Yochanan Shachmurove

CUNY Graduate Center | CUNY · Program in Business

The paper focuses on investigating the correlation and volatility of fuel markets in four countries of the Visegrad region, namely Hungary, the Czech Republic, Poland, and Slovakia. The primary objective of the paper is to explore regional fuel markets and retail prices in these countries by employing VAR models and Johansen procedures to analyze t...

We study risk perceived by small and medium technological enterprises (SMTEs) in their collaborative activities. We aim to explain prior findings regarding the situational factors that shape collaborative activities by focusing on assessments of risk made by managers. This study confirms that trust, business performance, and environmental turbulenc...

The paper utilizes a comprehensive approach to threshold cointegration to analyse the Israeli per capita Gross Domestic Product (GDP) growth dynamics. The time-series data for the years 1980-2019 are taken. The study uses a two-regime threshold error correction model (TECM) to test short-and long-term growth factors. The results reveal that Researc...

This study analyses the impact of COVID-19 pandemics on the insurance industry. While COVID-19 increased morbidity and mortality other factors resulting from the pandemic benefit the industry. Overall, the response of the insurance industry to COVID-19 reflects other sectors in the market like transportation and trade. However, a structural downtur...

This paper investigates returns-volatility for six base metals traded on London Metal Exchange. Dividing the daily sample that extends from January 2, 2007 until February 15, 2018, to three periods, the financial crisis, “stabilization” and “prosperity.” The study applies panel data with Generalized Auto-Regressive Conditional Heteroskedasticity (G...

Transitioning organizations to the new normal following environmental shocks, economic upheavals, and technological innovations is a challenge to classic organizational management. The main reason: because no single organization knows precisely what the target of change is. Resources created and operated in relationships can support the organizatio...

This paper studies venture capital investment in the United States, with an emphasis on the Clean-Technology industries. The Clean-Technology industries encompass ventures that compete in markets with products and services that explicitly take environmental issues into account. This paper explores the importance of macroeconomics variables, aggrega...

For the past three decades, Eastern European countries have exhibited a noticeable decline in their share of the industrial production sector overall, but not uniformly. Simultaneously, trade liberalisation and integration in international production networks were intensified, bringing different export sophistication levels and economic development...

Latin America has experienced a surge in foreign direct investment (FDI) in the last two decades, in parallel with the ratification of major regional trade agreements (RTAs) and bilateral investment treaties (BITs). This paper uses the latest developments in the structural gravity model theory to study if the coexistence of BITs and two major regio...

For the past three decades, Eastern European countries overall, but not uniformly, have exhibited a noticeable decline in their share of the industrial production sector. At the same time, trade liberalization and integration in international production networks were intensified, bringing different levels of export sophistication and economic devel...

The Israeli economy in the first two decades of the 21st century is an example of an economic transformation that may serve as a role model for addressing many challenges to economic growth. Data from this period have shown significant developments in economic growth over this relatively short period of time and indicate that these advances are att...

W artykule przedstawiono definicje i cechy charakterystyczne dla przedsiębiorczości technologicznej. Wskazano, że przedsiębiorczość technologiczna jest badana pod kątem nurtów występujących w naukach o zarządzaniu, m.in. kształtujących – teorii przedsiębiorczości i teorii innowacji oraz warunkujących jej rozwój – dynamicznych umiejętności organizac...

Israel, a small country in Asia, is the start-up nation, a technology hub, the second largest start-up ecosystem in the world, a leader in innovation and cutting-edge technologies. What are the key components of the dynamic innovation culture that have made the state of Israel one of the most important entrepreneurial and technology-driven economie...

This paper assesses the market transformation of Poland and Ukraine. In 1989 in terms of per-capita Gross Domestic Product (GDP) Poland and Ukraine were at a comparable level. The paper ascertains the reasons why these two economies are significantly different after 26 years. The main focus is on trade developments. At the outset of market reforms,...

Specified purpose acquisition companies (SPACs) are a special type of public company that emerged in financial market in August 2003 and until now have established themselves worldwide as a new asset class widely used in financial markets. ¹ This chapter reviews the existing literature, discusses the institutional characteristics, and analyzes the...

In this paper we investigate the impact of regional trade agreements (RTAs) and bilateral investment treaties (BITs) on intra-regional foreign direct investment (FDI) across Latin American countries from 1995 to 2012. We use an augmented gravity model in which we control for cross-country heterogeneity, multilateral resistances and endogeneity of R...

This paper examines the effectiveness of a monetary transmission mechanism from the federal funds rate to the London Interbank Offered Rate (LIBOR). In particular, the paper employs a co-integration and vector error correction models to examine the degree and the direction of pass-through from the federal funds rate to the LIBOR. Two sub-periods ar...

Under the current global forces, economics muddled with politics is exerting undue pressures on the BRICS countries and is challenging the sustainability of their accord. Unanticipated problems are increasingly inhibiting economic and social prosperity. This paper analyzes the current difficulties that the BRICS are facing, scrutinizes their unique...

This paper compares the periods before and after the Ukrainian crisis of 2014 from the perspective of market microstructure. The hypothesis is that the crisis influenced the fragile Russian financial market equilibrium. As financial markets adapt to the new equilibrium, the paper studies the effects of the crisis and the imposition of economic sanc...

This paper compares the periods before and after the Ukrainian crisis of 2014 from the perspective of market microstructure. The hypothesis is that the crisis influenced the fragile Russian financial market equilibrium. As financial markets adapt to the new equilibrium, the paper studies the effects of the crisis and the imposition of economic sanc...

This paper examines the value implications of remedial actions taken by the Securities Exchange Commission (SEC) during 2011 that culminated in delisting a number of Chinese companies from United States public exchanges. To achieve that we examine the institutional characteristics and performance of Specified Purpose Acquisition Companies (SPACs) u...

Specified Purpose Acquisition Companies (SPACs) are a special type of public companies currently available to investors in financial markets. As an investment vehicle, modern SPACs are traced back to 18th century England where blank checks were first mentioned as blind pools during the infamous South Sea Bubble. In the United States, the Security a...

Free Cash Flow (FCF) was adopted in the late 1980s as financial tool to evaluate the firm and its individual projects. We question the procedure of calculating the FCF where a significant portion of Current Liabilities is offset against Current Assets, thereby creating the hybrid asset Net Working Capital (NWC). Borrowed from accounting methodology...

As the present crisis continues, it is hard to see when the turbulence in the global economy is going to cease. Still, a question arises: as economies emerge from the recent crisis, what are the lessons economists and policy makers should take away and draw for economic policy? In both the economic and the political literature heated debates unfold...

In order to fully understand the role emotions play in our decision-making, it is important to understand what conditions are more likely to result in emotional decisions. Our study seeks to understand the extent to which emotions affect our choices under different circumstances. In a survey comprised of sixty-six questions, we ask people to rate h...

The paper discusses the differences among countries of the Eurozone which impede growth. The paper offers solutions aimed at encouraging economic convergence to a higher level of standard of living. Economic disparity throughout the region has increased due to the global financial crisis. A common currency is insufficient for economic growth. Secto...

The paper discusses the differences among countries of the Eurozone which impede growth. The paper offers solutions aimed at encouraging economic convergence to a higher level of standard of living. Economic disparity throughout the region has increased due to the global financial crisis. A common currency is insufficient for economic growth. Secto...

The paper discusses the differences among countries of the Eurozone which impede growth. The paper offers solutions aimed at encouraging economic convergence to a higher level of standard of living. Economic disparity throughout the region has increased due to the global financial crisis. A common currency is insufficient for economic growth. Secto...

The paper discusses the differences among countries of the Eurozone which impede growth. The paper offers solutions aimed at encouraging economic convergence to a higher level of standard of living. Economic disparity throughout the region has increased due to the global financial crisis. A common currency is insufficient for economic growth. Secto...

The paper discusses the differences among countries of the Eurozone which impede growth. The paper offers solutions aimed at encouraging economic convergence to a higher level of standard of living. Economic disparity throughout the region has increased due to the global financial crisis. A common currency is insufficient for economic growth. Secto...

The most popular measure of concentration, Gini coefficient G, does not show uniformly all the changes taking place in a flow of goods between objects. This work presents alternative index of concentration IC that when used together with Gini index mitigate that inconvenience. Studies have shown that coefficient IC differs considerably from Gini in...

This paper examines how commercial banks reacted to the changes in monetary tools in mid-1994, when The Federal Reserve Bank altered its policy by implicitly targeting the Federal Funds Rate (FFR). Prior to 1994, the FFR had a lagged effect on the prime rate that charged commercial banks their best customers. However, after the move by the FED in 1...

This paper examines Specified Purpose Acquisition Companies (SPACs) used as a financing tool for the shipping industry in the period 2004–2013. SPACs that focused on acquisitions in the shipping industry have statistically similar characteristics to the population of SPACs that entered U.S. financial markets. Additionally, shipping companies merge...

This paper examines real rates of return of the five leading stock exchanges in the world, the New York Stock Exchange (NYSE), the London Stock Exchange (LSE), Euronext, the Deutsche Börse, and the Tokyo Stock Exchange (SE) over the period 1950–2012. The paper analyzes unitized risk values of real rates of return of stock indexes and considers hold...

This paper assesses the reactions of the United States and the twelve economies of the European Monetary Union (EMU) to the financial crisis of 2008-2009. The rapidly spreading financial and economic contagion uncovered structural problems of each member of the EMU that impacted their relative competitiveness. Furthermore, the crisis highlights the...

This paper analyses the responses of the United States and the economies of the Economic and Monetary Union (EMU) to the financial and economic crisis of 2008–2009. The crisis illuminates the fundamental structural problems within the EMU, the European Union and the United States and the scale and scope of interconnections among the world economy....

http://dx.doi.org/10.2139/ssrn.2372225

This study examines the institutional characteristics and performance of Specified Purpose Acquisition Companies (SPACs) used as a financing tool and gateway to the U.S. capital markets by Chinese companies in period 2004-2011. This is done in the light of the Securities Exchange Commission remedial actions during the year 2011 that culminated in d...

This study documents the changes in the corporate design of modern Specified Purpose Acquisition Companies (SPACs) for the years 2003–2012. Do institutional characteristics of SPACs determine the success of their merger outcomes? The paper finds that SPACs significantly redesigned their structure in the period under observation. In addition, the pr...

The paper discusses the differences among countries of the Eurozone which impede growth. The paper offers solutions aimed at encouraging economic convergence to a higher level of standard of living. Economic disparity throughout the region has increased due to the global financial crisis. A common currency is insufficient for economic growth. Secto...

This paper explores the impacts of the Federal Funds Rate (FFR), a significant money market indicator, on the prime lending rates offered by commercial banks. Prior to 1994, the FFR had lagged effects on prime rates, but since the second quarter of 1994, the Federal Reserve Bank has implemented monetary policy which explicitly and publicly target t...

The volatility of an asset price measures how uncertain we are about future asset price movements. It is one of the factors affecting option price and the only input into the Black–Scholes model that cannot be directly observed. Thus, estimating volatility properly is vital. Two approaches to calculating volatility are historical and implied volati...

This paper examines the controversy involving international trade by employing a simple model. It analyzes the effects of unilateral technological improvements in one entity on the welfare of that entity and its trading partners. Improvements in one country are irreversible and lead to substantial welfare effects on its trading partner. The result...

This paper examines the behavior of European Community stock markets in light of de- creased barriers to internatinal investments and improved accessibility to information. The Vector Autoregression (VAR) model is able to identify the main channels of interactions and simulate the responses of a given market to innovations in other markets. The dai...

In this study we document the changes of corporate design of modern Specified Purpose Acquisition Companies (SPACs) from 2003 to 2012. We assign the impact on changes of SPACs to each of the three groups of stakeholders: founders, investors and underwriters and test whether institutional characteristics of SPACs determine the success of their merge...

A Specified Purpose Acquisition Company (SPAC) is formed to purchase operating businesses within a priori determined time period. SPACs existed in U.S capital markets since the 1920s. Their corporate structure has recently become debated in the legal and financial literatures, especially their structural response to regulations by the Security and...

This paper explores the impact of volatility estimation methods on theoretical option values based upon the Black-Scholes-Merton (BSM) model. Volatility is the only input used in the BSM model that cannot be observed in the market or a priori determined in a contract. Thus, properly calculating volatility is crucial. Two approaches to estimate vola...

This paper shows, using a simple model, that wasteful innovations may result in a loss-loss situation where no country experiences an increase in welfare. If some countries introduce innovations that result in harmful effects on other countries, it may cause the adversely affected countries to retaliate by imposing impediments to international trad...

Montenegro, newly independent since 2006, saw its commodity exports collapse in the worldwide financial crisis of 2008. It took three years for the volume of its exports to recover. Using one to four-digit Standard Industrial Trade Classification (SITC) commodity trade data, this paper analyzes trade patterns as they evolve, both globally, and with...

The European Union was created to promote economic, cultural, and regional prosperity. However, the Global Financial Crisis demonstrates that its economic institutions are flawed. While each sovereign state in the Eurozone forfeits the control of its money supply, the lack of a common fiscal institution allows individual countries to pursue their o...

This paper uses the structure of institutional economics to provide an explanation of the recent U.S. financial crisis. Institutional theory suggests that a county’s political, legal, social, and cultural institutions determine and characterize its economy. An institutional perspective of financial crises therefore incorporates unquantifiable aspec...

Polish history leads to an expectation of exceptional adaptability to changes in the international economic environment. In the period bigenning with Solidarity at Gdansk to the present, Poland has faced huge structural dislocations. Is there any objective indication that the structural changes needed to successfully compete as a full-fledged Europ...

This article examines the investment activity of venture capital in the United States, stratified by both geography and choice of industries, and evaluates the effects of certain key macroeconomic variables. The entire period covered extends from 1995 until Quarter 1 of 2009. In addition, the data set is split into four subperiods: the boom years o...

This paper seeks to draw attention to a flaw in the firm’s Free Cash Flow model and related statement widely accepted in Corporate Finance. We argue that the common offset of any Current Liabilities against Current Assets distorts the FCF size, composition, and volatility, thereby misstating the firm or project size, debt and assets composition, fi...

What can economists learn from dynamic partial control of chemical reactors? Both chemical reactors and the economy involve many variables that are difficult to fully predict or control. Thus, this paper suggests the use of partial control, which involves indentifying only the key variables that monitor the system. This idea of observing relatively...

From 1980-2009 the Polish economy experienced structural dislocation. The growth and success of the Solidarity movement represented the shift in manufacturing from Soviet bloc trade to membership in the European Union. This paper examines four independent metrics that measure the changing “sophistication” of trade patterns during this modal shift....

This paper seeks to draw attention to a flaw in the firm’s Free Cash Flow model and related statement widely accepted in Corporate Finance. We argue that the common offset of any Current Liabilities against Current Assets distorts the FCF size, composition, and volatility, thereby misstating the firm or project size, debt and assets composition, fi...

One of the few constants since the United States declared its independence is the presence of frequent financial crises with similar causes. In the nineteenth century, these panics were frequent with eight occurring over the century. However, following the Second World War there was a period of relative calm, which may have led to complacency. The...

Many are currently studying the origins of the financial crisis in an attempt to answer two seemingly simple questions: why did it happen, and can another crisis be prevented? Those two questions have proved incredibly divisive. The majority opinion of The United States Financial Crisis Inquiry Commission was submitted with two dissenting positions...

This paper examines the first round financing of venture capital investment activity in the United States from the first quarter of 1995 to the second quarter of 2010, taking into consideration both location and industry sector as important factors in determining the first round of venture capital financing. The paper studies the effects of macroec...

In the last decade, events outside the realm of Western economics have been viewed as “paradoxes.” We focus on the Giffen paradox, and argue that Giffenity is consistent with a generalized law of demand. We confirm the occurrence of Giffenity in Russia during the early 1990s. During this period, people reduced consumption of less affordable meat an...

This paper analyzes the theoretical foundations of Giffen goods and details the difficulty with which prior studies have encountered limited empirical proof of Giffenity. Subsequently, a discussion of the economic overview of Russia during the early 1990s is provided. The paper then applies Giffenity to the newly established free market system of p...

This paper analyzes the causes and implications of recent financial crises. Financial crises in general lead to changes in both theory and practice of economics. The paper takes an historical overview. The global consensus of economic theory during the 20th century is discussed. The paper describes the Bretton Woods regime after World War II, detai...

This paper examines the where, when and why of first round entrepreneurial investment activity in the United States from the first quarter of 1995 until the second quarter of 2010. The paper analyzes these venture capital investments taking into consideration the role of macroeconomic variables, region, and industry. Additionally, trends in regiona...

Spain has experienced many financial crises through its history. These financial crises have varied origins. However, they do have common threads. The current recession and subsequent debt crisis follow the same pattern. The fiscal and monetary policies of the Spanish government have played a role in creating and prolonging the boom and bust cycles...

This paper examines and resolves a puzzling issue associated with less developed country (LDC) export compositions. Since the newly industrialized country (NIC) takeoff during the early 1970s, LDC exports have involved an increasingly broader and diversified export base. Yet trade theories, both "old" that focus on classic comparative advantage, an...

Many are currently studying the origins of the financial crisis in an attempt to answer two seemingly simple questions: why did it happen, and can another crisis be prevented? Those two questions have proved incredibly divisive. The majority opinion of The United States Financial Crisis Inquiry Commission was submitted with two dissenting positions...

One of the few constants since the United States declared its independence is the presence of frequent financial crises with similar causes. In the nineteenth century, these panics were frequent with eight occurring over the century. However, following the Second World War there was a period of relative calm, which may have led to complacency. The...

Like many countries, Spain has gone through a series of financial crises, both before and after its industrialization. There are many underlying causes for these crises, as well as for the current Spanish downturn. It is worth noting that there are similarities between recessions throughout the history of Spain. The role of government spending, gov...

This paper provides an overview of the evolution of macroeconomic thought from 1936, the year John Maynard Keynes published his general theory of employment, interest and money to the year 2010. It explores the reasons for the extension of the business cycle during the postwar period. The paper details the decline in the popularity of the Keynesian...

To date there does not exist one a generally acceptable measure or index of Specialization in International Trade. Development Economic Theory embraces the expectation of a direct relationship between economic growth and export diversification. However, International Trade Theory supports the association of export expansion with increased specializ...

The examination of U.S. crises reveals that the current financial crisis follows past patterns. An investment bubble creates excess demand for new financing instruments. During the railroad bubbles of the nineteenth century loans were issued at a pace higher than many companies could pay back. The current housing bubble originated from issuing sub-...

The economic history of the United States is riddled with financial crises and banking panics. During the nineteenth-century, eight major such episodes occurred. In the period following World War II, some believed that these crises would no longer happen, and that the U.S. had reached a time of everlasting financial stability and sustainable growth...

Is free trade always good for advanced industrialized countries? Are fears of globalization and outsourcing imaginary, totally unfounded, and misguided? Is the West always going to benefit from technological improvements in the East? This article constructs a few thought experiments to analyze such issues. The article provides some rational insight...