In this paper we analyse the impact of product market competition and ownership structure on corporate performance. We focus on the firms listed on the Warsaw Stock Exchange, which are either privatised or newly created firms. First, we study the separate effects of competition and ownership...

This paper investigates the effect of corruption on competition in government procurement auctions. Our assumption is that the bureaucrat (i.e. the agent that administers the market), if corrupt, may provide a favor in exchange for a bribe.

Derivative securities may incite traders to manipulate the price of the underlying assets. We analyze this issue at the exercise date of an European option on a stock, when the stock price determines the option payoff. Traders submit their demand for the stock to an auctioneer who selects a...