This paper investigates various options for the organization of the railway industry when network operators require the access to multiple national networks to provide international (freight or passenger) transport services. The EU rail system provides a framework for our analysis....

Motivated by recent policy events experienced by the European natural gas industry, this paper develops a simple model for analyzing the interaction between gas release and capacity investment programs as tools to improve the performance of imperfectly competitive markets. We consider a regional...

Based on the modern theory of regulation, the analysis aims to characterize the effective economic regulation of the French railway industry. The methodology consists in econometrically testing various scenarios of regulation and determining which of these best fits the data. Using aggregate...

The paper discusses two important extensions to the well known Value-at-Risk (VaR) methodology, namely Extreme Value Theory (EVT) and Expected Shortfall (ES). Both of these extensions address the weaknesses of Value-at-Risk, in particular the methodology's tendency to systematically...

The paper examines competition among international capital markets in light of the apparent outperformance of the moderately regulated Alternative Investment Market (AIM), which is a growth market governed by the London Stock Exchange. The rise of AIM has sparked a debate on i) whether the U.S....

The paper examines whether the moderately regulated London AIM market is at a disadvantage in attracting high quality firms. The results show that firms listed on AIM are of the same quality level as firms listed in the US and in Continental Europe, albeit smaller in size. Furthermore, the...

Purpose – The purpose of this paper is to discuss two important extensions to the well-known value-at-risk (VaR) methodology, namely extreme value theory (EVT) and expected shortfall (ES). Both of these extensions address the weaknesses of VaR, in particular the methodology's tendency to...

Purpose – The purpose of this paper is to discuss two important extensions to the well‐known value‐at‐risk (VaR) methodology, namely extreme value theory (EVT) and expected shortfall (ES). Both of these extensions address the weaknesses of VaR, in particular the methodology's tendency to...