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  • Anthony Bonen

    Bonen, Anthony

    Expected Completion
    Fall 2016

    Curriculum vitae (PDF)

    Dissertation Title
    Essays on Shareholder Value, the Cost of Equity and Investment Cycles


    Profile

    Research Interests

    Macroeconomics, Macro-Financial Econometrics, International Political Economy, Economic Sociology, Critical Legal Study Applications to Economic Theory, and Climate Change Economics.

    Areas of expertise
    Applied Macroeconomics, Macro-Financial Econometrics, International Political Economy, Economic Sociology, Critical Legal Study Applications to Economic Theory, and Climate Change Economics

    Writing Samples
    Does Equity Behave like a Component of the Cost of Capital?
    Bonen, Semmler, and Klasen - Economic Damages From Climate Change: A Review Of Modeling Approaches
    Leverage Cycles in the Household Sector: Assessing the Early Warning Signs in Canada and the United States

    Profile
    After completing my BA (Honours) in Economics and Political Science at Carleton University (Ottawa, ON), I studied international political economy and economic law at the University of Kent's Brussels School of International Studies. 


    Since coming to The New School I have developed technical skills in modeling, statistical analysis and programming (e.g., Stata, R, Mathematica, LateX). My dissertation applies these quantitative techniques to the economic theory of the firm and corporate governance in an explicit legal-institutional framework.  The theoretical starting point is the socio-legal role of the shareholder within the corporation. However, the research program is primarily empirical.  I test whether the expected return to equity behaves like a component of the cost of capital in accordance with  q theory and Modigliani-Miller capital structure theory. The analysis is conducted through a non-nested linear mixed effects model (LMM), a panel approach heretofore unused in the investment and finance literature.  Further, the dissertation explains the counter-cyclical fluctuations in the cost of capital as being driven by firms' pro-cyclical payout policies, which is enabled by share repurchases.

    I look forward to applying my empirical and analytical skills in public, private and academic forums.

    Selected Publications
    Bonen, Anthony and Teresa Ghilarducci (2014), "The Surprising Equality of Retirement Time: Evidence from the Health and Retirement Survey." Connecticut Insurance Law Journal, 20(2), 405–432.

    Teaching Statement
    Finance, Property and the Corporate Form: 3rd-year undergraduate seminar at Lang College - The New School.

    Advanced Macroeconomics (TA): Required PhD course at the New School for Social Research. TA sessions taught technical material independently of the lecture.

    Introduction to Economics (TA): Full-year course at Carleton University. TA sessions included 20-30 students.

    Contact Information
    bonea539@newschool.edu

    Julia Margarete Puaschunder

    Expected Completion
    Spring 2018

    Dissertation Title

    Mapping Climate Justice

    Dissertation Abstract

    Climate justice accounts for the most challenging global governance goal. In the current climate change mitigation and adaptation efforts, high and low income households but also developed and underdeveloped countries as well as various overlapping generations are affected differently.

    The dissertation proposes to map international climate change mitigation and adaptation regimes in order to derive fair climate stability implementation strategies. Based on insights on the current endeavor to finance climate change mitigation and adaptation around the globe, a 3-dimensional climate justice approach will be introduced. The dissertation targets at alleviating the contemporary global governance predicament that seems to pit today’s generation against future world inhabitants in a trade-off of economic growth versus sustainability. Deriving respective policy recommendations for the wider climate change community is aimed at ensuring to share the burden but also the benefits of climate change within society, between countries and over time in an equitable and fair way.


    Profile

    Research Interests

    Economics, Public Policy, Business Administration, Public Policy, Law

    Writing Samples
    Writing Sample

    Profile

    Julia Margarete Puaschunder studied Philosophy/Psychology (MPhil, University of Vienna, 2003), Business (MBA, Vienna University of Economics and Business, 2007), Public Administration (MPA, Maxwell School, 2008), Social and Economic Sciences (Doctor, Vienna University of Economics and Business, 2006), Natural Sciences (Doctor, University of Vienna, 2010), Law and Economics (pending).

    Courses Taught
    ‘Behavioral Approaches to Public Administration,’ Spring 2017, The New School, New York
    ‘The 2016 Presidential Election in the United States: Clinton versus Trump,’ Fall 2016, The New School Department of Politics, New York
    ‘Strategic Design and Management in New Economies,’ Fall 2016, Parsons School of Design, The New School, New York
    ‘Introduction to Political Economy,’ Fall 2016, Parsons School of Design, The New School, New York
    ‘Economics and Politics of Global Warming,’ Teaching Assistant, Spring 2015, Eugene Lang College, The New School, New York

    Selected Publications
    For full publications list: https://juliampuaschunder.com/economics-of-climate-stability/

    Teaching Statement

    Throughout her academic career, Julia was invited to present her research at Harvard University, Princeton University, Columbia University, Brown University, Oxford University and Cambridge University as well as The Academic Council on the United Nations System. Julia organized conferences and public speakers from the Harvard Business School and Princeton University at the University of Vienna and the Vienna University of Economics and Business. Currently, she supports the Economics of Climate Change Project Speaker Series hosted at The Schwartz Center for Economic Policy Analysis of The New School for Social Research in New York City.

    Contact Information
    Julia.Puaschunder@gmail.com

    Katherine Moos

    Expected Completion
    Spring 2017

    Curriculum vitae (PDF)

    Dissertation Title

    Essays on the Theory and Political Economy of Economic Policy


    Profile

    Research Interests

    Political economy of the welfare state, industrial organization, labor relations, theories of monetary and fiscal policy, feminist economics 

    Areas of expertise
    Political Economy, Microeconomics, Macroeconomics

    Courses Taught
    Economics of Health (masters)
    Regulating Land, Labor, and Capital: The Political Economy of Social, Environmental and Economic Policy (undergraduate, open-level)
    Controversies in Microeconomic Theory and Policy (undergraduate, intermediate-level)

    Selected Publications
    Stabilization Policy – Phillips before the Phillips Curve.” Co-authored with K. Vela Velupillai. Global and Local Economic Review. Vol. 18. No. 1. 2014.
    “Teorias Da Competição E As Crises Do Capitalismo.” (“Theories of Competition and the Crisis of Capitalism.”) Co-authored with Anwar Shaikh. Rubra Revista. Winter 2015, No. 21,13.
    “The Transvaluation of the Theory of Economic Policy: The Lucas Critique Reconsidered.” New School for Social Research, Working Paper 03/2016. May 2016.
    Review of“Finding Time: The Economics of Work-Life Conflict” by Heather Boushey, Review of Political Economy, 28(3) and Feminist Economics, 22(4).

    Contact Information
    kmoos@newschool.edu

    Personal Website

    Percival Pineda

    Expected Completion
    Spring 2017

    Dissertation Title
    Essays in Financial Liberalization in ASEAN 4 Countries

    Dissertation Abstract
    This dissertation includes three essays on financial liberalization in the ASEAN 4 countries: Indonesia, Malaysia, Philippines, and Thailand using data from 1990 to 2011. It explores the effects of financial liberalization on the cost of capital, investment, and borrowing behavior of the firm sector in ASEAN 4 countries. Essay one calculates an aggregate tax-adjusted weighted average cost of capital. Empirical results show that the cost of capital in ASEAN 4 significantly decreased since financial liberalization. Essay two analyzes the investment behavior of the firm sector since financial liberalization. Stepwise least square forward multiple regression shows that future changes on the return of capital affects investment in Indonesia, Malaysia, and Thailand while future changes in the cost of capital affects investment in the Philippines. Breaking down the cost of capital in terms of debt and equity, future changes in the cost of debt, not the cost of equity, matters for investment in Indonesia, Malaysia, and Thailand along with future changes in the return of capital. These results suggest that current and expected returns on capital and cost of debt explains investment behavior in ASEAN 4 except in the Philippines. Essay three calculates an optimal debt-to-net worth ratio and shows that lower cost of capital since financial liberalization led to episodes of excessive borrowing by the firm sector in ASEAN 4 economies except in the Philippines.

    Contact Information
    pinep498@newschool.edu

    Houda Rabah

    Expected Completion
    Spring 2017

    Curriculum vitae (PDF)

    Dissertation Title
    Optimization of a portfolio with restrictions on the assets selected and weights using the Markowitz model and CAPM - Islamic Finance (Ethical investment)

    Dissertation Abstract
    The essence of the Islamic portfolio is that it is Sharia compliant. People who want to invest in these funds are looking for the ultimate "hallal" or permissable investments. Although return is a key to any investment, Islamic investors are looking for more than just the return. With this in mind, my research concentrates on getting insights to how to manage the Islamic funds and which criteria are better to use. I will study 3 groups of portfolios and compare their returns and variances: the most compliant portfolios, the "middle mark" sharia compliant, and the least compliant portfolio. We will answer the question: Should investors' choose stricter (compliant) portfolios or are they better off with the least amount of compliance.

    Areas of expertise
    Finance modeling and management, islamic finance, business intelligence, econometrics/statistics

    Contact Information
    rabah246@newschool.edu

    Rishabh Kumar

    Expected Completion
    Fall 2016

    Curriculum vitae (PDF)

    Dissertation Title

    Capital and the Hindu rate of growth: Top Indian wealth holders 1961-1986


    Profile

    Research Interests

     

    Macroeconomics, wealth and income distribution, economic history, political economy of development, history of economic thought

     

    Courses Taught
    US inequality and economic history (undergraduate)
    Introduction to political economy (undergraduate)
    Introduction to microeconomics (undergraduate)
    Econometrics (graduate)
    Structuralist macroeconomics and social accounting (graduate)

    Selected Publications
    Two class distribution of income in India: Evidence from 2012-13 income tax data Economic and Political Weekly, Volume 51 (2016).
    Personal savings from top incomes and household wealth accumulation in the United States: Results from disaggregated national accounts International Journal of Political Economy, Volume 45 (2016).
    Aggregate demand and the long run limits to wealth concentration: A two class model of distribution with applications to the United States. Under review at Structural Change and Economic Dynamics.
    Wage increases, transfers, and the socially determined income distribution in the USA with Lance Taylor, Armon Rezai and Nelson Barbosa Review of Keynesian Economics, Volume 4 (2016).
    United States size distribution and the macroeconomy 1986-2009 with Lance Taylor, Armon Rezai, Laura Carvalho and Nelson Barbosa Appears in Damill, M., Rapetti, M. and Rozenwurcel, G. eds., 2016. Macroeconomics and Development: Roberto Frenkel and the Economics of Latin America. Columbia University Press.

    Contact Information
    kumar603@newschool.edu

    Personal Website

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