We measure the loss potential of Hedge Funds by combining three market risk measures: VaR, Draw-Down and Time Under-The-Water. Calculations are carried out considering three different frameworks regarding Hedge Fund returns: i) Normality and time-independence, ii) Non-normality and time-...

The paper considers a modelin which limited liability causes an asset substitution problem for banks. The problem can at times become so severe that the current regulatory framework – based on a combination of effectively full deposit insurance, minimum capital requirements and prudential...

The study compares the performance of the Australian telecommunications services industry with those in other countries. Related papers submitted to this study by NECG Ltd. and Telecom New Zealand have been released with the report.

The Commission was asked to review the National Third Party Access Regime for Natural Gas Pipelines. The review sought to assess the benefits and costs of the Regime, including its effects on investment. The Commission’s preliminary findings were released for public comment in December 2003...

The note documents and discusses the modalities and consequences of the phenomenon of siphoning profits of state enterprises for private uses by state enteprise managers and insiders in Bulgaria during the period of early transition.

We analyze models of product differentiation with perfect price discrimination and free entry. Although perfect price discrimination ensures efficient output decisions given product characteristics, coordination failures may prevent efficiency in the choice of product characteristics. More...

Traditional merger analysis, based on market definition and use of concentration measures to infer potential anti-competitive effects, is problematic and difficult to implement when evaluating mergers in industries with differentiated products. This paper discusses an alternative which consists...