Organisations may allocate significant decision rights to manager-owned entreprises because it may be more efficient and feasible to commit to such an action. A particular instance of such a delegation of decision rights is franchising.

Both the UK spot and futures markets in short term interest rates are found to react strongly to surprises in the scheduled announcements of the repo rate and RPI. Therefore these announcements should also affect the market for options on short term interest rates. Because the repo rate and RPI...