Institutional Debt Holder Governance

Using data on the universe of US-based mutual funds, we find that two out of five fund families hold corporate bonds of firms in which they also own an equity stake. We show that the greater the fraction of debt a fund family holds in a given firm, the greater its propensity to vote in line with the interests of firm debt holders at shareholder meetings. Voting has direct policy consequences as firms that receive more votes in favor of creditors make corporate decisions more in line with the interests of debt holders

Toward a framework for implementation of climate change treaty through self-enforcing mechanisms

Global warming caused by accumulation of emissions of greenhouse gases (GHGs) is a public bad, addressing which requires collective action by all the countries of the world. Under the United Nations Convention on Climate Change (UNFCCC), most countries have negotiated the Kyoto Protocol for GHG emissions control to stabilize climate change. Several issues about the Protocol remain unresolved -- first, most of the significant countries are required to take a decision on whether or not to sign such a protocol, which has large-scale implications for their energy and industrial sectors and economic well-being; second, climate change mitigation is a public good entailing that all the countries would stand to gain due to mitigation action taken by a sub-group of one or more countries; and third, there exists no supra-national authority to enforce such a protocol for the individual sovereign nations. Thus, commitment to cooperate on an international agreement on climate change control remains tenuous. Formally, such a cooperative model is likely to be unstable. The paper discusses the pros and cons of the already proposed international cooperative mechanisms toward climate change mitigation and highlights the problem of information revelation, particularly related to the abatement issues. In this context, it attempts to outline a structure of a self-enforcing burden sharing mechanism for climate change mitigation in an incomplete information framework. The mechanism is an adoption of the well-known Vickrey-Clarke-Groves mechanism, widely used in mechanism design theory.Climate change negotiations; cooperative games; stable coalitions; self-enforcing mechanism

Investor reaction to Mutual fund performance: Evidence from UK distribution channels

Existing work on the flow–performance relation in mutual funds focuses on the average U.S. investor, obscuring the contributions of different clienteles. We analyze UK data on monthly fund sales and purchases made via seven distinct distribution channels. We show that there exist marked differences in the reaction to fund performance between different types of retail and institutional investors. These differences can be understood by considering the incentives of parties involved in each channel. Our analysis indicates that the well-documented aggregate net flow–performance convexity in mutual funds is driven by the extreme reaction of retail inflows to favorable performance, particularly from independently advised investors

Review Analysis of Automated Mobile Application Testing

Software testing is essential and important task to validate & verify software correctness and completeness. Before the product is being released to customer, set of activities are carried out with the intent of finding errors. Testing of mobile application involves additional testing from the viewpoint of its usability and consistency. The mobile app testing demands stepwise & orderly detection of specific classes of errors with less amount of time & efforts. Choosing best suited testing techniques for individual mobile applications is an art. As testing is also used to evaluate software quality, choosing a test strategy for mobile app becomes significant. This paper reviews various aspects of mobile app testing covering automated testing, testing tools and challenges. It also provides direction for selecting the best strategy for mobile app testing

Load Balancing Through Map Reducing Application Using CentOS System

The main aim is to design an algorithm for Map-Reduce application, with a ballot count application, which explains how the big data can be handled by the individual Mappers and how data is split using map() function. The output of Mappers and is given to the Reducer and reduce () function is applied. The execution takes set of input key/value pairs, and gives a set of output key/value pairs. Map, accepts the input from the user, processes it and generates a set of intermediate key/value pairs. The Map Reduce library groups all the intermediate values of the same category and passes it to the Reduce function. The Reduce function takes the intermediate key and a set of values associated with the key. It groups together all the associated values and generates a smaller set of values. Finally, only zero or one output value is generated by the reducer. The iterate is responsible for accepting the intermediate key and its associated value