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This paper compares securities settlement gross and netting architectures. It studies settlement risk arising from exogenous operational delays and compares settlement failures between the two architectures as functions of the length of the settlement interval under different market conditions....
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Capital-labor substitution and total factor productivity (TFP) estimates are essential features of growth and income distribution models. In the context of a Monte Carlo exercise embodying balanced and near balanced growth, we demonstrate that the estimation of the substitution elasticity can be...
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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 influence factor and autonomous speed of diffusion. The latter is … diffusion pattern is significantly affected by financing need variables, e.g. leverage buy-outs, mergers and acquisitions, and …
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Policy attention to the security industry increased substantially after the terrorist attacks in the U.S. on September 11th, 2001. With an increased demand for security, the global security market grew a tenfold to around €100 billion in 2011. Many studies expect that growth of the worldwide...
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fundamental international and European instruments that actually regulate the international adoption system and a survey that will … experiences and to create a European adoption system. …
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