Leverage Bubbles

This paper investigates the relation between liquidity and asset prices. It shows that, when banks balance sheets are marked to market and banks are targeting a financial leverage level - a situation similar to current environment - formation of Leverage Bubble phenomenon and suggests a new regulation rule based on a Dynamic Leverage Ratio (DLR) rule.Financial crises, rational bubbles, Dynamic Leverage Ratio, mark to market accounting, asset pricing, macroprudential regulation, market liquidity.

Direct externalities, specific performance and renegotiation design

This paper examines how the model of De Fraja [Games and Economic Behavior, 1999] can be amended after Che [Games and Economic Behavior, 2000] negative result. We mainly show that the optimal level of investments can be obtained with the specific performance contract considered by De Fraja if the renegotiation process does not follow the Hart-Moore procedure but allocates an extreme bargaining power.incomplete contract hold-up

Specific Performance, Separability Condition and the Hold-Up Problem

Edlin and Reichelstein (1996) claim that an efficient solution to the hold-up problem can be implemented with a specific performance contract if a separability condition is satisfied, i.e. if the effect of investments and the effect of the state of the world enter the parties valuation functions in an additively separable manner. This note shows that this separability condition generates the same solution than if the valuation functions are independent of the sate of nature (proposition 1). This implies that a simple menu of prices that does not specify the level of trade can solve the hold-up problem (proposition 2). That is, specifying the terms of trade by writing a specific performance contract is useless with the separability condition.incomplete contract, specific performance, hold-up

Relationship between Information Quality and Decision Effectiveness: A Study in the Banking Sector in Jordan

This study was conducted to investigate the relationship between information quality and decision making. Specifically, the study aimed to determine the attributes of information quality needed for different types of decision, decision phases and the overall decision effectiveness in the banking sector. To achieve this objective, several hypotheses were developed based on related theories and previous literature. In order to test these hypotheses, data was collected from bank managers who were the target population of this study. Quantitative approach using the mail questionnaire survey was conducted. A total of 249 usable questionnaires were received and subjected to factor analysis, test of differences, correlations and multiple regression to solicit answers for the research questions. The overall findings for this study revealed there were significance differences in information quality attributes needed for decision making process between different types of decision, decision phases and types of bank. Furthermore, as predicted, the findings resulted from correlations and multiple regression revealed that information quality was positively associated with decision effectiveness. While the strength of this association differs based on different information quality attributes, types of decision, decision phases and types of bank. This study had contributed in more than one aspect. Theoretically, the study contributes to the body knowledge by providing empirical evidence to support theories and previous literature related to information quality and decision making. Also, this study filled the gap in the literature by providing a theoretical framework assessing the attributes of information quality needed for different decision situations. Methodologically, the study contributes by providing a measurement scale for information quality attributes based on previous literature and used in this study. Furthermore, factor analysis had identified new attributes with regards to information quality attributes which were subsequently adopted for different decision types namely tactical and strategic decision for the three different phases of decision makings namely intelligence, design and choice phase. As for Management implications, the findings for this study imply that more concerns should be taken by managers concerning information quality attributes due to its important roles in decision effectiveness. The differences between decision situations require the managers to choose the suitable information quality attributes based on the decision types, decision phases and types of bank whereby the decisions were undertaken

Multiuser Detection For Asynchronous ARGOS Signals

In this paper, we investigate the application of multiuser detection techniques to a Low Polar Orbit (LPO) mobile satellite used in the ARGOS system. These techniques are used to mitigate the multiple access interference in the uplink transmission of the system. Unlike CDMA, due to the Doppler Effect, each signal has a different received carrier frequency and a different propagation delay. Multiuser detection techniques are proposed for asynchronous transmission in ARGOS system: the maximum likelihood detector, the conventional detector, and the sequential interference cancellation detector, as solutions to tackle the interference effects. Bit Error Rate performance graphs are shown for these techniques

Non Data Aided Parameter Estimation for Multi-User ARGOS Receivers

In this paper, parameter estimators are analyzed in the context of Successive Interference Cancelation (SIC) receivers for the ARGOS system. A Non Data Aided (NDA) feed forward estimator is proposed for the amplitude and the carrier phase parameters. Time delays are assumed to be known. A Window Accumulator (WA) is used to reduce the influence of the additive noise. In the presence of frequency offset, the window length L cannot be chosen arbitrarily large but an optimal length Lopt can be determined. However, because the estimator induces a different optimal length for each parameter, a trade-off must be made. We show that a window length of around 35 samples induces mean square errors (MSEs) lower than 0.012 for both parameters. The MSE of the proposed estimator is also compared to the Modified Cram´er Rao Bound (MCRB)

A Redesigned Pedagogy in Introductory Programming Reduces Failure and Withdrawal Rates by Half

It is well documented that introductory computer programming courses are difficult and that failure rates are high. The aim of this project was to reduce the high failure and withdrawal rates in learning to program. This paper presents a number of changes in module organization and instructional delivery system in teaching CS1. Daily out of class help sessions and tutoring services were applied, interactive lectures and laboratories, online resources, and timely feedback were introduced. Five years of data of 563 students in 21 sections was collected and analyzed. The primary results show that the failure and withdrawal rates were cut by more than half. Student surveys indicate a positive evaluation of the modified instructional approach, overall satisfaction with the course and consequently, higher success and retention rates

Impact of Imperfect Parameter Estimation on the Performance of Multi-User ARGOS Receivers

In this paper, we analyze the performance of Successive Interference Cancelation (SIC) receivers in the context of the ARGOS satellite system. Multi-user SIC receivers are studied in presence of imperfect estimates of signal parameters. We derive performance graphs that show the parameter ranges over which a successful demodulation of all users is possible. First, the graphs are derived in the context of perfect parameter estimation. Then, imperfect parameter estimation is considered. Erroneous estimations affect both the amplitude and the time delay of the received signal. Carrier frequencies are assumed to be accurately measured by the receiver. ARGOS SIC receivers are shown to be both robust to imperfect amplitude estimation and sensitive to imperfect time delay estimation