Community Colleges For International Development, Inc., Independent Auditor's Report, Financial Statements, June 30, 2006

Community College Audit Reports

Audit report on the Iowa Law Enforcement Academy for the year ended June 30, 2006

Audit report on the Iowa Law Enforcement Academy for the year ended June 30, 2006

Audit report on Community Colleges for International Development, Inc., Cedar Rapids, Iowa for the year ended June 30, 2007

Audit report on Community Colleges for International Development, Inc., Cedar Rapids, Iowa for the year ended June 30, 2007

Audit report on the Webster County Metropolitan Law Enforcement Telecommunications Board for the years ended June 30, 2007 and June 30, 2006

Audit report on the Webster County Metropolitan Law Enforcement Telecommunications Board for the years ended June 30, 2007 and June 30, 2006

Keeping up with the Joneses: An international asset pricing model

We derive an international asset pricing model that assumes local investorshave preferences of the type "keeping up with the Joneses." In aninternational setting investors compare their current wealth with that oftheir peers who live in the same country. In the process of inferring thecountry's average wealth, investors incorporate information from the domesticmarket portfolio. In equilibrium, this gives rise to a multifactor CAPMwhere, together with the world market price of risk, there existscountry-speciffic prices of risk associated with deviations from thecountry's average wealth level. The model performs signifficantly better, interms of explaining cross-section of returns, than the international CAPM.Moreover, the results are robust, both for conditional and unconditionaltests, to the inclusion of currency risk, macroeconomic sources of risk andthe Fama and French HML factor.

A theory of international conflict management and sanctioning

In this paper we analyze sanctioning policies in international law. We develop a model of international military conflict where the conflicting countries can be a target of international sanctions. These sanctions constitute an equilibrium outcome of an international political market for sanctions, where different countries trade political influence. We show that the level of sanctions in equilibrium is strictly positive but limited, in the sense that higher sanctions would exacerbate the military conflict, not reduce it. We then propose an alternative interpretation to the perceived lack of effectiveness of international sanctions, by showing that the problem might not be one of undersanctioning but of oversanctioning.

Audit report on the Iowa Law Enforcement Academy for the year ended June 30, 2007

Audit report on the Iowa Law Enforcement Academy for the year ended June 30, 2007

Flexible multivariate GARCH modeling with an application to international stock markets

The goal of this paper is to estimate time-varying covariance matrices.Since the covariance matrix of financial returns is known to changethrough time and is an essential ingredient in risk measurement, portfolioselection, and tests of asset pricing models, this is a very importantproblem in practice. Our model of choice is the Diagonal-Vech version ofthe Multivariate GARCH(1,1) model. The problem is that the estimation ofthe general Diagonal-Vech model model is numerically infeasible indimensions higher than 5. The common approach is to estimate more restrictive models which are tractable but may not conform to the data. Our contributionis to propose an alternative estimation method that is numerically feasible,produces positive semi-definite conditional covariance matrices, and doesnot impose unrealistic a priori restrictions. We provide an empiricalapplication in the context of international stock markets, comparing thenew estimator to a number of existing ones.

Iowa Law Enforcement Academy Performance Plan, FY 2009

Agency Performance Plan, Iowa Law Enforcement Academy

Multinationals, technology networks and international takeovers

We formulate a knowlegde--based model of direct investment through mergers and acquisitions. M&As are realized to create comparative advantages by exploiting international synergies and appropriating local technology spillovers requiring geographical proximity, but can also represent a strategic response to the presence of a multinational rival. The takeover fee paid tends to increase with the strength of local spillovers which can thus work against multinationalization. Seller's bargaining power increases the takeover fee, but does not influence the investment decision. We characterize losers and winners from multinationalization, and show that foreign investment stimulates research but could result in a synergy trap reducing multinationals' profits.

Audit report on Community Colleges for International Development, Inc., in Cedar Rapids, Iowa for the year ended June 30, 2008

Audit report on Community Colleges for International Development, Inc., in Cedar Rapids, Iowa for the year ended June 30, 2008

Adjustment to target capital, finance and growth

Does financial development result in capital being reallocated more rapidly to industries where it is most productive? We argue that if this was the case, financially developed countries should see faster growth in industries with investment opportunities due to global demand and productivity shifts. Testing this cross-industry cross-country growth implication requires proxies for (latent) global industry investment opportunities. We show that tests relying only on data from specific (benchmark) countries may yield spurious evidence for or against the hypothesis. We therefore develop an alternative approach that combines benchmark-country proxies with a proxy that does not reflect opportunities specific to a country or level of financial development. Our empirical results yield clear support for the capital reallocation hypothesis.

International accounting harmonisation - A comparison of Spain, Sweden and Austria

Despite attempts to secure harmonisation of accounting practice,significant variations in accounting rules and practice continueto arise in European countries, variations which give rise tocompliance costs for multinational companies.Firstly, this paper considers the relevance of internationalaccounting harmonisation for European business. It then proceedsto examine accounting regulation in three countries: Spain, Swedenand Austria, highlighting the key regulatory issues of the 'trueand fair' view requirement and the link between taxation andaccounting. The three countries are selected because of theinteresting contrasts which they provide; these contrasts areexamined in detail in the paper.The work is based upon a series of interviews carried out withleading accounting practitioners in the three countries during1996-97.The paper concludes that there are significant obstacles toaccounting harmonisation in Europe and that there is potentialfor continuing diversity of national accounting practice.

Audit report on the Webster County Metropolitan Law Enforcement Telecommunications Board for the year ended June 30, 2008

Audit report on the Webster County Metropolitan Law Enforcement Telecommunications Board for the year ended June 30, 2008