The purpose ofthis paper isto examine some ofthe salient features of the concept of enterprise zones, especially those aspects included intheadministration'splan,inanefforttopredicttheactualoutcome of this policy proposal if it is enacted and implemented. Even though the concept of enterprise...

The purpose ofthis paper isto examine some ofthe salient features of the concept of enterprise zones, especially those aspects included intheadministration'splan,inanefforttopredicttheactualoutcome of this policy proposal if it is enacted and implemented. Even though the concept of enterprise...

We solve the problem of optimal securitization for an issuer facing heterogeneous investors with arbitrary time and risk preferences. We show that the optimal securitization is characterized by multiple nonlinear tranches, and each investor gets a portfolio of these tranches. In particular, when...

We study optimal securitization of defaultable assets in a continuous time setting. A financial intermediary can create a portfolio of defaultable assets and then sell it to outside investors. The default risk of the assets in the portfolio is determined by the unobservable costly effort exerted...

We solve the general problem of optimal risk sharing among a nite number of agents with limited liability. We show that the optimal allocation is characterized by endogenously determined ranks assigned to the participating agents and a hierarchical structure of risk sharing, where all agents...

In the last two decades, Internet technologies, such as cloud computing, mobile communications, social media, and big data analytics, have brought tremendous changes to our society and reshaped the business in various industries. Specifically, the mushrooming innovations in the financial area...

Social broadcasting networks such as Twitter in the U.S. and Weibo in China are transforming the way online word-of-mouth (WOM) is disseminated and consumed in the digital age. We investigate whether and how Twitter WOM affects movie sales by estimating a dynamic panel data model using publicly...