This paper estimates the impact of accounting transparency on the term structure of CDS spreads for a large cross-section of rms. Using a newly developed measure of accounting transparency in Berger, Chen & Li (2006), we nd a downward-sloping term structure of transparency spreads. Estimating...

Intet abstract

Intet abstract.

In globalizing competitive markets knowledge exchange between business organizations requires incentive mechanisms to ensure tactical purposes while strategic purposes are subject to joint organization and other forms of contractual obligations. Where property of knowledge (e.g. patents and...

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Abstract: We argue that enforcement costs, ignored in the literature <p> on ‘efficient breach’, are important for the choice of contract breach <p> remedy. Empirically we find that specific performance is almost never <p> claimed in Civil Law countries. It involves forcing a party in breach to <p>...</p></p></p></p>

We consider a random utility extension of the fundamental Lucas (1978) equilibrium asset pricing model. The resulting structural model leads naturally to a likelihood function. We estimate the model using U.S. asset market data from 1871 to 2000, using both dividends and earnings as state...

A curious ownership structure is found in Northern Europe – foundations that own <p> and operate business companies. The foundations are non-profit entities, they have no <p> members and no owners, and they cannot be dissolved, but regard it as a goal in itself <p> to run a business. In many cases...</p></p></p>

We investigate the possibility of an arbitrage free model for the term structure of interest rates where the yield curve only changes through a parallel shift. We consider HJM type forward rate models driven by a multidimensionalWiener process as well as by a general marked point process. Within...

We establis necessary and sufficient conditions for a linear taxation system to be neutral - within the multi-period discrete time "no arbitrage" model - in the sense that valuation is invariant to the exact sequence of tax rates, realization dates as well as immune to timing options attempting...