens

Academic librarians perform a balancing act between the needs of patrons, licensing restrictions, and the missions of our libraries. As part of the work to develop our campus collections, academic business librarians work with both schools and commercial vendors to provide resources that our business students and faculty require. Business publishers charge academic customers pennies on the dollar for access, but are likely to seek protections for their intellectual content by placing usage restrictions that run counter to what librarians would prefer. This can cause difficulties for librarians in serving their unique populations. This also can run counter to the central principles of “Critical Librarianship,” which is based on a foundation of social justice, the belief that everyone deserves equal opportunities and basic economic, political, and social rights. Balancing the needs of the publishers and business school communities with the principles of critical librarianship is a great challenge for everyone who serves these communities. Business librarians from across the United States explore ways in which collections and critical librarianship collide. Topics covered include the effects of database licenses on the intersection of theoretical academic work and practical business activities, challenges faced by public institutions supporting community entrepreneurs, and how the integration of critical pedagogy with information and data literacies can bring awareness to problems within current collections such as access to information, issues in data collection, and information creation. Through discussion, we hope to provide insight to ways in which libraries, as intermediaries between patrons and vendors, can help address these difficult problems

The Duffin-Schaeffer Conjecture with extra divergence II

This paper takes a new step in the direction of proving the Duffin-Schaeffer Conjecture for measures arbitrarily close to Lebesgue. The main result is that under a mild `extra divergence' hypothesis, the conjecture is true.Comment: 7 page

Lattice-point enumerators of ellipsoids

Minkowski's second theorem on successive minima asserts that the volume of a 0-symmetric convex body K over the covolume of a lattice \Lambda can be bounded above by a quantity involving all the successive minima of K with respect to \Lambda. We will prove here that the number of lattice points inside K can also accept an upper bound of roughly the same size, in the special case where K is an ellipsoid. Whether this is also true for all K unconditionally is an open problem, but there is reasonable hope that the inductive approach used for ellipsoids could be extended to all cases.Comment: 9 page