Gates, Fees, and Preemptive Runs

Redemption Fees and Information-Based Runs∗

We study how the imposition of a redemption fee affects runs on financial institutions when investors are asymmetrically informed about fundamentals. Although the fee eliminates the first-mover advantage by internalizing the payoff externality and, therefore, discourages runs by informed investors, it also alters the information externality by influencing uninformed investors’ learning and may,...

Economic Crisis and Audit Fees

Economic crisis generally increases firms’ bankruptcy and consequently audit risk. Hence, auditors are more likely to respond to this increased risk through increasing audit fees. However, in the lack of adequate empirical and theoretical evidence, the role of this macro-economic variable, economic crisis, is not clearly demonstrated on audit fees. Therefore, this study investigates the role of...

No user fees, but perhaps user fees.

When Short Runs Beat Long Runs

What will yield the best results: doing one run n generations long or doing m runs n/m generations long each? This paper presents a techniqueindependent analysis which answers this question, and has direct applicability to scheduling and restart theory in evolutionary computation and other stochastic methods. The paper then applies this technique to three problem domains in genetic programming....

Making the DDA Run: Two-Dimensional Ray Traversal Using Runs and Runs of Runs

Iterative algorithms based on runs and runs of runs are presented to calculate the cells of the two–dimensional lattice intersected by a line of real slope and intercept. The technique is applied to the problem of traversing a ray through a two–dimensional grid. Using runs or runs of runs provides a significant improvement in the efficiency of ray traversal for all but very short path lengths w...