With the development towards comprehensive and more sophisticated border control regimes, the problem of protection seekers’ access to EU territory has increasingly come into focus. Disorderly movement is presently the main avenue to safety in the EU, and human smugglers act as important...

This study empirically examines the development of the high-yield segment of the corporate bond market in the United States, as a pioneer country, and the United Kingdom and the euro area, as later adopting countries. Estimated diffusion models show for the United States a significant pioneer...

This paper examine differences between risk-neutral and objective probability densities of future interest rates. The identification and quantification of these differences are important when risk-neutral densities (RNDs), such as option-implied RNDs, are used as indicators of actual beliefs of...