Using Monte Carlo Methods to Evaluate Sub-Optimal Exercise Policies for American Options

∗This research, which was funded by a grant from the Natural Sciences and Engineering Research Council of Canada, formed part of G.A.’s Ph.D. thesis [1].

Public R&D policies and private R&D investment:a survey of the empirical evidence

The importance of R&D investment in explaining economic growth is well documented in the literature. Policies by modern governments increasingly recognise the benefits of supporting R&D investment. Government funding has, however, become an increasingly scarce resource in times of financial crisis and economic austerity. Hence, it is important that available funds are used and targeted effectively. This paper offers the first systematic review and critical discussion of what the R&D literature has to say currently about the effectiveness of major public R&D policies in increasing private R&D investment. Public policies are considered within three categories, R&D tax credits and direct subsidies, support of the university research system and the formation of high-skilled human capital, and support of formal R&D cooperations across a variety of institutions. Crucially, the large body of more recent literature observes a shift away from the earlier findings that public subsidies often crowd-out private R&D to finding that subsidies typically stimulate private R&D. Tax credits are also much more unanimously than previously found to have positive effects. University research, high-skilled human capital, and R&D cooperation also typically increase private R&D. Recent work indicates that accounting for non-linearities is one area of research that may refine existing results. © 2014 John Wiley & Sons Ltd.

Transformation through translation:translation policies at Amnesty International

International non-governmental organisations (NGOs) are powerful political players who aim to influence global society. In order to be effective on a global scale, they must communicate their goals and achievements in different languages. Translation and translation policy play an essential role here. Despite NGOs’ important position in politics and society, not much is known about how these organisations, who often have limited funds available, organise their translation work. This study aims to contribute to Translation Studies, and more specifically to investigating institutional translation, by exploring translation policies at Amnesty International, one of the most successful and powerful human rights NGOs around the world. Translation policy is understood as comprising three components: translation management, translation practices, and translation beliefs, based on Spolsky’s study of language policy (2004). The thesis investigates how translation is organised and what kind of policies different Amnesty offices have in place, and how this is reflected in their translation products. The thesis thus also pursues how translation and translation policy impact on the organisation’s message and voice as it is spread around the world. An ethnographic approach is used for the analysis of various data sets that were collected during fieldwork. These include policy documents, guidelines on writing and translation, recorded interviews, e-mail correspondence, and fieldnotes. The thesis at first explores Amnesty’s global translation policy, and then presents the results of a comparative analysis of local translation policies at two concrete institutions: Amnesty International Language Resource Centre in Paris (AILRC-FR) and Amnesty International Vlaanderen (AIVL). A corpus of English source texts and Dutch (AIVL) and French (AILRC-FR) target texts are analysed. The findings of the analysis of translation policies and of the translation products are then combined to illustrate how translation impacts on Amnesty’s message and voice. The research results show that there are large differences in how translation is organised depending on the local office and the language(s), and that this also influences the way in which Amnesty’s message and voice are represented. For Dutch and French specifically, translation policies and translation products differ considerably. The thesis describes how these differences are often the result of different beliefs and assumptions relating to translation, and that staff members within Amnesty are not aware of the different conceptions of translation that exist within Amnesty International as a formal institution. Organising opportunities where translation can be discussed (meetings, workshops, online platforms) can help in reducing such differences. The thesis concludes by suggesting that an increased awareness of these issues will enable Amnesty to make more effective use of translation in its fight against human rights violations.

Policy Framework and Roadmap for Open Access, Open Research Data and Open Science

Overview of the growth of policies and a critical appraisal of the issues affecting open access, open data and open science policies. Example policies and a roadmap for open access, open research data and open science are included.

A versenyképesség aktuális kérdései a pénzügyekben - Összefoglaló a pénzügyi kutatócsoport munkájáról = Current issues of competitiveness - Summary on the work of the Finance research team

A pénzügy kutatócsoport a TÁMOP-4.2.1.B-09/1/KMR-2010-0005 azonosítójú projektjében igen szerteágazó elemzési munkát végzett. Rámutattunk, hogy a különböző szintű gazdasági szereplők megnövekedett tőkeáttétele egyértelműen a rendszerkockázat növekedéséhez vezet, hiszen nő az egyes szereplők csődjének valószínűsége. Ha a tőkeáttételt eltérő mértékben és ütemben korlátozzák az egyes szektorokban, országokban akkor a korlátozást később bevezető szereplők egyértelműen versenyelőnyhöz jutnak. Az egyes pénzügyi intézmények tőkeallokációját vizsgálva kimutattuk, hogy a különféle divíziók közt mindig lehetséges a működés fedezetésül szolgáló tőkét (kockázatot) úgy felosztani, hogy a megállapodás felmondás egyik érintettnek se álljon érdekében. Ezt azonban nem lehet minden szempontból igazságosan megtenni, így egyes üzletágak versenyhátrányba kerülhetnek, ha a konkurens piaci szereplők az adott tevékenységet kevésbé igazságtalanul terhelték meg. Kimutattunk, hogy az egyes nyugdíjpénztárak befektetési tevékenységének eredményességére nagy hatással van a magánnyugdíjpénztárak tevékenységének szabályozása. Ezek a jogszabályok a társadalom hosszú távú versenyképességére vannak hatással. Rámutattunk arra is, hogy a gazdasági válság előtt a hazai bankok sem voltak képesek ügyfeleik kockázatviselő képességét helyesen megítélni, ráadásul jutalékrendszerük nem is tette ebben érdekelté azokat. Számos vizsgálatunk foglalkozott a magyar vállalatok versenyképességének alakulásával is. Megvizsgáltuk a különféle adónemek, árfolyamkockázatok és finanszírozási politikák versenyképességet befolyásoló hatását. Külön kutatás vizsgálta a kamatlábak ingadozásának és az hitelekhez kapcsolódó eszközfedezet meglétének vállalati értékre gyakorolt hatásait. Rámutattunk a nemfizetés növekvő kockázatára, és áttekintettük a lehetséges és a ténylegesen alkalmazott kezelési stratégiákat is. Megvizsgáltuk azt is, hogy a tőzsdei cégek tulajdonosai miként használják ki az osztalékfizetéshez kapcsolódó adóoptimalizálási lehetőségeket. Gyakorlati piaci tapasztalataik alapján az adóelkerülő kereskedést a befektetők a részvények egy jelentős részénél végrehajtják. Külön kutatás foglakozott a szellemi tőke hazai vállalatoknál játszott szerepéről. Ez alapján a cégek a problémát 2009-ben lényegesen magasabb szakértelemmel kezelték, mint öt esztendővel korábban. Rámutattunk arra is, hogy a tulajdonosi háttér lényeges hatást gyakorolhat arra, ahogyan a cégek célrendszerüket felépítik, illetve ahogy az intellektuális javakra tekintenek. _____ The Finance research team has covered a wide range of research fields while taking part at project TÁMOP-4.2.1.B-09/1/KMR-2010-0005. It has been shown that the increasing financial gearing at the different economic actors clearly leads to growth in systematic risk as the probability of bankruptcy climbs upwards. Once the leverage is limited at different levels and at different points in time for the different sectors, countries introducing the limitations later gain clearly a competitive advantage. When investigating the leverage at financial institutions we found that the capital requirement of the operation can always be divided among divisions so that none of them would be better of with cancelling the cooperation. But this cannot be always done fairly from all point of view meaning some of the divisions may face a competitive disadvantage if competitors charge their similar division less unfairly. Research has also shown that the regulation of private pension funds has vital effect on the profitability of the investment activity of the funds. These laws and regulations do not only affect the funds themselves but also the competitiveness of the whole society. We have also fund that Hungarian banks were unable to estimate correctly the risk taking ability of their clients before the economic crisis. On the top of that the bank were not even interested in that due to their commission based income model. We also carried out several research on the competitiveness of the Hungarian firms. The effect of taxes, currency rate risks, and financing policies on competitiveness has been analysed in detail. A separate research project was dedicated to the effect of the interest rate volatility and asset collaterals linked to debts on the value of the firm. The increasing risk of non-payment has been underlined and we also reviewed the adequate management strategies potentially available and used in real life. We also investigated how the shareholders of listed companies use the tax optimising possibilities linked to dividend payments. Based on our findings on the Hungarian markets the owners perform the tax evading trades in case of the most shares. A separate research has been carried out on the role played by intellectual capital. After that the Hungarian companies dealt with the problem in 2009 with far higher proficiency than five years earlier. We also pointed out that the ownership structure has a considerable influence on how firms structure their aims and view their intangible assets.

Heterodox gazdaságpolitikák korszaka? (An Age of Heterodox Economic Policies?)

A világ fejlett pénzügyi piacainak válságát követően önvizsgálatra kényszerült a közgazdaságtudomány, amelyet nemcsak az alternatív és heterodox irányzatok képviselői, a média és a nagyközönség, hanem a gazdasági döntéshozók részéről is erős kritikák értek. Egyidejűleg gyors változásokon ment át a gazdaságpolitikai gyakorlat, különösen a válság által erősen érintett országokban, megszaporodtak a korábbi mérvadó kormányzati gyakorlat (best practice) ajánlásaitól távol álló, nem szokványos megoldások, heterodox politikák. Az esszé szerzője meghatározó személyiségek véleményének, vezető intézmények álláspontjának és kormányzati gazdaságpolitikáknak az áttekintése alapján egyfelől azt a kérdést vizsgálja, hogy körvonalazódik-e új gazdaságelméleti irányzat, amely doktrinális alapul szolgálhatna a gazdaságpolitikai döntéshozatalhoz, másodsorban pedig: átmeneti jelenség-e az egymástól alapvetően különböző felfogású, logikájú gazdaságpolitikák egyidejű megléte, avagy várható-e egy új konszenzus kialakulása. ______ In the wake of the recent financial turmoil emanating from top financial centers, the economic profession has been forced to conduct introspection due to harsh criticism from alternative and heterodox economists, the media, and the general public as well as from decision makers. Meanwhile, the economic policy making practice has profoundly changed, particularly in countries heavily affected in the crisis; decision makers increasingly apply non customary (heterodox) measures in defiance of former best practice of economic policy making. The author of this essay, having investigated the related views of leading economists and influential international institutions and having reviewed economic policy making practice, raises two questions. One: is there a new economic theory evolving that will provide doctrinal underpinning to post crisis economic policy making? Second: is the simultaneity of widely differing economic policy practices and policy orientations a transitional phenomenon, or are there signs of a new policy consensus emerging? It may be too early to give argued answers to the questions, but the present – rather technical – economic theory mainstream seems to maintain its central position, yet is becomes more open to research topics and methods acknowledging the complexity of economic processes and social institutions, and to impulses emanating from economic practice. As for economic policy making is concerned, continuous decline of the economic importance of leading Western nations prolongs the period of heterogeneity of non conventional, heterodox policies both in advanced and in emerging countries until new policy norms, a “new normal” emerges.

Designing Lifestyle-specific Food Policies Based on Nutritional Requirements and Ecological Footprints.

Expanded understanding of the trends and determinants of food consumption is needed to reduce the ecological impacts of the contemporary agro-food system while also being attentive to broader issues pertaining to health and the environment. Incorporating these additional aspects and formulating meaningful dietary recommendations is a major challenge. This article seeks to highlight differences in ecological footprint (EF) by activity level for various so-cial groups to meet suggested physiological requirements by nutritionists versus actual food consumption. The study is based on a combination of healthy diet requirements (as expressed by national guidelines) and a survey of a repre-sentative sample of 1,013 Hungarian adults using a bottom-up approach for calculating EFs. Students and women with small children have a higher than average food-related EF due to their higher nutritional needs. At the same time, the elderly are characterized by lower footprints. Perhaps most interesting is our finding that people with seden-tary forms of employment have higher food footprints than those with jobs that require physical labor. We offer rec-ommendations for food-policy planning based on encouraging dietary changes for individuals, differentiated by the nature of their work. The research suggests that dietary policy that improves health often has environmental benefits.

Financial constraints on research and development

This dissertation examines whether-there exists financial constraints and, if so, their implications for investment in research and development expenditures. It develops a theoretical model of credit rationing and research and development in which both are determined simultaneously and endogenously. The model provides a useful tool to examine different policies that may help alleviate the negative the effect of financial constraints faced by firms.^ The empirical evidence presented deals with two different cases, namely, the motor vehicle industry in Germany (1970-1990) and the electrical machinery industry In Spain (1975-1990).^ The innovation in the empirical analysis is that it follows a novel approach to identify events that allow us to isolate the effect of financial constraints in the determination of research and development.^ Further, empirical evidence is presented to show that in the above two cases financial constraints affect investment in physical capital as well.^ The empirical evidence presented supports the results of the theoretical model developed in this dissertation, showing that financial constraints negatively affect the rate of growth of innovation by reducing the intensity of research and development activity. ^

Community college adjunct policies and practices: Incumbents' perspectives and congruence with learning organization tenets

The primary research question was: What is the nature and degree of alignment between the tenets of learning organizations and the policies and practices of a community college concerning adjunct instructors? I investigated the employment experiences of 8 adjunct instructors at a large community college in the Southeastern U.S. to (a) describe and explain the perspectives of the adjuncts, (b) describe and explain my own adjunct employment experience at the same college, (c) determine how the adjunct policies and practices collectively encountered were congruent with or at variance with the tenets of learning organizations, and (d) to use this framework to support recommendations that may help the college achieve more favorable alignment with these tenets. ^ Data on perceived adjunct policies and practices were reduced into 11 categories and, using matrices, were compared with 5 major categories of learning organization tenets. The 5 categories of tenets were: (a) inputs, (b) information flow/communication, (c) employee inclusion/value, (d) teamwork, and (e) facilitation of change. The 11 categories of the college's policies and practices were (a) becoming an adjunct, (b) full-time employment aspirations, (c) salary, (d) benefits, (e) job security and predictability, (f) job satisfaction, (g) respect, (h) support services, (i) professional development, (j) institutional inclusion, and (k) future role of adjuncts. The reflective journal component relied on a 5-year (1995–2000) personal and professional journal maintained by me during employment with the same college as the participants. ^ Findings indicate that the college's adjunct policies and practices were most incongruent with 25 of the 70 learning organization tenets. These incongruencies spanned the 5 categories, although most occurred in the Employee/Inclusion/Value category. Adjunct instructors wanted inclusion, respect, value, trust, and empowerment in decision making processes that affect adjunct policies and practices of the college, but did not perceive this to be a part of the present situation. ^

University Policies that Increase· and/or Decrease Access for African- American Women Seeking Advanced Degrees

The policies of most universities show a lack of dedication in addressing the needs of their non-traditional graduate students, particularly African-American women seeking advanced degrees. As African-American women return to the academy to pursue doctoral degrees, universities must address the issues facing women in general and African-American women in particular.

Instituting Tobacco-Free Employee Policies: An Invasion of Privacy or an Employer’s Legal Right?

Rising health care costs are causing some employers to assess and regulate the health behaviors of their employees. Different approaches and levels of non-smoking regulations are discussed, and the legal parameters and challenges of regulating employees’ private behaviors are explored.

*Postsecondary access for individuals with psychological disabilities: An analysis of federal rulings and institutional philosophies, *policies, and practices

This study was a qualitative investigation, with demographic quantitative features, of post-secondary educational access and legal guidelines for individuals with psychological disabilities. Although disability laws have positively influenced post-secondary educational attitudes and practices relative to accommodating many individuals with disabilities, prevailing stigmas regarding mental illness have discouraged the equal access to higher education for individuals with psychological disabilities. Little research concentrating on this area was found.^ Thirty-six relevant legal case decisions, focusing on a variety of realms of higher education, were scrutinized. The policies, procedures, and practices of six Southeastern United States universities were analyzed through official documents and participant responses from disability service providers and other university employees. Comparisons were made between legal cases, and within and between universities. Case findings also provided standards through which participating university practices could be studied.^ The legal analysis revealed that most institutions did not discriminate against individuals with psychological disabilities. Practices of a few of these institutions, however, suggested non-compliance despite favorable decisions on their behalf. Institutions found to have discriminatory practices were cited for inadequate procedures, or for presumptive assessments of the educational functioning levels of individuals with psychological disabilities.^ Participant university practices generally suggested disability law compliance; however, certain campus interventions were determined to be ineffective in identifying, addressing, and communicating about the educational needs of individuals with psychological disabilities. The most effective services for these individuals, who were described as rapidly increasing in number but lagging in self-advocacy and acceptance by others, went beyond legal requirements.^ Recommendations were made for institutional practices concerning disability-related documentation, written standards and operations, and student identification and referral. Directions for future research focused on study skills training for students; exposure of mental health professionals to client educational needs; and expansion of the current research, on a nationwide collegiate level, and a parallel analysis focusing on business and industry. ^

Assessment of policies for innovative financing in infrastructure systems

Infrastructure systems are drivers of the economy in the nation. A dollar spent on infrastructure development yields roughly double the initial spending in ultimate economic output in the short term; and over a twenty-year period, and generalized ‘public investment’ produces an aggregated $3.21 of economic activity per $1.00 spent [1]. Thus, formulation of policies pertaining to infrastructure investment and development is of significance affecting the social and economic wellbeing of the nation. The aim of this policy brief is to evaluate innovative financing in infrastructure systems from two different perspectives: (1) through consideration of the current condition of infrastructure in the U.S., the current trends in public spending, and the emerging innovative financing tools; (2) through evaluation of the roles and interactions of different agencies in the creation and the diffusion of innovative financing tools. Then using the example of transportation financing, the policy brief provides an assessment of policy landscapes which could lead to the closure of infrastructure financing gap in the U.S and proposes strategies for citizen involvement to gain public support of innovative financing.

2014 FIU Cuba Poll: How Cuban Americans in Miami View U.S. Policies Toward Cuba

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A simulation-based decision support system for evaluating operating policies in an emergency room facility

Increased pressure to control costs and increased competition has prompted health care managers to look for tools to effectively operate their institutions. This research sought a framework for the development of a Simulation-Based Decision Support System (SB-DSS) to evaluate operating policies. A prototype of this SB-DSS was developed. It incorporates a simulation model that uses real or simulated data. ER decisions have been categorized and, for each one, an implementation plan has been devised. Several issues of integrating heterogeneous tools have been addressed. The prototype revealed that simulation can truly be used in this environment in a timely fashion because the simulation model has been complemented with a series of decision-making routines. These routines use a hierarchical approach to organize the various scenarios under which the model may run and to partially reconfigure the ARENA model at run time. Hence, the SB-DSS tailors its responses to each node in the hierarchy.