Narrow Results

The issue of veto may play an important role in an approval situation, mainly in political science, where several scholars dealt with this topic. In this survey we want to update the state-of-the-art, paying particular attention to the open problems that various authors pointed out in their research fields.

Let $S_M=\{0,x,x^2,\dots ,x^n\}$ be a monogenic semigroup with zero. Here, we consider the power graph ${𝒫}({{𝒮}}_M)$ over ${{𝒮}}_M$ with vertex set ${{𝒮}}_M^{\ast }={{𝒮}}_M\backslash \{0\}$ and two distinct vertices $x^i$ and $x^j$ are adjacent if $i$ divides $j$ or $j$ divides $i$, where $1\le i,j\le n$. We compute various graph parameters of ${𝒫}({{𝒮}}_M)$ and topological indices based on distance of vertices. Finally, we compute some graph parameters of the cartesian product ${𝒫}({{𝒮}}_M^1)\square {𝒫}({{𝒮}}_M^2)$ of graphs ${𝒫}({{𝒮}}_M^1)$ and ${𝒫}({{𝒮}}_M^2)$.

This paper studies dynamic asset allocations across stocks, Treasury bonds, and corporate bond indices. We employ a new model where liquidity plays an important role in forecasting excess returns. We document the significant utility benefits an investor gains by optimally including corporate bond indices in his portfolio. The benefits are bigger for lower-grade bonds. We also find that investment-grade indices are different from high-yield indices in that different risks are priced in these two asset classes. One important difference is that there exist positive "flight-to-liquidity" premia in investment-grade bonds, but we find no such premia in high-yield bonds. We calculate the portfolio behavior and the utility benefits for three types of investors, the "sophisticated", the "average" and the "lazy" investor. We provide practical portfolio advice on investing throughout the business cycle and we study how the total allocations and hedging demands vary with the business conditions. In addition, utilizing our model, we evaluate the significance of the liquidity variable information for the investor. We find that the liquidity information greatly enhances the investor's portfolio performance. Finally, further support in the optimality of the strategies is provided by calculating their in- and out-of-sample realized returns for the last decade.

In this article we present two composite indices of globalization. The first is based on the Kearney/Foreign Policy magazine and the second is obtained from principal component analysis. They indicate which countries have become most global and show how globalization has developed over time. The indices are composed of four components: economic integration, personal contact, technology and political engagement, each generated from a number of variables. A breakdown of the index into major components provides possibilities to identify sources of globalization and associate it with economic policy measures. The empirical results show that a low rank in the globalization process is due to political and personal factors with limited possibility for the developing countries to affect. The high ranked developed countries share similar patterns in distribution of various components.