This paper provides a conceptual basis for the price discovery potential for tradable market instruments and specifically the development of mortgage securitization in Asia and the potential dangers of such markets. Nonetheless we argue for the potential importance of securitization in Asia...

The choice of financing source is particularly difficult for a small firm due to the high uncertainty about future liquidity requirements. We show that the techniques of continuous time arbitrage and stochastic control theory may be used not only to value such firms but also to determine the...

This paper studies the impact of transparency in the mortgage market on the underlying real estate markets. We show that geographic transparency in the secondary mortgage market, which implies geographic risk based pricing in the primary market, can limit risk-sharing and make house prices more...

This paper offers a critique of the micro-foundations agenda by arguing that excessive attention to macro-level concepts and their origins threatens to derail the true potential of micro-foundations research – the resurgence of the interest in micro-level phenomena. The paper offers a critical...

Resource-based advantages are ‘built', not bought, and have typically emerged from complex development processes that are, to a significant degree, ‘unmanaged'. Set against this reality are strategy process prescriptions that encourage managers to adopt deliberate, formal, analytical...

While home ownershipt provides a great deal of personal and social benefits, it poses a substantial constraint on individuals' asset allocation.

The real options approach considers strategic management and decision-making as a process aimed at actively reducing exposition to downside risk and promoting exposition to upside opportunities. It stands at the hinge between pure finance and other areas of decision making under risk such as...

The real options approach considers strategic management and decision-making as a process aimed at actively reducing exposition to downside risk and promoting exposition to upside opportunities. It stands at the hinge between pure finance and other areas of decision making under risk such as...

As the field of performance management (PM) progresses, the focus of the debates shifts from the design of performance management frameworks to the issues that become relevant at the stages of implementation and use, namely, the necessity to understand PM systems as a part of the organization...