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How a Cartel Fleeces the American Consumer
After World War II, banks and other mortgage lenders began requiring insurance to protect them against flawed or defective real estate titles. Over the past sixty years, the title insurance industry has grown steadily in size, power, and secrecy: policies are available for both lenders and property owners and many title insurers offer an array of other real estate services, such as escrow and appraisal. Yet details about the industry's operational procedures remain closely guarded from public exposure.
In The American Title Insurance Industry, Joseph and David Eaton present evidence that improvements in recordkeeping over the last sixty years—particularly the advent of computers—have reduced the likelihood of a defective title going unnoticed in a property transaction. But the industry's flaws run deeper than mere obsolescence: in most states, title insurers are allowed to engage in anticompetitive business practices, including price-fixing. Among the findings in this meticulously researched study are instances of insurers charging premiums well above the amount necessary to compensate them for assuming the risk of defect and identical policies with identical risk that vary in price by hundreds of percentage points for different geographic locations.The authors also examine the widely ignored role that the federal and most state governments play in perpetuating the title insurance industry's unfair practices. Whereas most private industries prefer as little government intervention as possible, title insurers welcome it. Federal statue exempts title insurers from anti-trust liability, opening the door for price-fixing and destroying any semblance of free-market competition or market power for consumers.A landmark study for elected officials, and all those involved in the insurance, real estate, and brokerage industries, The American Title Insurance Industry brings to light a long-neglected problem—and offers suggestions for how it might be remedied.
France, Suisse, Canada
Le projet de la modernisation de l’État entraîne de nombreux défis qui demandent une réflexion en profondeur sur la légitimité des actions publiques. Pour pouvoir juger de leur pertinence, de leur efficacité et de leur efficience par rapport à une situation sociale jugée politiquement problématique et inacceptable, un modèle d’analyse des politiques publiques est nécessaire. Il s’agit de distinguer une logique d’action, de discuter de sa cohérence et de -considérer sa mise en œuvre. Cet ouvrage présente, après une rapide revue de la littérature, les clés de l’analyse de politiques publiques, fondées sur le jeu des acteurs impliqués, les ressources que ceux-ci parviennent à mobiliser et les contraintes et les possibilités amenées par les règles institutionnelles. Tenant compte des processus liés à la mise à l’agenda des problèmes publics, à la programmation des actions publiques, à la mise en œuvre de ces actions et à l’évaluation des politiques publiques, un modèle d’analyse est ensuite proposé et illustré par des exemples français, suisses et canadiens. Ce modèle permet non seulement d’analyser les politiques publiques d’un point de vue scientifique afin de comprendre leur évolution, mais aussi d’accompagner des réformes d’institutions administratives ou de piloter de nouvelles politiques publiques. Les praticiens responsables des politiques publiques pourront en effet s’en servir pour mettre en évidence certaines régularités empiriques propres au fonctionnement des collectivités et des politiques publiques pour évaluer les chances de réussite et les effets attendus des projets de modernisation de l’État.
Introduction à l'indexation, à la classification et à la condensation des documents
Ce manuel, le seul en langue française à proposer une approche de nature pratique sur le sujet, présente une introduction à l’analyse et à la représentation documentaires. Réalisé à l’intention des étudiants en sciences de l’information et de la documentation, il est axé sur les opérations d’analyse, les langages utilisés pour représenter les sujets, les politiques et les normes ainsi que le contrôle de qualité.
Complément idéal aux manuels de base des premiers cours de gestion, cet ouvrage présente les concepts et les outils principaux nécessaires pour concevoir et réaliser les analyses sur lesquelles repose la stratégie d’une entreprise en quête d’avantage concurrentiel.
A New Paradigm for Risk Management
Financial markets respond to information virtually instantaneously. Each new piece of information influences the prices of assets and their correlations with each other, and as the system rapidly changes, so too do correlation forecasts. This fast-evolving environment presents econometricians with the challenge of forecasting dynamic correlations, which are essential inputs to risk measurement, portfolio allocation, derivative pricing, and many other critical financial activities. In Anticipating Correlations, Nobel Prize-winning economist Robert Engle introduces an important new method for estimating correlations for large systems of assets: Dynamic Conditional Correlation (DCC).
Engle demonstrates the role of correlations in financial decision making, and addresses the economic underpinnings and theoretical properties of correlations and their relation to other measures of dependence. He compares DCC with other correlation estimators such as historical correlation, exponential smoothing, and multivariate GARCH, and he presents a range of important applications of DCC. Engle presents the asymmetric model and illustrates it using a multicountry equity and bond return model. He introduces the new FACTOR DCC model that blends factor models with the DCC to produce a model with the best features of both, and illustrates it using an array of U.S. large-cap equities. Engle shows how overinvestment in collateralized debt obligations, or CDOs, lies at the heart of the subprime mortgage crisis--and how the correlation models in this book could have foreseen the risks. A technical chapter of econometric results also is included.
Based on the Econometric and Tinbergen Institutes Lectures, Anticipating Correlations puts powerful new forecasting tools into the hands of researchers, financial analysts, risk managers, derivative quants, and graduate students.
Migration and Tourism in the Indonesian Borderlands
Since the late 1960s the Indonesian island of Batam has been transformed from a sleepy fishing village to a booming frontier town, where foreign investment, mostly from neighboring Singapore, converges with inexpensive land and labor. Indonesian female migrants dominate the island’s economic landscape both as factory workers and as prostitutes servicing working class tourists from Singapore. Indonesians also move across the border in search of work in Malaysia and Singapore as plantation and construction workers or maids. Export processing zones such as Batam are both celebrated and vilified in contemporary debates on economic globalization. The Anxieties of Mobility moves beyond these dichotomies to explore the experiences of migrants and tourists who pass through Batam. Johan Lindquist’s extensive fieldwork allows him to portray globalization in terms of relationships that bind individuals together over long distances rather than as a series of impersonal economic transactions. He offers a unique ethnographic perspective, drawing together the worlds of factory workers and prostitutes, migrants and tourists, and creating a compelling account of everyday life in a borderland characterized by dramatic capitalist expansion. The book uses three Indonesian concepts (merantau, malu, liar) to shed light on the mobility of migrants and tourists on Batam. The first refers to a person’s relationship with home while in the process of migration. The second signifies the shame or embarrassment felt when one is between accepted roles and emotional states. The third, liar, literally means "wild" and is used to identify those who are out of place, notably squatters, couples in premarital cohabitation, and prostitutes without pimps. These sometimes overlapping concepts allow the book to move across geographical and metaphorical boundaries and between various economies.
Media Technology and the Religious Imagination of Steve Jobs
Steve Jobs knew what he was doing. He watched as technology tightened its grip on the American psyche. Long before others understood the potential of the personal computer, he saw its power. But it was his visionary use of media to explain technology to a hungry culture that revealed his singular genius. As a result, even by today’s standards few inventions approach the worldwide religious devotion that tech users have lavished upon the products “Designed by Apple in California” and its late founder. In Appletopia, media and culture critic Brett T. Robinson reconstructs Steve Jobs’ imagination for digital innovation in transcendent terms. Robinson portrays how the confluence of Jobs’ religious, philosophical, and technological thought was embodied in Apple’s most memorable advertising campaigns. From Zen Buddhism and Catholicism to dystopian and futurist thought, religion defined and branded Jobs’ design methodology. Appletopia navigates decades of marketing strategy and divines the clever and creative ways that Apple conveyed its purpose to the world: Apple products were to be known for their fantastically simple design and astonishing ease of use. In so doing, Robinson resurrects Jobs’ uncanny ability to integrate philosophical and religious thought with technological genius, laying the groundwork for Apple’s ubiquity today. As it turns out, culture was eager to find meaning in the burgeoning technological revolution, naming Jobs as its prophet and Apple the deliverer of his message.
This volume contains the papers presented and comments made at two conferences on the controversial subject of greater flexibility of exchange rates. The first of the conferences was held at Oyster Bay, New York, early in 1969, the second at Bürgenstock, Switzerland, in the summer of 1969. One half of the 40 conferees were academic economists, the others were practitioners of the foreign exchange markets, mostly bankers and a few executives of international business firms. Both the opposition to greater flexibility of exchange rates and the advocacy of more flexible systems are represented in these papers. The contrast between fixed or jumping exchange rates and gliding exchange rates is clearly described and the various systems of increased flexibility, such as the "wider band" and the "crawling peg," are explained and examined.
Originally published in 1970.
The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These paperback editions preserve the original texts of these important books while presenting them in durable paperback editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Sub-national Governments and Industrialization in Asia
Once acting as local representatives of the national government and content to let their larger counterparts do the "heavy lifting", state and provincial governments are increasingly expected to be stewards of their economies and deliver sustained growth rates for their citizens. Spurred on by increasing competition, not least from neighbouring territories, sub-national governments are increasingly formulating their own plans for economic development, taking out loans, investing in specialist facilities, and establishing marketing offices abroad. Despite this increasingly challenging environment, there is little research on what sub-national governments can or should do to catalyze the development of their economies. Focussing on the electronics sector, this book draws together ten cases of promising states or provinces largely, but not exclusively, from Asia. These dynamic regions have managed to outcompete the primary economic and political centres of power in their countries and are negotiating their own entry into one of the most challenging and demanding sectors. In exploring the issues of agency, autonomy, and state-business relations at the sub-national level, this book aims to shed light on a vital, but overlooked topic.