The Organization of Bank A￠ liates; A Theoretical Perspective on Risk and E￠ ciency     bank organization  bank risk  Ö  nancial synergies  default costs  bailouts       font style='font-size:12px;'> 2014/6/23

We analyze theoretically banks choice of organization and leverage in branches or subsidiaries in the presence of economic and Önancial synergies, government bailouts and bankruptcy costs. We com...

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Is R2 a Measure of Market Ine￠ ciency     Measure of Market  Ine￠ ciency       font style='font-size:12px;'> 2014/3/18

This paper provides a critical evaluation of a widely made argument that stock prices in markets with lower return R2 are more e￠ cient. We show that in a standard rational expectations model, retu...

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E￠ ciency, Equity, and Timing of Voting Mechanisms     E￠ ciency  Equity  Timing       font style='font-size:12px;'> 2014/3/12

We compare the behavior of voters under simultaneous and sequential voting rules when voting is costly and information is incomplete. In many political institutions, ranging from small committees to...

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