Reference

As public pension plans steer more of their portfolios toward alternative assets such as hedge funds, private equity funds, and real estate, we examine how these investments have affected public...

This paper revisits the topic of relative performance evaluation (RPE) of top management using a large panel of community banks. We show that penalizing executives for poor performance arising from...

In credit markets, asymmetric information problems arise when borrowers have private information about their creditworthiness that is not observable by lenders. If these informational asymmetries do...

On 28 January 2008, a fatal accident occurred on Hercules Offshore (Hercules) Rig 251, Galveston Area Block 151, Lease OCS-G 15740, in the Gulf of Mexico, offshore Texas. Hall-Houston, the operator,...

The Lorelay was built in Germany in 1974 and was converted in The Netherlands in 1986 to be the first pipelay vessel to use full dynamic positioning. The Lorelay was registered in the Republic of...

An accident that resulted in one fatality and an injury occurred on the Hercules Offshore Rig 120 (the rig) contracted by Chevron USA Inc. (Chevron) to conduct sidetracking operations from Lease...

The pipe handler machine was being used to relocate tubulars from the catwalk to the pipe bay deck. A Roustabout was serving as the pipe handler operator (Operator) and supervisor for the task, while...

The recent increased activity associated with offshore oil and gas exploration and production in the outer continental shelf and slope regions of the northern Gulf of Mexico (GOM) calls for a better...

The Minerals Management Service (MMS) mandated that offshore operators in the Gulf of Mexico participate in an annual survey program for the years 2000 and 2005. For 2000, MMS collected information...

The "Regional Mitigation Strategy for the Dry Lake Solar Energy Zone" presents a strategy for compensating for the unavoidable impacts that are expected from the development of the Dry Lake Solar...

Retail exposure at default (EAD) is one of the weakest areas of risk measurement and modeling in industry practices and in academic literature. The U.S. Basel II Final Rule is not specific about the...

Under the Home Mortgage Disclosure Act (HMDA), lenders are required to gather and report information on applicants' and coapplicants' ethnicity, race, and gender. These three characteristics are used...

Testing for discrimination in mortgage lending requires classifying consumers into treatment groups and control groups. Although this may seem like a straightforward task, it is actually quite...

We examine the correlation in credit risk using credit default swap (CDS) data. We find that the observable risk factors at the firm, industry, and market levels and the macroeconomic variables...

This paper uses Flow of Funds data on the level of net new credit extension to construct a bird's-eye view of what the financial market landscape might look like once the turmoil subsides and the...

This paper focuses on potential interaction between the mortgage underwriting and pricing decisions for fair lending analysis of mortgage pricing. We argue that the loan approval or denial decision...

Examination of the charter choices made by the more than 1,600 new banks established from 1998 through 2008 reveals that since 2003 there has been a clear and persistent shift in preference away from...

Examination of the charter choices made by the more than 1,600 new banks established from 1998 through 2008 reveals that since 2003 there has been a clear and persistent shift in preference away from...

We describe the economic crisis that began in the U.S. mortgage market in late 2006 as a consequence of cascading operational failures linked to the securitization process. Operational risks...

This paper examines the determinants of creditor recoveries from defaulted debt instruments, an important yet under-studied area in investment and risk management. First, we argue that to properly...

Since 2007, the number of bank failures has soared. A large percentage of the failures involved young banks formed during the mid-1990s amid the wave of new bank charters granted by federal and state...

This paper explores the behavioral response of taxable bequests to estate taxation. To gauge its effects, the estate tax is converted to an equivalent income tax. This highlights the importance of...

A number of authors have tried to discover how the residual U.S. tax on foreign corporate earnings (the U.S. tax after the foreign tax credit) affects business decisions. Some of them inferred the...

This paper examines how corporations responded to temporary accelerated tax depreciation made available by the Jobs Creation and Worker Assistance Act of 2002 and the Jobs and Growth Tax Relief and...

There is considerable income mobility in the U.S. economy as households move up and down in the income distribution over time. Previous studies have typically found that roughly half of the families...

The gift tax was first enacted in 1924, repealed in 1926, overhauled and reintroduced in 1932. At its peal in fiscal year 1999, it raised $4.6 billion in revenues, before the recent phased-in tax...

Who ultimately bears the burden of the corporate income tax plays an important role in the distributional analysis of tax policy. Distributional tables often assume that the incidence of the...

U.S. corporations controlled by foreigners continue to report lower net income in relation to total receipts than comparable domestically-controlled corporations. But the 2004 tax return data show...

The paper updates, modifies, and extends research by Grubert (2003) to investigate income shifting from intercompany transfer pricing. The analysis is based on theoretical and regression models...

Treasury's Office of Tax Analysis (OTA) and its counterparts in the Congress, the Joint Committee on Taxation (JCT) and the Congressional Budget Office (CBO), are responsible for providing policy...