are conditional on market volatility. Under certain assumptions, it is possible to adjust for this bias. Using this adjustment, there was virtually no increase in unconditional correlation coefficients (i.e., no contagion) during the 1997 Asian crisis, 1994 Mexican devaluation, and 1987 U.S. market crash

.e., their capital and the margins they are charged, depend on the assets' market liquidity. We show that under certain conditions margins are destabilizing and market liquidity and funding liquidity are mutually reinforcing, leading to liquidity spirals. The model explains the empirically documented features

settings. a re conducive to the development of high levels of social capital. and (3) it is because of their more dense social capital that firms. within certain limits. have a n advantage over markets in creating and sharing intellectual capital. We present a model that incorporates this overall argument

I begin this essay by reflecting on my early paper (Nelson, 1859), and Ken’s (Arrow, 1962), as period pieces. These papers certainly have been influential in shaping the discussion of science and technology policy over the last forty years, at least among economists, but at the time they were

Accrue Software, Inc. Clustering is a division of data into groups of similar objects. Representing the data by fewer clusters necessarily loses certain fine details, but achieves simplification. It models data by its clusters. Data modeling puts clustering in a historical perspective rooted

Market price systems constitute a well-understood class of mechanisms that under certain conditions provide effective decentralization of decision making with minimal communication overhead. In a market-oriented programming approach to distributed problem solving, we derive the activities

There have been many claims that the Internet represents a new nearly “frictionless market. ” Our research empirically analyzes the characteristics of the Internet as a channel for two categories of homogeneous products—books and CDs. Using a data set of over 8,500 price observations collected over

Savings and loan associations and savings banks are permitted to invest in certain open-end mutual funds to meet their liquidity requirements. Those mutual funds invest only in obligations of or obligations guaranteed by the U.S. government or its agencies with maturities of five years or less

A bank holding company is holding an investment in perpetual preferred stocks for which the market value is less than the original cost. The company has historically accounted for the investment as long-term marketable securities under Statement 12 and deducted a valuation allowance from equity

Influence maximization, defined by Kempe, Kleinberg, and Tardos (2003), is the problem of finding a small set of seed nodes in a social network that maximizes the spread of influence under certain influence cascade models. The scalability of influence maximization is a key factor for enabling