Training effective machine learning algorithms requires inhomogeneous data from different sources, which may violate data protection regulations. Federated learning (FedL), emerged as a privacy-aware alternative, enables collaborative model training without accessing the original data. One of...

We model the impact of bank mergers on loan competition, reserve holdings and aggregate liquidity. A merger changes the distribution of liquidity shocks and creates an internal money market, leading to financial cost efficiencies and more precise estimates of liquidity needs. The merged banks...

We model the impact of bank mergers on loan competition, banks' reserve holdings and aggregate liquidity. Banks compete in a differentiated loan market, hold reserves against liquidity shocks, and refinance in the interbank market. A merger creates an internal money market that induces financial...

In this paper, we develop a framework to generally characterize the equilibrium trial and pricing strategies of oligopoly software market, when there exist competition, network effects (externalities), uncertainty on software functionality, network maintaining cost and compatibility issues. We...

As one of the most important performance indicators, the profitability in the banking industry has been attracted great attention from government, financial regulatory authorities, bank practitioners as well as academic researchers. Because of the improvement in the internet technology together...