(Download Syllabus)
Financial Innovations for Economic Development
Course number: 55721
Professor Glenn Yago
gyago@milkeninstitute.org
Milken Institute
October 19, 2009 - January 18, 2010,
Jerusalem School of Business Administration, Hebrew University
17:30 - 20:15 (Trading Room)
Course description: The course focuses on the means and methods of finance applied to social, economic, and environmental challenges of development. Financial innovations gives rise to new intermediaries (e.g., community venture capital, revolving small business loan funds, social investment banks), new types of instruments (structured finance, microfinance, carbon trading), and new services or techniques (ETFs, mission related investing, public-private partnerships) to create jobs, build communities, and enable capital formation and economic growth. This course will review the application of financial innovations to these new products and services, new processes and operations and organizational forms in addressing problems as diverse as entrepreneurial finance, alternative energy infrastructure, environmental finance, accelerating medical solutions, regional development, urban revitalization and archaeological conservation and discovery. We will discover why capital structure matters in aligning diverse interests into new business models for social and economic change. Students will research practical applications to financing challenges for Israeli economic development.
Table of Contents
Semester A
Session I: "Financial Innovations and Economic Growth" (Back to Top)
October 19, 2009
Lecture:
Timeline - Financial Innovations for Business
Presentation 1: Leveraging Financial Innovations for Social & Economic Impact
Presentation 2: Finance and Growth
Presentation 3: Financial Innovations: Complexity Isn't Innovation, Leverage Isn't Credit
Course Readings:
Required Readings:
Lerner, Josh. "The New New Financial Thing: The Origins of Financial Innovation." Journal of Financial Economics 79, no. 2 (2006): 223-55.
Miller, Merton H. "Financial Innovation: The Last Twenty Years and the Next." In Speculation and Financial Markets. Volume 2. Elgar Reference Collection. International Library of Critical Writings in Economics, Vol. 143. Cheltenham, U.K, edited by Liam A. Gallagher and Mark P. Taylor, 427-39. Previously published: 1986. and Northampton, Mass.: Elgar; distributed by American International Distribution Corporation, Williston, Vt., 1986.
Levine, Ross. “Finance and Growth: Theory and Evidence.” National Bureau of Economic Research, Working Paper, No. 10766, September 2004.
Tufano, Peter. Financial Innovation." In Handbook of the Economics of Finance. Volume 1a. Corporate Finance. Handbooks in Economics, Vol. 21, edited by George M. Constantinides, Milton Harris and Rene Stulz, 307-35. Amsterdam; London and New York: Elsevier, North Holland, 2002.
Myers, Stewart. "Capital Structure." Journal of Economic Perspectives, 15/2 Spring 2001: 31-
102.
Allen, Franklin and Elena Carletti. "The Role of Liquidity in Financial Crises." Paper presented
at the Jackson Hole Symposium, August 21-23, 2008 on Maintaining Stability in a Changing Financial System. August, 2008.
Stangler, Dave. “The Economic Future Just Happened.” Ewing Marion Kauffman Foundation,
2009.
Optional Readings:
Frame, W. Scott, and Lawrence White. "Empirical Studies of Financial Innovation: Lots of Talk, Little Action?" 2002.
Miller, Merton H., and R. McCormick and Robert. "Financial Innovation: Achievements and Prospects." 1992.
Shiller, Robert J. "Radical Financial Innovation." 2004.
Mason, Joseph. “The Summer of ’07 and the Shortcomings of Financial Innovation.” Journal of Applied Finance, 18/1, 2008.
Session II: "Financial Reform and Policy Innovations" (Back to Top)
October 26, 2009
Lecture:
Background:
Presentation 1: Democratizing Capital: Financial Innovations and Economic Growth
Presentation 2: The Milken Institute Israel Center
Presentation 3: Global Risks: Unhedged or Unhinged?
Presentation 4: Creating Prosperity by Building Human Capital
Presentation 5: Challenges for Regulation of the Financial Sector
Presentation 6: Rethinking Banking Regulations
Course Readings:
Required Readings:
Bank of Israel. "Inflation Report." 2008.
Bank of Israel. "Link to Quarterly Inflation Reports." http://www.bankisrael.gov.il/publeng/publeslf.php?misg_id=10.
Goldwasser, Amit, Diana Zaks, and Shahar Slush. "Beyond Bachar Next Steps for Financial Reform." edited by Glenn Yago and Ronit Purian-Lukatsch: Milken Institute & Koret Economic Development Fund, 2007.
Helphman, and Sakler. "Small Market in a Global Economy." 2005.
The Aspen Institute. "Grow Faster Together. Or Grow Slowly Apart. How Will America Work in the 21st Century?" 2003.
Optional Readings:
Mishkin, Frederic S. "Monetary Policy Strategy: How Did We Get Here?" NBER Working Paper Series (2006).
Mishkin, Frederic S. The Next Great Globalization: How Disadvantaged Nations Can Harness Their Financial Systems to Get Rich: Princeton University Press, 2006.
Salingar, Dorit. "Promoting the Issuance of Corporate Bonds - an Engine for Economic Development." Maalot (Standard & Poor's Affiliation), 2006.
Swack, Michael, Jack Northrup, and Janet Prince. "A Case Study: Expanding Philanthropy: Mission-Related Investing at the F.B. Heron Foundation." School of Community Economic Development, 2007.
Yago, Glenn and Joel Kurtzman. Global Edge: Using the Opacity Index to Manage Risks of Cross-Border Business: Harvard Business School Press, 2007.
Session III: "The Israeli Financial System and the Global Economy" (Back to Top)
November 2, 2009
Lecture:
Presentation 1: Where does Israel Stand?
Presentation 2: The implementation of the Israeli Capital Market Reform
Presentation 3: Research Summary on Banking Concentration (Avi Ben Bassat)
Presentation 4: Israel in the Global Equity Market
Presentation 5: The Asset Management Market in Israel
Presentation 6: Higher Education in Israel - Brain Drain?
Presentation 7: Israel's Economic Outlook
Course Readings:
Required Readings:
Yago, Glenn, Alma Gadot-Perez, Tong (Cindy) Li, Laura Segafredo and Patricia Reiter. “Israel and the Global Equity Market. Changes in Global Index Reclassifications and Their Impact on Portfolio Investment Flows in Israel.” Milken Institute Israel Center, 2009.
Ben-David, Dan, Avner Ahituv, Noah Lewin-Epstein, and Haya Stier. "A Blueprint for Improving the Employment Outlook in Israel." Tel-Aviv University, 2005.
Melnik, Rafi. "Macroeconomics: The Economic Policy for Continued Growth and Economic Recovery " The Annual Economic Conference, 2005: The Israel Democracy Institute, 2005.
"The Socio-Economic Agenda of Israel 2008-2010." National Economic Council, Prime Ministers Office, 2007.
http://www.pmo.gov.il/NR/rdonlyres/7C6D75ED-28A1-41B7-8CDE-E67C9245CC0E/0/Agenda1.pdf
Ben David, Dan. “A Comprehensive Program for Reducing Inequality and Poverty and
Increasing Economic Growth in Israel.” May 2009.
Gould, Eric and Omar Moav. “The Israeli Brain Drain.” July 2006.
Bentor, Arnon.”The Future of Growth Promotion in Israel: A Return to Boosting Avant-Garde
Industries and Scientific-Technological Innovation.” 2009.
Optional Readings:
Yago, Glenn, and James Prince. "Digging out - the Economics of Palestinian Independence." The Milken Institute Review, 2005.
Israel Securities Authority. "Financial Instruments Committee Interim Report for Public Comment." 2007.
Session IV: "Urban and Regional Economic Development "
(Back to Top)
November 9, 2009
Lecture:
Presentation 1: Urban Revitalization in Israel
Presentation 2: Tools for Economic Development
Presentation 3: Urban Real Estate: Canyon-Johnson
Presentation 4: Urban Revitalization: CIM Case Study
Presentation 5: Genesis Jaffa Fund
Course Readings:
Required Readings:
Clark, Gordon L., Tessa Hebb, and Lisa Hagerman. "Pension Funds Playing a Big Role in Urban Investing." Pensions & Investments (2008), http://www.pionline.com/apps/pbcs.dll/article?AID=/20080526/PRINTSUB/636404336.
Hagerman, Lisa A., Gordon L. Clark, and Tessa Hebb. "Investment Intermediaries in Economic Development: Linking Public Pension Funds to Urban Revitalization." Community Development Investment Review: Federal Reserve Bank of San Francisco 3, no. 1 (2007).
Moav, Omer, and Yaniv Reingevertz. "The Law to Encourage Capital Investments in Israel - Employment in Developing Zones 1984 - 2004." Jerusalem: The Shalem Center, 2007.
Porter, Michael E. "The Competitive Advantage of the Inner City." Harvard Business Review, May - June 1995 (1995): 55.
Optional Readings:
Berube, Alan, and Bruce Katz. "Katrina’s Window: Confronting Concentrated Poverty Across America." The Brookings Institution, 2005.
Hebb, Tessa. "Pension Funds and Urban Revitalization - California Case Study B: Real Estate Calpers’ California Urban Real Estate Initiative." Labor & Worklife Program, Harvard Law School, 2005.
Hebb, Tessa. "Public Pension Funds and Urban Revitalization - California Case Study A: Private Equity Calpers’ California Initiative." Labor & Worklife Program, Harvard Law School, 2006.
Leinberger, Christopher B. "Turning around Downtown: Twelve Steps to Revitalization." In Policy Brief: The Brookings Institution, 2005.
Mason, Randall. "Economic and Historic Preservation: A Guide and Review of the Literature." In The Brookings Institution Metropolitan Policy Program: The Brookings Institution, 2005.
Session V: "Housing Finance" (Back to Top)
November 16, 2009
Lecture:
Timeline - Financial Innovations for Housing
Presentation 1: Credit and Finance: Leverage and Risk of Financial Institutions
Presentation 2: The Rise and Fall of the U.S. Mortgage and Credit Markets
Presentation 3: Affordable Housing
Course Readings:
Required Readings:
Barth, James R, Tong Li, Wenling Lu, Triphon Phumiwasana, and Glenn Yago. The Rise and Fall of the U.S. Mortgage and Credit Markets: A Comprehensive Analysis of the Market Meltdown: John Wiley & Sons, Inc., 2009.
Boyce, Alan. “How to Fix the U.S. Mortgage Market.” Paper presented at the Can Elements of
the Danish Mortgage System Fix Mortgage Securitization in the United States?, Washington, DC, March 26, 2009.
Zeidman, Betsy, James Barth and Glenn Yago “Financial Innovations for Housing: After the
Meltdown.” Financial Innovations Lab Report, Milken Institute, Volume 9, 2009.
Robert Stavins, “The Making of a Conventional Wisdom,” Belfer Center for Science and
International Affairs, John F. Kennedy School of Government, Harvard University, April 13, 2009.
http://belfercenter.ksg.harvard.edu/analysis/stavins/?tag=leaded-gasoline-phasedown
Optional Readings:
Johnson, Simon and James Kwak. ”Finance: Before the Next Meltdown.” Democracy. Issue #13,
Summer 2009
Caplin, Andrew, Noel Cunningham, Mitchell Engler, and Frederick Pollock. “Facilitating Shared Appreciation Mortgages to Prevent Housing Crashes and Affordability Crisis.” The Hamilton Project. The Brookings Institution, 2008.
Barr, Michael S., Sendhil Mullainathan, and Eldar Shafir. “An Opt-out Home Mortgage System.” The Brookings Institution, 2008.
Session VI: "Entrepreneurial Finance, Securitization and Small & Medium-Sized Enterprises" (Back to Top)
November 23, 2009
Lecture:
Presentation 1: Financial Innovations and Small Business Growth
Presentation 2: Financing the Missing Middle: Transatlantic Innovations in Affordable Capital
Presentation 3: Barriers to Entrepreneurship in Low -and Moderate-Income Communities
Presentation 4: Small-and-Medium-Sized Enterprises (SMEs) and Banking Competition
Presentation 5: Overview of Securitization
Presentation 6: Securitization Models
Presentation 7: Increasing Capital for Small Businesses: The Promise of Securitization
Course Readings:
Required Readings:
Bank of Israel. "Link to Quarterly Companies Survey." http://www.bankisrael.gov.il/publeng/publeslf.php?misg_id=9.
Ben-Ishai, Guy, and Glenn Yago. "Small- and Medium-Sized Enterprises (SMEs) and Banking Competition." Milken Institute, 2008.
Yago, Glenn, and Betsy Zeidman. "Building Israel’s Small Business and Microenterprise Sector Israel Entrepreneurial Finance Initiative." Milken Institute, 2005.
Yago, Glenn, Daniela Roveda, and Jonathan M. White. "Transatlantic Innovations in Affordable Capital for Small- and Medium-Sized Enterprises Prospects for Market-Based Development Finance." German Marshall Fund of the United States and the Milken Institute, 2007.
Yago, Glenn, Betsy Zeidman, and Jill Manning. "Increasing Capital for Small Businesses: The Promise of Securitization." Milken Institute, 2008.
Optional Readings:
Barth, James R., Gerard Caprio, and Ross Levine. "Banking Systems around the Globe Do Regulation and Ownership Affect Performance and Stability?" In Policy Briefs: Milken Institute, 2000.
Barth, James R., Glenn Yago, and Betsy Zeidman. "Stumbling Blocks to Entrepreneurship in Low- and Moderate-Income Communities." Paper presented at the Conference on Entrepreneurship in Low- and Moderate-Income Communities, Kansas City, Missouri, November 3, 2005.
Berger, Allen N., and Gregory F. Udell. "The Economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycle." Journal of Banking and Finance 22 (1998).
Bernanke, Ben S. "By the Numbers: Data and Measurement in Community Economic Development." Community Development Investment Review: Federal Reserve Bank of San Francisco 3, no. 2 (2007): 1-7.
Choi, Laura. "Creating a Marketplace: Information Exchange and the Secondary Market for Community Development Loans." Federal Reserve Bank of San Francisco, 2007.
Dvir, David, and Yohay Terri. "Securitization: Bringing a Modern Financial Instrument to Israel." In Koret Fellows: A Program of KIEDF, Economic Reform Studies, edited by Glenn Yago: Milken Institute and Koret Israel Economic Development Funds, 2005.
Gompers, Paul A., Joshua Lerner, and David S. Scharfstein. "Entrepreneurial Spawning: Public Corporations and the Genesis of New Ventures, 1986-1999." 2003.
Ratliff, Gregory A., and Kirsten S. Moy. "New Pathways to Scale for Community Development Finance." Aspen Institute, 2004.
Seidman, Ellen, Moez Hababou, and Jennifer Krame. "A Financial Services Survey of Low- and Moderate-Income Households." The Center for Financial Services Innovation - An Initiative of ShoreBank Advisory Services, 2005.
Seidman, Ellen, Moez Hababou, and Jennifer Kramer. "Getting to Know Underbanked Consumers: A Financial Services Analysis." The Center for Financial Services Innovation - An Initiative of ShoreBank Advisory Services, 2005.
The Government of Israel. "The Report of the Committee to Examine Aspects Related to the Issuance of Asset Backed Securities (ABS)." Inter-Ministerial Committee for Removal of Obstacles to Securitization, 2005.
Yago, Glenn, Betsy Zeidman, and Bill Schmidt. "Creating Capital, Jobs and Wealth in Emerging Domestic Markets - Financial Technology Transfer to Low-Income Communities." Milken Institute and Ford Foundation, 2003.
Kedrosky, Paul. “Right-sizing the U.S. Venture Capital Industry.” Ewing Marion Kauffman
Foundation, 2009.
Session VII: "Community Finance" (Back to Top)
November 30, 2009
Lecture:
Presentation 1: Innovations in Municipal Finance (in Hebrew)
Presentation 2: Community Investing in Emerging Markets
Presentation 3: Financing Social Entrepreneurs: Transforming Models for the Future
Presentation 4: Mezzanine Finance: Innovative Approaches to the Missing Middle
Presentation 5: Capital Gaps and Alternative Investment
Course Readings:
Required Readings:
Mohliver, Aharon, and Eyal Seri. "Credit Discrimination in Israel: A Proposal for Reform." In Economic Reform Studies, edited by Glenn Yago: Koret Fellows - A Program of KIEDF, 2005.
Sperer, Leah, Hagar Cohen, and Liat Levy. "Fair Credit Policy for Israel: Accountability and Bank Lending for Community Reinvestment." In Policy Brief, edited by Glenn Yago and Ronit Purian-Lukasch: Milken Institute, 2008.
Tufano, Peter, and Daniel Schneider. "Using Financial Innovation to Support Savers: From Coercion to Excitement." Working Paper, 2008.
Bernanke, Ben, Mark Pinsky, Nancy Andrews, Paul Weech, Ellen Seidman and Rick Cohen.
“The economic crisis and community development finance: an industry assessment.” No 2009-05, Community Development Investment Center Working Paper, Federal Reserve Bank of San Francisco.
Optional Readings:
Barr, Michael S. "Credit Where It Counts: Maintaining a Strong Community Reinvestment Act." Research Brief: The Brookings Institution, 2005.
Barr, Michael S. "Credit Where It Counts: The Community Reinvestment Act and Its Critics." New YorkUniversity Law Review Vol. 75, no. 600 (2005): 132.
Bates, Timothy, and William Bradford. "Traits and Performance of the Minority Venture-Capital Industry." The Annals of the AmericanAcademy of Political and Social Science, no. 613 (2007).
Community Investing Center, "Community Investing Industry Structure." http://www.communityinvest.org/overview/industry.cfm.
The Commission on Unclaimed Assets. "A Social Investment Bank - Consultation Paper." 2006.
Community Development Finance Association. "Helping Communities - Investing in CDFIs." http://www.cdfa.org.uk/cmframe.php?prmid=1600.
Feltner, Tom, and Malcolm Bush. "A Global Survey of Community Reinvestment Laws: The Obligation of the Private Sector to Serve the Underserved in Several Countries." In Woodstock Institute International Alert: Woodstock Institute, 2004.
Marisco, Richard D. "Appendix 1: The Community Reinvestment Act." In Democratizing Capital: The History, Law and Reform of the Community Reinvestment Act: Carolina Academic Press, 2005.
Whitni, Thomas, Jessica Brown, Malcolm Bush, and Geoff Smith. "Full Disclosure: Why Bank Transparency Matters. A Comparison of US and UK Lending Practices in Disadvantaged Communities." Woodstock Institute and NEF, 2006.
Session VIII: "Global Economic Development " (Back to Top)
December 7, 2009
Lecture:
Timeline - Financial Innovations for Development
Presentation 1: Moving from Aid to Investment
Presentation 2: SMEs and Global Properity
Course Readings:
Required Readings:
Sharma, Krishnan. “The Impact of Remittances on Economic Insecurity.” DESA Working
Paper No. 78, July 2009.
Cull, Robert, Asli Demirguc-Kunt and Jonathan Morduch. “Microfinance Meets the Market.”
World Bank Policy Research Working Paper No. 4630, 2008.
Optional Readings:
Weil, David. “Endemic Diseases and African Economic Growth: Challenges and Policy
Responses.” Brown University and NBER. November 2008
Session IX: "Environmental Finance " (Back to Top)
December 21, 2009
Lecture:
Timeline - Financial Innovations for the Environment
Presentation 1: Where the World Trades Carbon
Presentation 2: Water Financing: The Yarqon Project
Presentation 3: Financial Resources for Yarqon Park
Presentation 4: Financial Plan for Development of the Yarqon River Park
Presentation 5: The invisible Green Hand: How Private Decisions and Markets Shape Climate Change Outcomes ( Martha Amram and Nalin Kulatilaka)
Presentation 6: Environmental Finance: Saving the World's Oceans and Fisheries
Presentation 7: Ensuring the World's Water Supply
Presentation 8: Investing in Green Energy
Presentation 9: Green Buildings
Course Readings:
Required Readings:
Kurtzman, Joel. “The Low-Carbon Diet. How the Market Can Curb Climate Change.” Foreign Affairs. September/October 2009.
Coase, Ronald. “The Problem of Social Cost.” Journal of Law and Economics, v. 3, 1, 1–44, 1960.
Abuyuan, Alethea, Martha Amram, Nalin Kulatilaka, Joel Kurtzman, and Glenn Yago. "Financial Innovations for Achieving Energy Independence." Financial Innovations Lab Report from the SAVE Initiative: Milken Institute, 2007.
Amram, Martha, and Nalin Kulatilaka. "The Invisible Green Hand: How Individual Decisions and Markets Can Reduce Greenhouse Gas Emissions." Milken Institute, 2008.
Laster, R. "Environment and Energy." 2006. (PowerPoint Presentation)
Braun, Daniel, Richard Saines, Alethea Abuyuan and Glenn Yago. “A Cap-and-Trade Program
Design for Greenhouse Gases Achieving Flexibility and Cost-Effectiveness in Tackling
Climate Change.” Milken Institute Policy Brief. February, 2007.
Bayon, Ricardo. “Using Markets to Conserve Biodiversity,” State of the World 2008,
Worldwatch Institute, 2008.
“Financial Innovations for Freshwater Revitalization: Transboundary Project Finance for Israel,
Jordan and the Palestinian Authority.” Milken Institute Financial Innovations Lab Report, 2009.
forthcoming – please download here, once published:
http://www.milkeninstitute.org/publications/publications.taf?function=list&cat=finlab
“Financial Innovations in Israel: Revolving Fund for River Restoration.” Milken Institute
Financial Innovations Lab Report, 2009.
forthcoming – please download here, once published:
http://www.milkeninstitute.org/publications/publications.taf?function=list&cat=finlab
Optional Readings:
Felder, Frank A., and Ruthanne Haut. "Balancing Alternatives and Avoiding False Dichotomies to Make Informed U.S. Electricity Policy." Policy Sciences 41, no. 2 (2008): 165-80.
International Energy Agency. Key World Energy Statistics. 2007.
Jaffe, Adam B., Richard G. Newell, and Robert Stavins. "Environmental Policy and Technological Change." Environmental and Resource Economics 22, no. 1-2 (2002): 41-70.
European Communities.“The Economics of Ecosystems and Biodiversity.” 2008.
Bräuer, Ingo, Rainer Müssner, Katrina Marsden, Frans Oosterhuis, Matt Rayment
Clare Miller and Alena Dodoková.“The Use of Market Incentives to Preserve Biodiversity.” July 2006.
Salzman, James.”Creating Markets for Ecosystem Services: Notes From the Field.” Washington
College of Law, American University. 2003.
Costello, Christopher, Steven D. Gaines, and John Lynham. “Can Catch Shares Prevent Fisheries
Collapse?” Science 321, 1678-1681, 2008.
United Nations Environment Program Finance Initiative. “Biodiversity and Ecosystem Services:
Bloom or Bust?” March 2008.
Session X: "Infrastructure Finance" (Back to Top)
December 28, 2009
Lecture:
Presentation 1: How are we going to Pay for the World's Infrastructure?
Presentation 2: Global Development Bonds
Presentation 3: Infrastructure Projects as Economic Stimulus
Presentation 4: Build America Bonds Program
Course Readings:
Required Readings:
Deshpande, Manasi, and Douglas W. Elmendorf. "An Economic Strategy for Investing in America’s Infrastructure." The Hamilton Project: The Brookings Institution, 2008.
Israel Infrastructure Fund. "General Overview and Position of the Israel Infrastructure Fund in the Market." 2006. (PowerPoint Presentation)
Hill, Elizabeth G. "A Primer: The State’s Infrastructure and the Use of Bonds." LAO Report: Legislative Analyst's Office, 2006.
Optional Readings:
Miller, Jonathan D. "Infrastructure 2007 - a Global Perspective." Urban Land Institute and Ernst &Young, 2007.
Miller, Jonathan D. "Infrastructure 2008 - a Competitive Advantage." Urban Land Institute and Ernst & Young, 2008.
Straub, Stéphanie. "Infrastructure and Growth in Developing Countries: Recent Advances and Research Challenges." Working Paper: The World Bank, 2008.
U.S. Department Of Transportation. "Innovative Finance Primer." Federal Highway
Administration, 2002.
Session XI: "Financing Medicine and Science" (Back to Top)
January 4, 2010
Lecture:
Timeline - Financing Medical Innovations
Presentation 1: Financing Medical Innovations
Presentation 2: Capital Markets and R&D in Bridging Israel's Growth Gap
Presentation 3: Accelerating Medical Solutions in Israel: Building a Global Life Science Industry
Presentation 4: Accelerating Medical Solutions in Israel: Building a Global Life Science Industry (Report Deployment: Next Steps)
Presentation 5: VC Industry in Israel
Presentation 6: Preserving Israel's Technological Edge
Course Readings:
Required Readings:
Avnimelech, Gil, and Morris Teubal. "Promoting Venture Capital and Entrepreneurial High Tech Clusters and Beyond: A Phased Evolutionary Innovation and Technology Policy Perspective for Israel." Working Paper. 2006.
Yago, Glenn. "Financing Ideas: The Role of Capital Markets and R&D in Bridging Israel’s Growth Gap." Milken Institute, Paper presented at the Merage Foundation, Israel, September 4-5, 2006.
Yago, Glenn, Martha Amram and Teresa Magula. " Financial Innovations Lab Report for
Accelerating Medical Solutions." Financial Innovations Lab Report: Milken Institute, 2006.
Yago, Glenn, Ronit Purian-Lukatch, and Ilan Vaknin. "Accelerating Medical Solutions in Israel: Building a Global Life Science Industry." Financial Innovations Lab Report: Milken Institute, 2008.
Optional Readings:
Congress of the United Stated. "Research and Development in the Pharmaceutical Industry." Congressional Budget Office. 2006.
DeVol, Ross, and Armen Bedroussian. "Mind to Market: A Global Analysis of University Biotechnology Transfer and Commercialization." Milken Institute, 2006.
Tishler, Asher, and Naama Halevi-Davidov. "Innovation in Israel: Facts and Measures." Paper presented at the Merage Foundation, Israel, September 4-5, 2006.
Calderini, Mario and Maria Cristina Odasso (2008). “Intellectual Property Portfolio Securitization: An Evidence Based Analysis”, Innovation Studies Working Paper (ISWoP) No. 01/2008
Kamiyama, Shigeki, Jerry Sheehan and Catalina Martinez (2006). “Valuation and Exploitation of Intellectual Property”, OECD Directorate for Science, Technology and Industry’s Working Paper, Statistical Analysis of Science, Technology and Industry Series DOC(2006)5.
Session XII: "Financing Catastrophic Risk " (Back to Top)
January 11, 2010
Lecture:
Presentation 1: Financial Innovations for Catastrophic Risk
Course Readings:
Required Readings:
Bruggeman, Veronique. "Capital Market Instruments for Catastrophe Risk Financing." University of Maastricht, 2007.
Swiss Re. "Capital Market Innovation in the Insurance Industry." In Sigma: Swiss Re,
2001.
Yago, Glenn, and Patricia Reiter. "Financial Innovations for Catastrophic Risk: Cat
Bonds and Beyond." Financial Innovations Lab Report: Milken Institute, 2008.
Optional Readings:
Canter, Michael S., Joseph B. Cole, and Richard L. Sandor. "Insurance Derivatives: A New Asset Class for the Capital Markets and a New Hedging Tool for the Insurance Industry." 69-81, 1997.
Litan, Robert E. "Sharing and Reducing the Financial Risks of Future “Mega-Catastrophes”." In Issues In Economic Policy: The Brookings Institution, 2006.
Swiss Re. "Securitization - New Opportunities for Insurers and Investors." In Sigma: Swiss Re, 2006.
Session XIII: "Financing Archaeological Conservation " (Back to Top)
January 18, 2010
Lecture:
Timeline - Financial Innovations for Arts and Entertainment
Presentation 1: Indiana Jones Meets Wall Street: Valuing the Past to Save Antiquity for the Future
Presentation 2: Preserving the Past to Build the Future: Antiquities as an Economic Development Resource for Emerging Nations
Course Readings:
Required Readings:
Wilkening, Tom, and Michael Kremer. "Protecting Antiquities: A Role for Long-Term Leases?" Working Paper, Harvard University, 2007.
Yago, Glenn, and Caitlin MacLean. "Financial Innovations for Developing Archaeological Discovery and Conservation." Financial Innovations Lab Report: Milken Institute, 2008.
Optional Readings:
Fincham, Derek. "Why U.S. Federal Criminal Penalties for Dealing in Illicit Cultural Property Are Ineffective, and a Pragmatic Alternative." University of Aberdeen School of Law, 2007.
Kersel, Morag. "Transcending Borders: Objects on the Move." Archaeologies: Journal of the World Archaeological Congress 3, no. 2 (2007): 81-98.
Kersel, Morag M. "From the Ground to the Buyer: A Market Analysis of the Illegal Trade in Antiquities." In Archaeology, Cultural Heritage and the Antiquities Trade, edited by M.M. Kersel N. Brodie, C. Luke and K. Walker Tubb, 188-205: University Press of Florida, 2006.
Mackenzie, Simon. "Regulating the Market in Illicit Antiquities." Australian Institute of Criminology, 2002.
Hutter, Michael and David Throsby, eds. “Beyond Price: Value in Culture, Economics, and the Arts.” New York, NY: Cambridge University Press. 2008.
