When do creditor rights work?

Creditor-friendly laws are generally associated with more credit to the private sector and deeper financial markets. But laws mean little if they are not upheld in the courts. The authors hypothesize that the effectiveness of creditor rights is strongly linked to the efficiency of contract enforcement. This hypothesis is tested using firm level data on 27 European countries in 2002 and 2005. The analysis finds that firms have more access to bank credit in countries with better creditor rights, but the association between creditor rights and bank credit is much weaker in countries with inefficient courts. Exploiting the panel dimension of the data and the fact that creditor rights change over time, the authors show that the effect of a change in creditor rights on change in bank credit increases with court enforcement. In particular, a unit increase in the creditor rights index will increase the share of bank loans in firm investment by 27 percent in a country at the 10th percentile of the enforcement time distribution (Lithuania). However, the increase will be only 7 percent in a country at the 80th percentile of this distribution (Kyrgyzstan). Legal protections of creditors and efficient courts are strong complements.Debt Markets,,Banks&Banking Reform,Emerging Markets,Labor Policies

When do enterprises prefer informal credit ?

This paper tests the hypothesis that enterprises may forgo formal finance in lieu of informal credit by choice. They do so to avoid the additional regulatory scrutiny and harassment that engaging with the formal financial sector invites. We test this hypothesis using enterprise-level data on 3,564 enterprises in 29 countries. In this sample, enterprises finance approximately 57 percent of their working capital requirements with external finance. This external finance comes from formal sources, such as commercial banks (53 percent) and informal sources (42 percent), such as trade creditors, or family and friends. In our sample, 14 percent of enterprises rely exclusively on informal finance. We find that the likelihood of enterprises preferring to only use informal finance is inversely related to the quality of the regulatory environment, particularly the quality of tax administration and overall governance. For example, we find that when an enterprise has been asked for bribes by tax inspectors, it is 17 percent more likely to prefer informal finance.Access to Finance,Banks&Banking Reform,Debt Markets,,Small and Medium Size Enterprises

Topics in inference and decision-making with partial knowledge

Two essential elements needed in the process of inference and decision-making are prior probabilities and likelihood functions. When both of these components are known accurately and precisely, the Bayesian approach provides a consistent and coherent solution to the problems of inference and decision-making. In many situations, however, either one or both of the above components may not be known, or at least may not be known precisely. This problem of partial knowledge about prior probabilities and likelihood functions is addressed. There are at least two ways to cope with this lack of precise knowledge: robust methods, and interval-valued methods. First, ways of modeling imprecision and indeterminacies in prior probabilities and likelihood functions are examined; then how imprecision in the above components carries over to the posterior probabilities is examined. Finally, the problem of decision making with imprecise posterior probabilities and the consequences of such actions are addressed. Application areas where the above problems may occur are in statistical pattern recognition problems, for example, the problem of classification of high-dimensional multispectral remote sensing image data

Time Caught by the Tail: Fast Forward: Pause

This thesis examines the effect of the new technology and the virtual time on the visual language, production and consumption of image, and in particular image of alterity. By revisiting works of 1960s artists and their relationship to the technological growth in post WWII, I examine the anxious subjectivity evident in their work in order to draw parallel with contemporary works of art, and their relationship to the new technology and notion of time. Relying on key debates, thesis explores the Modernist aesthetic dislike for representing the image of worker as political subject in Fordist mode of production (which measured time in blocks of production and cycle of consumption). It then addresses works of art that attempt to bring back the image of worker as political subject in recent years but face the shift from Fordist to Post-Fordist (with the new technology, time that it takes to produce an idea or the immaterial labor can not be measured). Therefore, the museums have become the new factories and viewers are producing unpaid immaterial labor (“meaning” making). With images readily available on Internet from the new global unrest, it is evident that there is a search for the image of the next political subject. With this in mind, I examine the representation of the image of alterity through cinema and visual arts. I conclude that production of image of alterity, or image as evidence, is more of a factory production than a human production, with camera and new technology used by the military and Hollywood. Again relying on key debates, this thesis revisits the art produced by the Futurists and their obsession with the production of aerial images of cities, and their similarities to our everyday exposure to areal images (Google Earth) and how these images in general have shifted our view from a horizontal point of reference to earth, and stability, to a vertical and unstable position, which historically is associated with time of war and conflict. Finally, this thesis explores the use of special effect in video editing, which turns aerial images of city of Tehran, into an intricate tapestry. This special effect signifies the similarities between baroque quality of Islamic art of 12th century and the fragmentation of image and information in our present time, urging us to re-examine the fast forward idea of technology and make an effort for a pause

THE DIFFERENTIAL IMPACT OF CORRUPTION ON MICROENTERPRISES IN RUSSIA

Over the past decade, the repressive legal and regulatory environment in transition economies has received considerable attention in the literature. In Russia, this framework has resulted in an environment in which rules and regulations govern almost all aspects of economic activity. The elaborate system of regulations with which firms must comply, in combination with a lack of accountability for regulatory enforcers, has created a corrupt cadre of government officials who frequently engage in rent-seeking behavior while monitoring and enforcing firm compliance. The objective of this paper is to investigate the manner in which corruption affects micro and small enterprises in Russia. Empirical evidence suggests that micro and small enterprises vary substantially in reporting how problematic corruption is for their enterprise. A theoretical model explores why extortion from regulators may occur in a non-uniform manner across firms. The theoretical model postulates that government regulators customize the nature of their rent-seeking activities towards, similar to a price-discriminating monopolist facing hidden information. The model shows that production technologies, input choices, and other firm characteristics such as location play a role in determining the bribe price that a regulator will charge a firm, as well as the number of times he will return to collect it. Supportive evidence comes from survey data collected on Russian microenterprises. The model described above is tested using econometrics, and numerical simulations.Political Economy,

Current Programmed Active Pixel Sensors for Large Area Diagnostic X-ray Imaging

Rapid progress over the last decade on large area thin film transistor (TFT) arrays led to the emergence of high-performance, low-power, low-cost active matrix flat panel imagers. Despite the shortcomings associated with the instability and low mobility of TFTs, the amorphous silicon TFT technology still remains the primary solution for the backplane of flat panel imagers. The use of a-Si:H TFTs as the building block of the large area integrated circuit becomes challenging particularly when the role of the TFT is extended from traditional switching applications to on-pixel signal amplifier for large area digital imaging. This is the idea behind active pixel sensor (APS) architectures in which under each pixel an amplifier circuit consisting of one or two switching TFTs integrated with one amplifying TFT is fabricated. To take advantage of the full potential of these amplifiers, it is crucial to develop APS architectures to compensate for the limitations of the TFTs. In this thesis several APS architectures are designed, simulated, fabricated, and tested addressing these challenges using the mask sets presented in Appendix A. The proposed APS architectures can compensate for inherent stabilities of the comprising TFTs. Therefore, the sensitivity of their output data to the transistor variations is significantly suppressed. This is achieved by using a well defined external current source instead of the traditional voltage source to reset the APS architectures during the reset cycle of their periodic operation. The performance of these circuits is analyzed in terms of their stability, settling time, noise, and temperature-dependence. For appropriate readout of the current mode APS architectures, high gain transresistance amplifiers with correlated double sampling capability is designed, simulated and fabricated in CMOS technology. Measurement and measurement based calculation results reveal that the proposed APS architectures can meet even the stringent requirements of low noise, real-time digital fluoroscopy

Nephrocutaneous Fistula Due to Xanthogranulomatous Pyelonephritis

While the development of a fistulous tract from the kidney to the proximal adjacent organs is relatively common, a tract leading to the skin is a rare occurrence. The primary cause of a fistula is prior surgical intervention or malignancy leading to abscess formation. Our case involves Xanthogranulomatous pyelonephritis (XGP) causing a longstanding lobulated abscess, ultimately leading to the formation of a fistulous tract