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Summary of business news and analysis http://www.marketobservation.com/blogs/index.php?blog=1&tempskin=_atom b2evolution 2014-04-21T08:04:50Z
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Charlie Rose interviews google's Larry Page - where is google going next? editor of MarketObservation.com http://www.marketobservation.com/blogs/index.php/2014/03/27/charlie-rose-interviews-google-s-larry-page-where-is-google-going-next?blog=3 2014-03-27T06:57:50Z 2014-03-27T06:57:50Z Highly interesting stuff!

March 2014


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Gary Becker on the Embargo of Cuba: "Time to Go" .. do not continue to provide excuses to Cuba's leaders for the poor economic performance editor of MarketObservation.com http://www.marketobservation.com/blogs/index.php/2014/03/15/gary-becker-on-the-embargo-of-cuba-time-to-go-do-not-continue-to-provide-excuses-to-cuba-s-leaders-for-the-poor-economic-performance?blog=10 2014-03-15T10:03:07Z 2014-03-15T10:03:55Z Becker Posner Blog: The Embargo of Cuba: Time to Go- Becker

..."Free trade is a principle that the United States should follow except in extraordinary circumstances. Cuba under Fidel, especially in his early days, may have provided enough of these circumstances to justify the embargo. Since Cuba no longer provides any significant threat to American interests, there is no sense in continuing to punish the Cuban people with an embargo on trade, nor to provide excuses to its leaders for the poor performance of the Cuban economy"... read more on the Becker Posner Blog

Keywords: Cuban Embargo, Free Trade

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Are student exchange programs worth it? editor of MarketObservation.com http://www.marketobservation.com/blogs/index.php/2014/03/09/are-student-exchange-programs-worth-it?blog=10 2014-03-09T07:25:20Z 2014-03-09T07:25:20Z Messer, Dolores Wolter, Stefan C., Are student exchange programs worth it? IZA Discussion Papers 1656, 2005

Abstract:

"The number of university students participating in exchange programs has risen sharply over the last decade, but a survey of Swiss university graduates (class of 1999 and 2001) shows that participation in student exchange programs significantly prolongs the period of time spent studying at university. Given this fact, the advantages of exchange programs for students need to be identified. Analyses show that student exchange programs are associated with higher starting salaries and an increased likelihood of opting for postgraduate study - but only if all exchange semesters are factored in, not just those accredited by the university of matriculation. Using instrumental variable estimations (IV), however, shows that the cited outcomes are not causally related to participation in exchange programs. Therefore the big question is: Where's the benefit that justifies having to study for almost a whole year longer?" IZA Discussion Papers 1656, 2005

Keywords: Student Exchange Program, Erasmus

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Ukranian UC Berkeley Prof. Yuriy Gorodnichenko on the situation in the Ukraine and its impact for Europe editor of MarketObservation.com http://www.marketobservation.com/blogs/index.php/2014/02/24/ukranian-uc-berkeley-prof-yuriy-gorodnichenko-on-the-situation-in-the-ukraine-and-its-impact-for-europe?blog=10 2014-02-24T09:20:39Z 2014-02-24T09:42:07Z useful slides for a presentation given by Yuriy Gorodnichenko:

UKRAINE: A BATTLE FOR THE FUTURE OF EUROPE?, Yuriy Gorodnichenko, UC Berkeley

Q&A with Yuriy Gorodnichenko

Keywords: Ukraine, Europe

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Goldman Sachs indicator: recent growth deceleration now looks more serious than in previous months editor of MarketObservation.com http://www.marketobservation.com/blogs/index.php/2014/02/05/goldman-sachs-indicator?blog=10 2014-02-05T05:07:13Z 2014-02-05T09:48:33Z

Keywords: Global Economy, Recovery

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Private Equity: Economic Comovement and Fair Value Reporting editor of MarketObservation.com http://www.marketobservation.com/blogs/index.php/2014/02/03/private-equity-economic-comovement-and-fair-value-reporting?blog=7 2014-02-03T14:41:06Z 2014-02-03T14:41:06Z Welch, Kyle T., Private Equity's Diversification Illusion: Economic Comovement and Fair Value Reporting (January 14, 2014). Available at SSRN: http://ssrn.com/abstract=2379170 or http://dx.doi.org/10.2139/ssrn.2379170

Abstract:

"This study examines how accounting has informed private equity diversification claims and demand for private equity investments. Despite research showing private equity lacks portfolio diversification benefits, those marketing private equity assets continue to emphasize its diversification value, and demand for private equity investments has surged. Exploiting the change in international accounting, I show that returns provided by private equity firms understate the economic comovement between private equity and market returns, creating a diversification illusion. I find that private equity funds that adopted redefined fair value accounting reported returns with increased market beta and correlations. Additionally, I find that abnormal returns to private equity firms disappear after adopting fair value standards. In contrast to findings from public market research showing improved disclosure reduces the cost of capital, private equity firms that implement fair value standards encounter increased costs in accessing capital. This result is consistent with fair value reporting informing diversification benefits, improving resource allocation and mitigating agency concerns."

Keywords: Private Equity; IAS 39; FAS No. 157; Covariance Risk

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Hans Rosling: Religions and babies editor of MarketObservation.com http://www.marketobservation.com/blogs/index.php/2014/02/02/hans-rosling-religions-and-babies?blog=15 2014-02-02T10:19:56Z 2014-02-02T10:19:56Z The number of children per woman is more a question of wealth development than religion.

Keywords: Population, Population Growth,Religion


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New German study shows: minimum wage would wipe out any positive direct effects on net incomes of households editor of MarketObservation.com http://www.marketobservation.com/blogs/index.php/2014/01/31/new-german-study-shows-minimum-wage-would-wipe-out-any-positive-direct-effects-on-net-incomes-of-households?blog=10 2014-01-31T07:47:35Z 2014-01-31T07:47:35Z Mueller, Kai-Uwe and Steiner, Viktor, Distributional Effects of a Minimum Wage in a Welfare State – The Case of Germany (December 19, 2013). SOEPpaper No. 617. Available at SSRN: http://ssrn.com/abstract=2385893 or http://dx.doi.org/10.2139/ssrn.2385893

Abstract:

"A popular argument for a federal minimum wage is that it will prevent in-work poverty and reduce income inequality. We examine this assertion for Germany, a welfare state with a relative generous means-tested social minimum and high marginal tax rates. Our analysis is based on a microsimulation model that accounts for the interactions between wages, the tax-benefit system and net incomes at the household level as well as employment and price effects on the distribution of incomes induced by the introduction of a minimum wage. We show that the impact of even a relatively high federal minimum wage on disposable incomes is small because low wage earners are scattered over the whole income distribution and wage increases would to a large extent be offset by reductions in means-tested welfare transfers and high marginal tax rates. Taking into account negative employment effects and increases in consumer prices induced by the minimum wage would wipe out any positive direct effects on net incomes of households affected by the minimum wage."

Keywords: Minimum Wage, Employment Effects, Income Distribution,

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