The study of bureaucracy must include certain key questions: what are bureaucrats and bureaucracies; why do they exist and what are their functions; how do they behave; how much power do they possess; what is their impact on efficiency and production; and how do they affect society? This book...

This paper draws on literatures on vouchers and discrimination, and derives an optimal voucher scheme as a supplement to standard anti-discrimination policies, including affirmative action. Surveying current policy methods, it compares efficiency and distributional effects of vouchers to those...

In this paper we extend the standard shock spillover model of Bekaert and Harvey (1997), Baele (2003) and Ng (2000) to account for asymmetries of return and volatility spillover effects from the US equity market into Canada and Mexico. Unlike previous research, we model the conditional...

In this paper we examine the issue of asymmetry in the return and volatility spillover effects from the US equity market into the Canadian and Mexican equity markets. We model the conditional volatility of the returns in each of the three markets using the asymmetric power model of Ding, Granger...

The purpose of this paper is to investigate the stochastic behavior of corporate debt ratios utilizing a balanced panel of 2,556 publicly traded US firms during the period 1997 - 2010. We partition the panel into ten economic sectors and perform panel unit root tests on each sector employing...