Dutch corporate liquidity mangement: New evidence on aggregation

In this paper we investigate Dutch corporate liquidity management in general, and target adjustment behaviour in particular. To this purpose, we use a simple error correction model of corporate liquidity holdings applied to firm-level data for the period 1977-1997. We confirm the existence of long-run liquidity targets at the firm level. We also find that changes in liquidity holdings are driven by short-run shocks as well as the urge to converge towards targeted liquidity levels. The rate of target convergence is higher when we include more firm-specific information in the target. This result supports the idea that increased precision in defining liquidity targets associates with a faster observed rate of target convergence. It also suggests that the slow speeds of adjustment obtained in many macro studies on money demand are artefacts of aggregation bias.corporate liquidity demand, precautionary liquidity

A Tribute to Judge Kaye

This collection of remarks from scholars, practitioners, and judges serves as a tribute to the life of the beloved and esteemed Judge Kaye and her commitment to the New York State Constitution. The collection culminates with Judge Kaye’s final essay, written for the Brooklyn Law Review, with her reflections on opportunity in life and law and New York’s State Constitution

Reimagining Asylum: Religious Narratives and the Moral Obligation to the Asylum Seeker

The narrative that grounds the asylum policy of the United States portrays asylum seekers as passive objects of external forces. This narrative emerges from the complex interplay of exceptionality and victimization that characterizes the legal status and popular perception of the refugee. It is then read back onto the asylum seeker through a supererogatory asylum policy that is unable to recognize the moral demand made by the asylum seeker. The project this essay is drawn from seeks to challenge the policy of asylum as charity by interrogating alternative narratives grounded in the Hebrew Bible story of the Exodus and the Qu’ranic story of the Hijra. In these narratives, flight from oppression is portrayed as an act of moral agency, and the asylum seeker’s capacity as Other to make a moral demand on the Self emerges. Thus, I argue that an asylum policy informed by these alternative narratives needs must question its supererogatory assumptions.Le discours à la base de la politique d’asile des États-Unis représente les demandeurs d’asile comme des objets pas- sifs subissant des forces extérieures. Cette représentation émerge de l’interaction complexe entre l’exception et la victimisation qui caractérise le statut légal et la perception populaire du réfugié. Ce discours est renvoyé au demandeur d’asile à travers une politique d’asile surérogatoire qui ne reconnaît pas les exigences morales du demandeur d’asile. Cet article vise à remettre en question la politique de l’asile en tant que charité en faisant appel à des discours dif- férents prenant leur source dans le récit biblique de l’Exode et dans le récit coranique de l’Hégire. Dans ces récits, la fuite de l’oppression est représentée comme l’exercice d’une capacité morale, et émerge alors la capacité du demand- eur d’asile dans son altérité de faire une demande morale en tant que soi-même. En conséquence, on soutient qu’une politique d’asile basée sur ces alternatives doit remettre en question les présomptions surérogatoires

Reinventing Rate Regulation

One of the fundamental purposes of the 1992 Cable Act was to bring about a reduction in consumer cable prices by eliminating the ability of cable companies to charge monopoly rates. While the goal may have been to decrease rates, complaints have poured into Congress claiming that since the passage of the Act, rates have actually increased. The Author explores the Act\u27s goal of reintroducing effective competition while reregulating cable rates in the interim. He examines the details of the regulation and concludes by discussing the options that should be considered by Congress and the FCC when reevaluating the 1992 Cable Act

A Tribute to Judge Kaye

This collection of remarks from scholars, practitioners, and judges serves as a tribute to the life of the beloved and esteemed Judge Kaye and her commitment to the New York State Constitution. The collection culminates with Judge Kaye’s final essay, written for the Brooklyn Law Review, with her reflections on opportunity in life and law and New York’s State Constitution

Progress in Modeling Very Low Mass Stars, Brown Dwarfs, and Planetary Mass Objects

We review recent advancements in modeling the stellar to substellar transition. The revised molecular opacities, solar oxygen abundances and cloud models allow to reproduce the photometric and spectroscopic properties of this transition to a degree never achieved before, but problems remain in the important M-L transition characteristic of the effective temperature range of characterizable exoplanets. We discuss of the validity of these classical models. We also present new preliminary global Radiation HydroDynamical M dwarfs simulations.Comment: Submitted to Mem. S. A. It. Supp