The present study is an attempt to quantify the agglomeration risk in retail shopping centers. We accept that consumers are attracted to a shopping center in proportion to the mass of the anchor tenant. Nonetheless we feel it important to allow this attraction to be stochastic with its time...

Societies provide institutions that are costly to use, but able to enforce long-run relationships. We study the optimal decision problem of using self-governance for risk sharing or governance through enforcement provided by these institutions. Third-party enforcement is modelled as a costly...

Over the past decades, cross-border financial flows have increased in importance and have in many occasions exceeded the underlying current account positions. This phenomenon has been accompanied by an increase in the volume of international equity transactions that accentuate the role of...