Tax avoidance harms public budgets as is estimated that at least 20 per cent of corporate income tax revenues are lost due to such corporate behaviour. Furthermore, the business models used by multinational enterprises to reduce tax payments (such as letterbox-type practices) have a detrimental...

The rise of large firms in the digital economy, including Amazon, Apple, Facebook, and Google, has rekindled the debate about monopolization law. There are proposals to make finding liability easier against alleged digital monopolists by relaxing substantive standards; to flip burdens of proof;...

Natural and anthropogenic disasters frequently affect both the supply and demand side of an economy. A striking recent example is the COVID-19 pandemic which has created severe industry-specific disruptions to economic output in most countries. Since firms are embedded in production networks,...

The job guarantee is a viable policy option for tackling both unemployment and underemployment. Hyman P. Minsky was one of the seminal writers on this subject. The first part of this working paper provides a survey of Minsky’s writings to identify what kind of jobs he had in mind when...

This paper is a concise review of the equity markets' reaction to the COVIDcrisis in 2020. Relative to other global institutions, equity markets performed remarkably well in 2020 and investors ought not to be ashamed of their reactions relative to consumers. It would be a terrible abuse of...

involves projecting scenarios of key variables under the real world measure, while the inner stage is used to value payoffs under guarantees of varying complexity, under a risk neutral measure. The computational burdens in nested simulation often hinders its practicality. In this paper we...

This is a transcript of my remarks as 2016 Visiting Scholar in Corporate and Business Law at Delaware Law Widener University, delivered to the members of the Delaware Judiciary and Bar at the Wilmington Club on September 12, 2016. I introduce the idea of multipreference shareholders whose...

This article presents a quadratic hedging framework for a general class of discrete-time affine multi-factor models and investigates the extent to which multi-component volatility factors, fat tails, and a non-monotonic pricing kernel can improve the hedging performance. A semi-explicit hedging...

Corporate Governance has become a key aspect in companies’ management. Regulatory authorities have been continuously taking several series of actions to ensure adequate corporate governance, especially in public limited and listed companies. I observe that despite several compliance...

In this note we provide a method for converting sales rank data into sales quantity. We show how sales quantity data can be extracted from product inventories on Amazon for a subset of products. We collect a large dataset using this method and then generalize results from Chevalier & Goolsbee...