Antitrust laws differ in their approaches to compulsory licensing not because they subscribe to different schools of economic thought, but because the different political and cultural beliefs that inform and animate them lead inevitably to different answers. Michael Jacobs (DePaul Univ.) &...

In this study, we empirically investigate the determinants of the process utilized to resolve financial distress (resolution process) and also the outcome of the financial distress (resolution outcome). Specifically, we separate firms that utilize a private (work out) versus a public (filing for...

The relationship between trading volume and price changes in futures markets continues to be of interest mainly due to the inconclusive nature of the results reported so far in the literature (Karpoff, 1987). One source of controversy centers on the empirical distribution of futures price...

This study evaluates and compares alternative time series correlation modeling techniques, using a broad database of 33 variables and 467 asset pairs in nine different asset classes. For each pair of assets a time-varying moving window correlation (MWC) is computed from different moving itional...

In this study we empirically investigate the determinants of and build a predictive econometric model for exposure at default (EAD) using a sample of defaulted firms having revolving credits, at one time having Samp;P or Moody's rated debt. We extend prior empirical work (Araten et al 2001,...

Loss given default (LGD) is a critical parameter in various facets of credit risk modeling. This study empirically investigates the determinants of LGD and builds alternative predictive econometric models for LGD on bonds and loans using an extensive sample of most major U.S. defaults in the...

The paper explores the concept of �green growth� as it has emerged in international policy discourse over recent years. Identifying the core meaning of the concept and sister terms such as �green economy�, it relates green growth to the prior concept of sustainable...

En 1995 el Directorio Ejecutivo del Banco Interamericano de Desarrollo aprobó una modificación a la Política operativa de desarrollo urbano (OP-751) levantando la restricción que hasta entonces imponía al financiamiento de viviendas. Esta Guía operativa para la vivienda complementa la...

This study empirically analyses the historical performance of defaulted debt from Moody's Ultimate Recovery Database (1987--2010). Motivated by a stylized structural model of credit risk with systematic recovery risk, we argue and find evidence that returns on defaulted debt co-vary with...