Learning the pre limited liability value process of equity claims and its relationship to the stock price is an answer to the financial jeorpardy question when observed option prices are the answer being given by the market. Constant dollar equity holder values, prior to the imposition of...

In early 2012, the Spanish state came under strong market pressure due to its engagement in round after round of large-scale bank bailouts. The country's joint sovereign-bank crisis shed new light on the nature of the euro area's crisis. European decision-makers were forced to openly recognize...

Treasury finance plays a key role in an economy with four sectors identified as Treasury, Fed, Banks, and Nonbanks. Congress sets federal tax, credit, and spending policy which vary with the state of the economy. This causes autonomous changes of the federal balance sheet. Congress delegates...