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The Commercial Paper Funding Facility (CPFF) bought commercial paper from highly rated issuers of U.S. dollar commercial paper during the financial crisis of 2008 to 2009. This is the only study to analyze the accounting characteristics of both financial and non-financial firms participating and not participating in this $738 billion Federal Reserve program. In logistic regressions, CPFF participants and non-participants differed little in solvency or liquidity ratios. Thus, there is little evidence of adverse selection by financial firms. Nevertheless, CPFF participants were significantly more likely to receive capital injections from the TARP bailout, to pose greater systemic risks and be based in North America. JEL Classification: G01, G18, G2, G28 Keywords: ABCP, Asset Backed Commercial Paper, Bailout, Banks, Capital Purchase Program (CPP), Commercial Paper, Commercial Paper Funding Facility (CPFF), Emergency Lending, Federal Reserve, Multinational Firms, Section 13(3), Troubled Asset Relief Program (TARP), U.S. Treasury, Unsecured Commercial Paper, Unusual and Exigent Circumstances, I. Introduction The Federal Reserve, through its Commercial Paper Funding Facility (CPFF), made aggregate purchases of commercial paper of $738.3 billion between October 27, 2008, and February 1, 2010. This [...]

This ISCEF special issue of The Energy Journal presents new results in the area of energy economics to provide new insights on commodity markets, which will be helpful for investors, policymakers and analysts. In particular, this issue focuses on studies that use recent modeling techniques and empirical design. It introduces seven studies, presented at the fifth International Symposium in Computational Economics and Finance organized in Paris on April 12-14th, 2018 (www.iscef.com). These studies focus on the investigation of the dynamics of commodity markets, discuss the consequences of uncertainty on energy prices and their effects on the real economy and financial markets, and use high frequency data and recent econometric methods to empirically investigate the interactions between commodity markets and financial markets. Keywords: Oil market, Commodities, Uncertainty, 1. INTRODUCTION Over the last decade, commodity markets have experienced high volatility and have shown important changes. For example, the WTI oil price per barrel was about US$58 in 01/2007, [...]

In this article, I explore conceptual connections between spirituality and business, and I advocate for the concept of business spirituality. I explain why the spiritual triad of love, communion, and gift is deeply related to the business triad of abundance, interaction, and resources. I also make clear why individual and collective intentions and cultural values are the main channels of interaction between business and spirituality. In the second part of the article, I argue that business evolves through spiritualization, among other ways: a) receiving meaning and purpose to business organizations; b) supporting its dematerialization; c) helping it overcome the dualism of the market; d) promoting cohesion; e) stimulating innovation; f) endorsing nonprofit institutions; g) inspiring Social Corporate Responsibility; h) encouraging spiritual leadership; i) illuminating the workplace; j) fostering respect for ethics; and k) helping it understand diversity. [ABSTRACT FROM AUTHOR]

For the first time since 1913, and as part of the 2017 tax reform, Congress adopted a tax regime that exempts from U.S. taxation dividends from foreign subsidiaries. By doing so, Congress abandoned the general principle that U.S. residents should be subject to tax on all income 'from whatever source derived.' This shift marks a good opportunity for considering the reasons the United States taxed such dividends in the first place. In 1962, Congress enacted 'Subpart-F,' which subjected certain earnings of the foreign subsidiaries of American parent corporations to current-base taxation. This was a deviation from the general tax principle of tax deferral, under which earnings of foreign subsidiaries are taxed only upon repatriation of these earnings. An example of a taxable instance would be by a dividend. The new legislation was the result of political compromise. Although the Department of the Treasury (Treasury) supported a wide-scale elimination of tax deferral, Congress eventually adopted a much narrower law which eliminated tax deferral only in instances where it was abused, such as when deferrals are used to avoid paying otherwise owed U.S. taxes.Seven internal Treasury Department reports found in the archives of Harvard Law School's Law Library reveal the dramatic sequence of events that led to the enactment of Subpart-F, one of the most prominent international tax reforms the United States has ever known. The reports unequivocally support the notion that Subpart-F was initially formed mainly due to the deteriorating U.S. Balance of Payment position, and that its 'original intent,' as designed by its main architect, Assistant Secretary of the Treasury, Stanley S. Surrey, was to eliminate tax deferral and protect the U.S. tax base. This was based on the principles of equity, efficiency (Capital Export Neutrality), and elegance. Congress, on the other hand, rejected the proposal and adopted a much narrower piece of legislation, mainly due to the concern that eliminating tax deferral would result in a competitive disadvantage to American corporations operating abroad.Based on the reports, as well as the controlling legal and economic concepts of the time, I argue that Congress was mistaken in limiting the original proposal to eliminate tax deferral. This mistake was the result of relying on overly-emphasized and exaggerated competitive concerns, rather than on concrete and sound tax and fiscal policies.Keywords: International Tax, Tax Policy, Tax Reform, Tax Deferral.JEL Classification: D63, E61, E62, F42, H21, H25, H26, K34, 038., I Inrtoduction2018 marks a century of deviation from a very predominant era of tax legislation in the United States. Through the Revenue Act of 1918, the U.S. Congress enacted a [...]

We use eleven-plus test and appeals data obtained from a large local authority to explore how the process of admission to grammar schools produces such a strong social gradient in [...]

The NBER working paper series reached a milestone in May with the distribution of the 30,000th paper. The series was launched in 1973 by labor economist Robert Michael to disseminate [...]

The market expectations hypothesis related to term premia for commercial papers issued by United States corporations is analyzed.

This paper extends the use of the Monopoly® board game as an economic simulation exercise designed to reinforce an understanding of how the accounting cycle impacts the financial statements used to evaluate management performance. This extension adds elements of debt not previously utilized to allow for an introduction of the fundamentals of ratio analysis at a foundation level in financial accounting instruction. This extended approach uses the rules and strategies of a familiar board game to create a simulation of business and economic realities, which then becomes an effective, interactive, in-class financial accounting practice set. The unique combination of each player's skill and luck provides for unlimited outcome possibilities, delivering an interpretive result that students can neither predict nor easily manipulate. This pedagogical approach serves to provide students with a sense of proprietorship in the activities of the instruction and fosters a competitive spirit to succeed in class activities that will ultimately be presented to the entire class. While the instructor surrenders a significant level of control in the class exercise, the uniqueness of each Monopoly® team's game results requires active engagement in-class and additional individual effort on the follow-up assignments outside the classroom. In the previous use of the Monopoly® board game, the class activity provided a valuable parallel for reality in practicing the financial accounting cycle and emphasizing its use by external parties. Because of the dynamic sense of capturing the "real-time" aspect of the game into finished financial statements for analysis, students start to sense a greater appreciation for the role that accounting cycle activities play in business reporting and the assessment of operating results. Using the Monopoly® board game in the first course in financial accounting tends to generate a higher level of competitive energy in the classroom experience, with more actively engaged students grasping the nature and purpose of the financial accounting system more quickly and actively than with other pedagogical approaches previously used. More recently, using Microsoft Excel to reflect the game results and present the financial statements has added to the robust learning experience achieved by incorporating the Monopoly® board game.

I examine mergers and acquisitions in the U.S. paper and paperboard industry, which experienced a wave of horizontal mergers during the mid-1980s. I describe how the mergers affected investment decisions, [...]

There is a large body of literature on the benefits of established lending relationships with banks, which is an intermediated debt market. We extend the literature by testing for benefits from direct lending relationships in the commercial paper market, which is a public debt market. Diamond (1991) suggests that firms access public debt markets when they have enough reputation to no longer require the close monitoring by banks. Using daily rate data for dealer-placed and directly placed commercial paper, we find that the year-end liquidity squeeze is less pronounced in the directly placed commercial paper than in the dealer-placed commercial paper, consistent with the existence of benefits from direct lending relationships in this public debt market., Introduction The global financial crisis has brought attention to the money markets with specific discussions related to their primary characteristics: low credit risk and high liquidity. As the first signs [...]