Salvatore Rossi’s book illustrates clearly the problems of Italian economic development, the causes of the crisis and the advantages that could accrue from a return to policies favouring competition. Also fundamental, however, are more appropriate definition of regulation models and...

Heightened counterparty risk during the recent financial crisis has raised questions about the role clearinghouses play in global financial stability. Empirical identification of the effect of centralized clearing on counterparty risk is challenging because of the co-incidence of macro-economic...

This study examines a risk/return mismatch of the MSCI China Index, which has offered investors low returns and high volatility, yet remains a favorite within the global investors' portfolio. The paper suggests several insights, both from behavioral and traditional finance perspectives, to...

We formulate a quantitative dynamic equilibrium theory of trade in the fed funds market, calibrate it to fit a comprehensive set of marketwide and micro-level cross-sectional observations, and use it to make two contributions to the operational side of monetary policy implementation. First, we...

Market commentators have suggested that New Zealand's lax private placement and disclosure regulation allows private placement purchasers to immediately sell discounted shares without disclosing these transactions to the market. However, New Zealand firms with the deepest discounts tend to have...

The dangers of shouting "fire" in a crowded theater are well understood, but the dangers of rushing to the exit in the financial markets are more complex. Yet, the two events share several features, and I analyze why people crowd into theaters and trades, why they run, what determines the risk,...

We propose an equilibrium occupational choice model, where agents can choose to work in the real sector (become entrepreneurs) or to become informed dealers in financial markets. Agents incur costs to become informed dealers and develop skills for valuing assets up for trade. The financial...

Purpose – This article's purpose is to show the “why” and “how” of making well thought‐out procedures. Design/methodology/approach – The article introduces the training need for good procedures, further defines them, and then describes how to think about them in order to produce a...

According to recent act of trainer/instructor profession deregulation in Poland, no courses or exams are required to become a trainer or sport instructor. After changes, any common person is allowed to practice sports coaching. The aim of the research was to become familiar with the parents...