E-Procurement Success
The Air Force currently funds projects chartered with studying and developing e-Procurement systems. Through review and analysis of various e-Procurement projects, factors attributing to successful implementation of e-Procurement systems will be deduced and provided as a useful guide for federal agencies initiating e-Procurement projects. By identifying critical success factors this research should: 1) improve pre-implementation planning, 2) improve spend decisions, and 3) decrease implementation time by eliminating unnecessary steps. This research utilized the current literature to identify specific factors important in the e-Procurement implementation process. Once the factors were determined, a survey was developed to measure the factors in organizations with an e-Procurement system. All fifty state governments were contacted to determine if they had implemented e-Procurement systems and, if they responded affirmatively, were surveyed regarding what they have identified as the factors most instrumental in their e-Procurement implementation. The survey looked specifically at six key areas of e-Procurement implementation: 1) technology, 2) management, 3) processes, 4) suppliers, 5) budget, and 6) benefits. Each organization's tangible and intangible benefits were assessed to further substantiate the value organizations should be getting from e-Procurement.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
The Impact of Economic Factors and Acquisition Reforms on the Cost of Defense Weapon Systems
Cost overruns in weapon system purchases have plagued the Department of Defense (DoD) throughout its history and have resulted in schedule delays and potentially reduced combat capability. This thesis created an empirical model that begins to explain those cost overruns. The model describes how changes in defense budgets, consolidation of the defense industry, acquisition reform, war, and cost estimating error are related to cost overruns. The cost performance of 186 major weapon system programs managed by the Air Force, Army, and Navy from 1970 to 2002 was described using a panel regression model. This research found that funding instability resulting from changing levels of defense budgets accounted for an increase of over $13.3 billion in weapon system costs since 1970. This research also found that the defense industry consolidation of the 1990's did not result in significant savings to the DoD. Finally, this research found that contrary to past studies, several acquisition reforms are correlated with a decrease in weapon system cost overruns. In particular, reforms resulting from the Nunn-McCurdy Act of 1982, the Packard Commission Recommendations of 1986 and the Federal Acquisition Streamlining Act (FASA) of 1994 resulted in savings of almost $124 billion since 1982.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Comparative Analysis of Leasing Versus Buying General Purpose Vehicles in the Korean Air Force
In an era of decreasing defense budgets in Korea, the Korean Air Force Transportation Department has suffered from an insufficient vehicles procurement budget, resulting in fewer vehicles of increasing age, as well as decreasing military morale. For these reasons, the Korean Air Force Transportation Department needs a breakthrough to retain the transportation ability to support the field of operation in an effective and economic way. However, the Korea Air Force Transportation Department has only one method for procuring general-purpose vehicles, which is purchasing. Thus, the comparative analysis of leasing versus buying vehicle study started from the recognition of this situation in which ROKAF needs an efficient and effective vehicle procurement method. The purpose of this research is not to emphasize the leasing method, but to provide better ideas to make decisions to procure Air Force general-purpose vehicles economically, and effectively. Another consideration in this research is to develop a method for evaluating the cost-benefit of leasing versus buying vehicles, which has been used in buying versus leasing decision. This research analyzed two variables, logistics benefits and costs, and compared these variables for leasing and buying options to discover which one provides the most logistical benefits for the life cycle cost. The results of the analysis concluded that buying offers more benefits at significant cost savings.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Some Empirical Evidence on the Non-Normality of Cost Variances on Defense Contracts
This study tested the hypothesis that defense cost variances reported on the Cost Performance Report are normally distributed. The DOD requires that all defense cost variances which breech a pre-specified threshold be investigated. The present variance investigation model has been criticized because it can prompt frivolous investigations. In theory, statistical models could reduce the number of frivolous investigations, but they are not used because they require too much information about the cost variance, including its distributional form. Often such models assume a normal distribution, but researchers have shown that the models do not work properly if the assumption is fallacious. Two prior studies have investigated the normality of cost variances with mixed results, and neither investigated defense cost variances. Here, fifty series of cost variances from two defense contracts were extracted from Cost Performance Reports and evaluated using four popular tests of normality (Bowman-Shenton, Shapiro-Wilks, Kolmogorov-Smirnov, and Chi-square). The results show that the vast majority of the series of cost variances were not normally distributed. These results were insensitive to the normality test used and to the effects of inflation. The statistical variance investigation models may still be used, but normality should not be assumed.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Can the Current Acquisition Process Meet Operational Needs?
Since the 1950s the acquisition system has been modified and changed many times to clean up the system and prevent fraud, waste, and mismanagement. However, the system had become too big, cumbersome, and unresponsive to meet operational needs. In 1985 the President's Blue Ribbon Commission on Defense Management, the Packard Commission, was established to make recommendations for new reform. In June 1986 the commission published its final report that made sweeping recommendations. Those recommendations were implemented by the National Security Decision Directive 219 in April 1986, the Goldwater-Nichols Department of Defense Reorganization Act in October 1986, and the Defense Management Report in July 1989. Since then, many changes have occurred that have improved operational perspective and jointness in acquisition planning, linked national security objectives to system acquisition, and improved acquisition management. The changes that have taken place so far have not solved all of the problems in the acquisition system, but they have had a major impact in improving system and ensuring that a new weapon system will meet operational needs.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Outsourcing and Privatization
Outsourcing and privatization conversions represent an essential ingredient in shaping the United States Air Force's contribution in meeting the Nation's security needs of the future. Performed properly, outsourcing and privatization will reduce the support 'tail' of the Air Force, at a substantially reduced cost, without negatively impacting the 'teeth.' The reason outsourcing and privatization is so important--money! A conscientious decision to fund operations and maintenance accounts to maintain readiness in light of a very high operations tempo has left some budget areas neglected. Procurement is one of those areas that has suffered especially hard in the most recent years. Our primary weapon systems such as the F-15C and even the F-16, continue to age and are in need of replacement as they near the end of their expected life cycles and as newer technologies make them comparatively less capable. The realities of long-lead time acquisitions necessitate wise procurement investments today to ensure a viable force to meet potential future threats.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
An Eleven Year Retrospective of the Acquisition Review Journal
The purpose of this research was to examine the evolution of the Acquisition Review Journal (ARJ) through its first eleven years of publication. Researchers will assess the Defense Acquisition community through a review of ARJ articles. It considers what areas academics and practitioners have explored and how they have done so. This review documents such characteristics as areas of study, methods of study, and contributors. Trends are identified and conclusions are drawn as to the contribution of the ARJ to the Defense Acquisition community of practice.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Back to the Future
The space acquisition community has suffered through a series of high-visibility setbacks that have cast doubt on the U.S. defense establishment's ability to procure space systems. The USAF has endured through an $8B overrun and 6 year delay with its Space-based Infrared System. The Department of Commerce's National Oceanic and Atmospheric Administration, partnered with the USAF and NASA, has suffered through a $4B overrun and more than a year launch delay with its National Polar-orbiting Operational Environmental Satellite System. Even the traditionally efficient National Reconnaissance Office has experienced a highly publicized multibillion dollar overrun and several year launch delay with its Future Imaging Architecture. This trend of delays and overruns has unfortunately become the norm rather than the exception for U.S. space acquisition. To help reverse the current trend, program managers should study successful programs of the past in search of techniques that may still be relevant today. George Bernard Shaw, the famous Irish playwright, said, "We learn from history that we learn nothing from history.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Development of Air Force Acquisition Officers
One of the top priorities for both the Secretary of the Air Force and the Chief of Staff is 'Recapturing Acquisition Excellence.' The most effective way to reach this goal is through a talented, knowledgeable, and exceptional acquisition workforce. While there are plans to improve the acquisition workforce, we are currently not doing enough to develop our acquisition officers, specifically scientists, engineers, and program managers. The AF must ensure it has the right policies and practices to shape which young officers enter the AF in these career fields. Once the right type of acquisition officers are placed into the right organizations at the right amount, we must ensure we focus on the critical stage of their development: when officers are young lieutenants and captains. Proper development at this junior stage must focus on supervision, training, and career broadening assignments. While early development is critical, we must also continue to develop acquisition officers as they grow into majors, lieutenant colonels, and colonels. These senior acquisition officers must be given the promotion and leadership opportunities to enable them to be leaders both in the acquisition corps, as well as across the AF. Through focused development, the AF will have a capable, motivated, intelligent acquisition officer corps ready to lead the DoD acquisition community and better able to recapture AF acquisition excellence.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
E-Procurement and the U.S. Military
The Department of Defense (DoD) is calling for "transformation" in both how it fights and the acquisition processes that support the war fighters. Meanwhile, companies worldwide are undergoing transformation as they harness the power of Internet-enabled tools. One significant aspect of industry's transformation is electronic or e-procurement. E-procurement consists of multiple electronic facets, including catalogs, bidding, English auctions, reverse auctions, market exchanges, and paperless "end-to-end" systems. To varying degrees, these different aspects of e-procurement allow for simpler and faster ordering, reduced paperwork, easy on-line comparison, fewer human errors, and ultimately, lower costs. The purpose of this paper is to analyze the progress of the U.S. military with e-procurement. A qualitative case study of the IBM Corporation is used as an example for comparison with the military. In addition, numerous interviews were conducted with e-procurement program managers in both the government and private industry. Assessments were also made based on recent articles in the business press. Through process teams, the DoD should continue to thoroughly study procurement processes, particularly the "bottlenecks" in the current systems. However, a major cultural change will be required as highly bureaucratic, paper-filled processes become electronic. As such, the highest leaders within DoD will have to fully embrace e-procurement in order to make the organizational changes and financial investments that are required to capitalize on this new way of transacting business in the twenty-first century.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Contractors on the Battlefield
The role of contractors in warfare has changed dramatically. As the Services have drawn down, more and more of the duties formerly accomplished by military members are being performed by contractors. The military competency has been eliminated or drastically reduced. These duties run the gamut from the traditional base support functions to maintaining and operating fielded weapons systems on or near the battlefield. Yet instead of addressing the new challenges this change brings to Commanders who have come to rely on contractors as part of their warfighting team, DOD has ignored or downplayed them and thus, has blurred the distinction between "soldier and contractor." The reality is, there are significant differences that both parties must understand and accommodate or risk the prospect of failure on the battlefield. In June 1991, the Department of Defense Inspector General reported: "DOD Components cannot ensure that emergency-essential services performed by contractors would continue during crisis or hostile situations. Such loss of contractor support on sensitive military equipment and systems would have a degrading effect on the Armed Forces capability in a protracted war effort."This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Outsourcing the Total Force
After the Cold War ended, Congress pushed for significant reductions in the military force structure and the acquisition workforce. Due to acquisition reform and streamlining initiatives, the cuts in the acquisition workforce were more than that of the military in general. However, the acquisition workload did not decrease. It simply shifted from supply or hardware acquisitions supporting a large military force structure to service acquisitions augmenting a smaller military force structure. The Air Force's reliance on the private sector significantly grew to the point contractors are considered an integral part of the Total Force. Also, the amount spent on services is now more than that spent on hardware. However, there has been no corresponding shift in the way the acquisition workforce is organized or trained. Currently, the acquisition community is better postured for the acquisition of weapon systems than the acquisition and administration of services. With budgets tightening and operational demands growing, the reliance on the private sector will likely continue to increase. DoD and the Air Force have implemented many initiatives which are steps in the right direction, but the overall acquisition organization and training structure remain the same. The Air Force should take additional steps to transform the acquisition workforce to ensure they are better postured for the future. This paper explores many of these points and then provides some practical recommendations for improvement.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Our Money Narrative and the Impacts on Our Financial Wellness - Workbook
What if the story you've been told about money is only half the truth? Our Money Narrative challenges the silence around financial wellness and gives you a practical, empowering space to finally talk about "the thing$ we don't talk about." Whether you're feeling stuck, uncertain, or ready for a change, this workbook will meet you right where you are-and help you move forward. There's no one-size-fits-all advice here. Instead, you'll find space to reflect, set goals, track progress, and take purposeful action toward the financial future you deserve. This is more than a workbook-it's an invitation to take control of your financial story and explore what financial wellness really means to you. Inside, you'll discover: Guided reflection questions to deepen your awareness of how money impacts your choices, mindset, and wellbeingGoal-setting templates for both short- and long-term financial planningSavings trackers to help you stay focused, motivated, and consistentExercises to support healthy money habits and lasting behavior changeTools to apply what you've learned from Our Money Narrative to your everyday life And so much more. Financial wellness isn't about perfection. It's about clarity, confidence, and committing to yourself-even if you don't have all the answers yet. This workbook will help you reflect, reset, and rewrite your money story-one intentional step at a time. Your financial wellness journey starts here: scroll up and click "Add to Cart" now!
Machine Learning in Business Finance Using Python
This book is an introduction to machine learning using Python programming language with applications in finance and business. Coverages include the prediction methods of logistic regression, Na簿ve Bayes, k-Nearest Neighbor, Support Vector Machine, Random Forest, Gradient Boosting, and various types of Neural Networks. Performance measurements and assessments of feature importance are also explained. The book also contains detailed examples of the applications with data. Python codes are explained in a step-by-step manner using Jupyter Notebook so that the readers can practise on their own.
Handbook of Model Risk Management for Vendors
Transform a Model Validation Burden into a Competitive Advantage The Game-Changing Reality: Effective model risk management isn't just about compliance-it's about becoming the vendor banks prefer to work with. When your Model Risk Committee operates with the same rigour as your banking clients', you shift from being questioned to being trusted from being a supplier to being a strategic partner. Your Competitive Edge: Whilst your competitors scramble to answer endless validation questions, you'll be the vendor that banking clients turn to first. Strong governance capabilities create deeper relationships, smoother sales cycles, and natural protection against competitive threats. Beyond Banking - Universal Value: Model risk governance delivers operational excellence that benefits all clients, not just banks. In an era of unprecedented technological change and market volatility, providing genuine assurance about your analytical capabilities creates trust across every sector. Insurance firms, asset managers, corporates, and government agencies all value vendors who can demonstrate systematic oversight of their quantitative methods. The Ultimate Truth: In a market flooded with sophisticated models, the winner is the vendor all clients can trust to manage the risks those models create. Your governance framework becomes a powerful competitive moat that delivers operational reliability when uncertainty is the only constant. Proven Implementation Roadmap: This handbook provides battle-tested templates, practical workflows, and real-world insights from successfully transforming vendor-client relationships. Drawing on decades of experience implementing model governance across global institutions, it delivers a 12-week implementation plan that turns regulatory panic into competitive advantage. You'll get the exact Model Risk Committee terms of reference, documentation templates, and RACI frameworks that have proven successful with major banking clients. Reset All Your Client Relationships: Learn how to proactively demonstrate governance maturity rather than reactively respond to validation demands. You transform from a technology supplier into a trusted analytical partner when you can show clients that you understand model limitations, monitor performance systematically, and manage risks transparently. David K Kelly brings three decades of hard-won experience from the front lines of global investment banking, where he's witnessed firsthand how model failures can devastate institutions and how robust governance frameworks can prevent catastrophe. As a seasoned professional who has held senior leadership positions in both front office and risk departments at global systemically important banks, David understands the unique pressures facing both model developers and validators. David provides invaluable insight into the vendor perspective-the challenges of building sophisticated analytical solutions while satisfying increasingly demanding governance requirements. David has spent his career implementing advanced modelling solutions for capital requirements under evolving regulatory frameworks, making him uniquely qualified to bridge the gap between theoretical compliance and practical implementation. This handbook distils decades of lessons learned from both spectacular failures and quiet successes in model risk management. The result is a practical roadmap that transforms regulatory burden into competitive advantage-because in a world where everyone claims to have the best models, the winner is the vendor clients can trust to manage the risks those models create. Turn your greatest regulatory challenge into your most valuable business asset.
Global Governance of the Transition to Artificial General Intelligence
While today's Artificial Narrow Intelligence (ANI) tools have limited purposes like diagnosing illness or driving a car, if managed well, Artificial General Intelligence (AGI), could usher in great advances in human condition encompassing the fields of medicine, education, longevity, turning around global warming, scientific advancements, and creating a more peaceful world. However, if left unbridled, AGI also has the potential to end human civilization. This book discusses the current status, and provides recommendations for the future, regarding regulations concerning the creation, licensing, use, implementation and governance of AGI. Based on an international assessment of the issues and potential governance approaches for the transition from ANI of today to future forms of AGI by The Millennium Project, a global participatory think tank, the book explores how to manage this global transition. Section 1 shares the views of 55 AGI experts and thought leaders from the US, China, UK, Canada, EU, and Russia, including Elon Musk, Sam Altman and Bill Gates, on 22 critical questions. In Section 2, The Millennium Project futurist team analyzes these views to create a list of potential regulations and global governance systems or models for the safe emergence of AGI, rated and commented on by an international panel of futurists, diplomats, international lawyers, philosophers, scientists and other experts from 47 countries. This book broadens and deepens the current conversations about future AI, educating the public as well as those who make decisions and advise others about potential artificial intelligence regulations.
Reviewing the Latest Trends in Management Literature
Literature reviews play a crucial role in advancing scholarly understanding by organizing, synthesizing, and critiquing the vast body of existing knowledge. They provide researchers and practitioners with comprehensive insights into current developments, highlight gaps in the research, and suggest pathways for future exploration. As the landscape of business and management continues to evolve rapidly, literature reviews become invaluable in helping to navigate these changes by offering a clear view of where the field stands and where it is heading. Both Volume 4A and B of Review of Management Literature focus on reviewing the latest trends in management literature, offering an in-depth exploration of contemporary topics shaping management thought and practice, particularly in three core areas: human resource management, sustainability, and technology. The contributions included in the volume serve as a valuable reference, advancing both theory and practice in management.
A Taxing Journey
This open access book examines how civic organizations can influence tax policy and administration in ways that benefit ordinary citizens, through in-depth case studies from a wide range of countries including France, Guatemala, Kenya, Mexico, Philippines, Uganda, and the United States. These cases demonstrate the ways in which civic coalitions have crafted convincing narratives and used creative strategies to change the political incentives of policymakers and yield more equitable tax reform. The cases cover a wide range of types of tax reform, from taxes on specific items like fuel, tobacco and mobile money applications, to personal and corporate income taxes. They also highlight the use of a variety of approaches by civic actors-such as media campaigns, advocacy with legislators, and strategic litigation-to influence policy. These examples, covering a range of lower and higher income countries, across many aspects of tax systems, give us useful examples to build on, demonstrating that citizens everywhere can influence tax policy and ultimately secure fairer societies. The ebook editions of this book are available open access under a CC BY 4.0 licence on www.bloomsburycollections.com.
Empirical Asset Pricing
An introduction to the theory and methods of empirical asset pricing, integrating classical foundations with recent developments. This book offers a comprehensive advanced introduction to asset pricing, the study of models for the prices and returns of various securities. The focus is empirical, emphasizing how the models relate to the data. The book offers a uniquely integrated treatment, combining classical foundations with more recent developments in the literature and relating some of the material to applications in investment management. It covers the theory of empirical asset pricing, the main empirical methods, and a range of applied topics. The book introduces the theory of empirical asset pricing through three main paradigms: mean variance analysis, stochastic discount factors, and beta pricing models. It describes empirical methods, beginning with the generalized method of moments (GMM) and viewing other methods as special cases of GMM; offers a comprehensive review of fund performance evaluation; and presents selected applied topics, including a substantial chapter on predictability in asset markets that covers predicting the level of returns, volatility and higher moments, and predicting cross-sectional differences in returns. Other chapters cover production-based asset pricing, long-run risk models, the Campbell-Shiller approximation, the debate on covariance versus characteristics, and the relation of volatility to the cross-section of stock returns. An extensive reference section captures the current state of the field. The book is intended for use by graduate students in finance and economics; it can also serve as a reference for professionals.
Reviewing the Latest Trends in Management Literature
Literature reviews play a crucial role in advancing scholarly understanding by organizing, synthesizing, and critiquing the vast body of existing knowledge. They provide researchers and practitioners with comprehensive insights into current developments, highlight gaps in the research, and suggest pathways for future exploration. As the landscape of business and management continues to evolve rapidly, literature reviews become invaluable in helping to navigate these changes by offering a clear view of where the field stands and where it is heading. Both Volume 4A and B of Review of Management Literature focus on reviewing the latest trends in management literature, offering an in-depth exploration of contemporary topics shaping management thought and practice, particularly in three core areas: human resource management, sustainability, and technology. The contributions included in the volume serve as a valuable reference, advancing both theory and practice in management.
Statistics on Banking, 1934-1996
The Federal Reserve Archival System for Economic Research (FRASER) started in 2004 as a data preservation and accessibility project of the Federal Reserve Bank of St. Louis. FRASER's mission is to safeguard and provide easy access to the nation's economic history-particularly the history of the Federal Reserve System-through digitization of documents related to the U.S. financial system. FRASER preserves and provides access to economic and banking data and policy documents. To this end, various types of documents have been digitized, including: publications of the Board of Governors of the Federal Reserve System, publications of District Federal Reserve Banks, states and speeches of Federal Reserve policymakers, archival materials of Federal Reserve policymakers, government data publications, statistical releases, books and Congressional hearings.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Federal Reserve System
The Federal Reserve Archival System for Economic Research (FRASER) started in 2004 as a data preservation and accessibility project of the Federal Reserve Bank of St. Louis. FRASER's mission is to safeguard and provide easy access to the nation's economic history-particularly the history of the Federal Reserve System-through digitization of documents related to the U.S. financial system. FRASER preserves and provides access to economic and banking data and policy documents. To this end, various types of documents have been digitized, including: publications of the Board of Governors of the Federal Reserve System, publications of District Federal Reserve Banks, states and speeches of Federal Reserve policymakers, archival materials of Federal Reserve policymakers, government data publications, statistical releases, books and Congressional hearings.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Our Practical Method for Raising Capital
"Our Practical Method for Raising Capital," penned by Leslie Barron. Davis, offers a glimpse into the financial strategies of the early 20th century. This book provides a straightforward approach to securing funding for business ventures, reflecting the entrepreneurial spirit of its time. While the financial landscape has evolved considerably, the core principles of attracting investment and managing capital remain timeless. This work provides valuable insights into the historical context of business finance and the ingenuity of early entrepreneurs.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Federal Reserve System
The Federal Reserve Archival System for Economic Research (FRASER) started in 2004 as a data preservation and accessibility project of the Federal Reserve Bank of St. Louis. FRASER's mission is to safeguard and provide easy access to the nation's economic history-particularly the history of the Federal Reserve System-through digitization of documents related to the U.S. financial system. FRASER preserves and provides access to economic and banking data and policy documents. To this end, various types of documents have been digitized, including: publications of the Board of Governors of the Federal Reserve System, publications of District Federal Reserve Banks, states and speeches of Federal Reserve policymakers, archival materials of Federal Reserve policymakers, government data publications, statistical releases, books and Congressional hearings.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
McCord's Complete Calculator for Interest at Six per Cent
"McCord's Complete Calculator for Interest at Six per Cent" is a meticulously compiled reference designed to simplify interest calculations. Originally published in 1903, this book offers comprehensive tables that enable users to easily determine interest rates beyond the standard six percent. Featuring detailed methodologies and clear layouts, it serves as an invaluable tool for financial professionals, historians, and anyone interested in the mathematical intricacies of finance during the early 20th century. This book provides a practical and accessible guide to understanding and calculating interest, reflecting the financial practices of its time.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
History of Crises Under the National Banking System
The Federal Reserve Archival System for Economic Research (FRASER) started in 2004 as a data preservation and accessibility project of the Federal Reserve Bank of St. Louis. FRASER's mission is to safeguard and provide easy access to the nation's economic history-particularly the history of the Federal Reserve System-through digitization of documents related to the U.S. financial system. FRASER preserves and provides access to economic and banking data and policy documents. To this end, various types of documents have been digitized, including: publications of the Board of Governors of the Federal Reserve System, publications of District Federal Reserve Banks, states and speeches of Federal Reserve policymakers, archival materials of Federal Reserve policymakers, government data publications, statistical releases, books and Congressional hearings.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Lending Functions of the Federal Reserve Banks
The Federal Reserve Archival System for Economic Research (FRASER) started in 2004 as a data preservation and accessibility project of the Federal Reserve Bank of St. Louis. FRASER's mission is to safeguard and provide easy access to the nation's economic history-particularly the history of the Federal Reserve System-through digitization of documents related to the U.S. financial system. FRASER preserves and provides access to economic and banking data and policy documents. To this end, various types of documents have been digitized, including: publications of the Board of Governors of the Federal Reserve System, publications of District Federal Reserve Banks, states and speeches of Federal Reserve policymakers, archival materials of Federal Reserve policymakers, government data publications, statistical releases, books and Congressional hearings.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
International Finance Discussion Papers
In the wake of the ERM and Mexican currency crises, the subject of balance-of-payments crises has come to the forefront of academic and policy discussions. This paper focuses on the potential links between banking and balance-of-payments crises. We examine these episodes for a large number of countries and find that knowing that there are banking problems helps in predicting balance-of-payments crises, but the converse is not true; financial liberalization usually predates banking crises, indeed, it helps predict them. Rather than a causal relationship from banking to balance-of-payments crises, the macroeconomic "stylized facts" that characterize these episodes point to common causes.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Finance and Economics Discussion Series
A key variable for the conduct of monetary policy is the natural rate of interest -- the real interest rate consistent with output equaling potential and stable inflation. Economic theory implies that the natural rate of interest varies over time and depends on the trend growth rate of output. In this paper we apply the Kalman filter to jointly estimate the natural rate of interest, potential output, and the trend growth rate, and examine the empirical relationship between these estimated unobserved series. We find substantial variation in the natural rate of interest over the past four decades in the United States. Our natural rate estimates vary about one-for-one with changes in the trend growth rate. We show that policymakers' mismeasurement of the natural rate of interest can cause a significant deterioration in macroeconomic stabilization.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Finance and Economics Discussion Series
We estimate the cross-sectional relationship between open market repurchases and accounting data for a large sample of dividend- paying and non-dividend paying firms over a twelve year period (1984-95). Consistent with the hypothesis that firms use open market repurchases to reduce the agency costs of free cash flow, we find that repurchases are positively related to proxies for free cash flow and negatively related to proxies for marginal financing costs. We also examine the extent to which management stock options influence the choice between open market repurchases and dividend payments. Because the value of management stock options--like any call option--is negatively related to expected future dividend payments, management can increase the value of its stock options by substituting share repurchases for dividend growth. We find evidence that such substitution occurs: for dividend-paying firms, share repurchases are positively related and dividend increases are negatively related to a proxy for management stock options, whereas for non-dividend-paying firms, the relationship between repurchases and options is weak and statistically insignificant.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Finance and Economics Discussion Series
We model the effects on banks of the introduction of a market for credit derivatives--in particular, credit default swaps. A bank can use such swaps to temporarily transfer credit risks of their loans to others, reducing the likelihood that defaulting loans would trigger the bank's financial distress. Because credit derivatives are more flexible at transferring risks than are other, more established tools, such as loan sales without recourse, these instruments make it easier for banks to circumvent the ``lemons'' problem caused by banks' superior information about the credit quality of their loans. However, we find that the introduction of a credit derivatives market is not necessarily desirable because it can cause other markets for loan risk-sharing to break down. In this case, the existence of a credit derivatives market will lead to a greater risk of bank insolvency.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Addressing the United States Debt and Deficit
This AY-10 student research paper discusses the strategic significance of dealing effectively with the American debt and deficit, by first describing the background of our current government approach to the economy, then examining the current projections for United States' spending from 2009 through 2019 and examining what the future might bring given anticipated American demographic changes. The author describes the economic labyrinth in detail and examines alternatives to address the challenges to America of the national deficit and debt. He concludes that while a number of alternatives are available today to address the problem of deficit financing and the associated debt and thereby strengthen the economy of the United States, three examples that are predicated on the synergistic benefits associated with small reforms provide the best chances for long-term success.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Fundamental Reappraisal of the Discount Mechanism
The Federal Reserve Archival System for Economic Research (FRASER) started in 2004 as a data preservation and accessibility project of the Federal Reserve Bank of St. Louis. FRASER's mission is to safeguard and provide easy access to the nation's economic history-particularly the history of the Federal Reserve System-through digitization of documents related to the U.S. financial system. FRASER preserves and provides access to economic and banking data and policy documents. To this end, various types of documents have been digitized, including: publications of the Board of Governors of the Federal Reserve System, publications of District Federal Reserve Banks, states and speeches of Federal Reserve policymakers, archival materials of Federal Reserve policymakers, government data publications, statistical releases, books and Congressional hearings.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Finance and Economics Discussion Series
The purpose of this study is to determine whether, from a public policy standpoint, divestitures constitute an effective antitrust remedy in bank merger cases. A number of findings emerge from the study: Divested branches have a remarkable survival record; structural changes effected by divestitures tend to persist over time; larger buyers of divested branches tended to be more successful than smaller buyers; divestiture of the target institutions' branches rather than those of applicants proved preferable from an antitrust standpoint; and divested branches selected by the Department of Justice do not perform better than others. The findings suggest that divestitures of bank offices have generally provided an effective public policy remedy.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Finance and Economics Discussion Series
This paper employs extensive information on bank deposit rates and county migration patterns to test for pricing relationships implied by the existence of switching costs. While these relationships are derived formally, the intuition for them can be readily stated. Because some areas experience more in-migration than others, banks, in addressing the trade-off between attracting new customers and exploiting old ones, offer higher deposit rates in areas (and at times) experiencing more in-migration. Further, because out-migration implies that on average a locked-in customer will not be with the bank as many periods, greater out-migration should change the bank's assessment of this trade-off such that the bank will offer lower deposit rates in areas (and during periods) exhibiting greater out-migration, all else equal. Also, because this effect of out-migration logically depends on the existence and extent of in-migration, an interaction effect is implied. Evidence strongly supporting these implied relationships is reported. Other tests of the implications of switching costs in the banking industry are also conducted.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Finance and Economics Discussion Series
American women tend to be less financially literate than men, which is consistent with a household division of labor in which men manage finances. However, women also tend to outlive their husbands, so they will eventually need to take over this task. Using a new survey of older couples, I find that women acquire financial literacy as they approach widowhood. At an estimated increase of 0.04 standard deviations per year approaching widowhood, 80 percent of women in the sample would catch up with their husbands prior to the expected onset of widowhood. These findings reflect actual increases by women and are not merely an artifact of cognitive decline among older men. The results are consistent with a model in which the household division of labor breaks down when a spouse dies: women have incentives both to delay acquiring financial knowledge and also to begin learning before widowhood. This paper represents the first empirical examination of the financial literacy of both members of couples and provides a life-cycle interpretation of the gender gap in financial literacy.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Finance and Economics Discussion Series
We examine the efficiency effects of the integration of the financial services industry and suggest directions for future research. We also propose a relatively broad working definition of integration and employ U.S. and European data on financial service industry M&As to illustrate several types of integration. The analysis suggests that there is a large potential for efficiency gains from integration, but only a relatively small part of this potential may be realized. Integration appears to bring about larger revenue efficiency gains than cost efficiency gains, and most of the gains appear to be linked to benefits from risk diversification.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Finance and Economics Discussion Series
This paper reviews a variety of backtests that examine the adequacy of Value-at-Risk (VaR) measures. These backtesting procedures are reviewed from both a statistical and risk management perspective. The properties of unconditional coverage and independence are defined and their relation to backtesting procedures is discussed. Backtests are then classified by whether they examine the unconditional coverage property, independence property, or both properties of a VaR measure. Backtests that examine the accuracy of a VaR model at several quantiles, rather than a single quantile, are also outlined and discussed. The statistical power properties of these tests are examined in a simulation experiment. Finally, backtests that are specified in terms of a pre-specified loss function are reviewed and their use in VaR validation is discussed.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Finance and Economics Discussion Series
I test whether corporate governance is ineffective in emerging markets by estimating the link between CEO turnover and firm performance for over 1,200 firms in eight emerging markets. I find two main results. First, CEOs of emerging market firms are more likely to lose their jobs when their firm's performance is poor, suggesting that corporate governance is not ineffective in emerging markets. Second, for the subset of firms with a large domestic shareholder, there is no link between CEO turnover and firm performance. For this subset of emerging market firms, corporate governance appears to be ineffective.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Finance and Economics Discussion Series
We estimate the effects of share repurchases and employee stock option exercises on net share retirements for large S&P 500 companies. We find that, over the past five years, gross repurchases have reduced shares outstanding 2 percent annually; but, owing to the exercise of employee stock options, only about half of those shares were actually retired. Given the recent pace of employee stock option grants, and assuming that equities continue to be priced at about 30 times earnings, our analysis suggests that the pace of net share retirements will fall well below the pace of the last few years, unless corporations use nearly all their earnings to fund shareholder payouts. Moreover, over the long haul, assuming corporations need to retain 40 to 50 percent of their earnings to invest and grow at historical rates, the long-run average pace of net share retirements is likely to fall to 1/2 percent or less.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Fundamental Reappraisal of the Discount Mechanism
The Federal Reserve Archival System for Economic Research (FRASER) started in 2004 as a data preservation and accessibility project of the Federal Reserve Bank of St. Louis. FRASER's mission is to safeguard and provide easy access to the nation's economic history-particularly the history of the Federal Reserve System-through digitization of documents related to the U.S. financial system. FRASER preserves and provides access to economic and banking data and policy documents. To this end, various types of documents have been digitized, including: publications of the Board of Governors of the Federal Reserve System, publications of District Federal Reserve Banks, states and speeches of Federal Reserve policymakers, archival materials of Federal Reserve policymakers, government data publications, statistical releases, books and Congressional hearings.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Finance and Economics Discussion Series
This paper presents evidence that consumers underreact to taxes that are not salient and characterizes the welfare consequences of tax policies when agents make such optimization errors. The empirical evidence is based on two complementary strategies. First, we conducted an experiment at a grocery store posting tax inclusive prices for 750 products subject to sales tax for a three week period. Scanner data show that this intervention reduced demand for the treated products by 8 percent. Second, we find that state-level increases in excise taxes (which are included in posted prices) reduce alcohol consumption significantly more than increases in sales taxes (which are added at the register and are hence less salient). We develop simple, empirically implementable formulas for the incidence and efficiency costs of taxation that account for salience effects as well as other optimization errors. Contrary to conventional wisdom, the formulas imply that the economic incidence of a tax depends on its statutory incidence and that a tax can create deadweight loss even if it induces no change in demand. Our method of welfare analysis yields robust results because it does not require specification of a positive theory for why agents fail to optimize with respect to tax policies.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Logistic and Multiple Regression
This study seeks to predict cost growth in major DoD acquisition programs using logistic and multiple regression. Specifically, this research uses logistic regression to determine whether or not cost growth will occur in a program and if so, then uses multiple regression to determine to what extent that cost growth will occur. We compile data from all defense departments using the Selected Acquisition Reports presented between 1990 and 2002. We combine the efforts of previous research and focus our study on cost growth in research and development dollars for the Engineering Manufacturing Development phase of acquisition. For the logistic regression portion of our research, we produce a seven-variable model that accurately predicts 72 percent of our randomly selected validation data. For multiple regression, we produce a six-variable model that accurately predicts the amount of cost growth incurred for 91 percent of those programs that do incur cost growth. We conclude that the two-step regression methodology offers a significant advantage over traditional methods by removing those data points that do not incur cost growth. We further conclude that there is no significant advantage gained by either isolating each cost variance category individually or by combining these categories.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Finance and Economics Discussion Series
We examine the economics of financing small business in private equity and debt markets. Firms are viewed through a financial growth cycle paradigm in which different capital structures are optimal at different points in the cycle. We show the sources of small business finance, and how capital structure varies with firm size and age. The interconnectedness of small firm finance is discussed along with the impact of the macroeconomic environment. We also analyze a number of research and policy issues, review the literature, and suggest topics for future research.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
U.S. Monetary Policy and Financial Markets
The Federal Reserve Archival System for Economic Research (FRASER) started in 2004 as a data preservation and accessibility project of the Federal Reserve Bank of St. Louis. FRASER's mission is to safeguard and provide easy access to the nation's economic history-particularly the history of the Federal Reserve System-through digitization of documents related to the U.S. financial system. FRASER preserves and provides access to economic and banking data and policy documents. To this end, various types of documents have been digitized, including: publications of the Board of Governors of the Federal Reserve System, publications of District Federal Reserve Banks, states and speeches of Federal Reserve policymakers, archival materials of Federal Reserve policymakers, government data publications, statistical releases, books and Congressional hearings.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
The Sugar Bounty. Claim of the Oxnard Beet Sugar Company, of Nebraska for Payment Thereof
This historical document, "The Sugar Bounty. Claim of the Oxnard Beet Sugar Company, of Nebraska for Payment Thereof," presents a detailed account of the Oxnard Beet Sugar Company's claim for a sugar bounty in the late 19th century. Authored by Charles Frederick Manderson and the United States Comptroller of the Treasury, the work sheds light on the economic policies and business practices of the time. The document provides valuable insight into the sugar industry, governmental regulations, and financial transactions of the era, offering a window into the economic landscape of the United States during a period of significant industrial growth. Scholars and researchers interested in economic history, the sugar industry, and government-business relations will find this a particularly illuminating resource.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
