The new study has been prompted by indications from researchers at Australia's Casey Station which suggest the subglacial basins could make the East Antarctic ice sheet more vulnerable in a warming world. Satellite data suggest that the Totten Glacier, which dominates the ice of the Aurora subglacial basin, appears to be losing ice at its downstream edge. " We are getting more science done with...

This study examines employee stock options in private entrepreneurial companies. I focus on private U.S. venture-backed firms because they are renowned for the intensity and organizational depth of their stock option grants. Contrary to simple stereotype, however, I show that 27% of U.S. venture-backed firms do not grant stock options to all employees. I seek to explain this by theorizing that ...

In this paper we examine the premarket underpricing phenomenon within a group of venture-backed and a group of non venture-backed initial public offerings (IPOs) using a stochastic frontier approach. Consistent with previous research, we find that venture-backed IPOs are managed by more reputable underwriters and are generally associated with less underwriter compensation. However, unlike other...

It is now one of the most important tasks in the area of monetary policy research to empirically evaluate the effectiveness of the monetary policy operations adopted by the central banks facing the zero lower bound. In this paper, Gagnon et al. (2011) empirically investigate the impacts of the Federal Reserve’s program called large-scale asset purchases (LSAPs). They conduct two types of empiri...

I compare the Bush-Paulson plan of intervention in secondary markets for mortgage-backed securities (MBS) with an alternative based on insuring mortgages directly. Fully insuring mortgages achieves the same bottom-line effect as buying all outstanding MBS but instantaneously with no upfront costs. A plan based on partial insurance can match most effects of a partial Paulson-style intervention. ...

A recent trend in the German Asset Backed Securities (ABS) market is the securitisation of subordinated loans and profit participation agreements (PPAs) granted to medium-sized enterprises (MEs). This paper provides an overview of this growing market and analyses the benefits of such transactions for the portfolio companies as well as originators and potential investors. Simulations of ten rece...

In recent years, one area of growing concern in corporate governance is the accounting and transfer of risk using special purpose entities (or trusts). Such entities are used widely in issuing asset-backed securities. This paper provides an overview of the asset-backed securities market, and discusses the common structures used in this market to transform the risks associated with the underlyin...