This paper revisits the issue of the optimal exchange rate regime in a flexible price environment. The key innovation is that we analyze this question in the context of environments where only a fraction of agents participate in asset market transactions (i.e., asset markets are segmented)....

We calculate equilibria of dynamic double-auction markets in which agents aredistinguished by their preferences and information. Over time, agents are privatelyinformed by bids and offers. Investors are segmented into groups that differ withrespect to characteristics determining information...

Securitisations usually involve creating multiple tranches of a single issue with different characteristics, placed on the market as separate securities. Various theoretical explanations have been advanced to explain such tranching. This paper provides the first systematic testing of such...

The technological developments in the areas of information and communicationtechnology have generated worldwide business opportunities for firms which carry out coordinationtasks as a service for other enterprises. To begin with, several implications of this development for the fundamental...

Der demographische Wandel bietet Möglichkeiten zur Erschließung neuer Absatzmärkte für bedarfsgerechte Dienstleis-tungen im Alterssegment 50+. Mobile Technologien wie bspw. Near-Field-Communication (NFC) ermöglichen dabei die IT-Unterstützung innovativer Dienstleistungskonzepte, die den...

This paper examines the role of bond ratings and the effects of rating-based regulations in thecorporate bond market. Exploiting an unanticipated mechanical change in how the benchmarkLehman bond indices are constructed in 2005, we show that rating-induced market segmentationof the bond market...

tele.ring is a mobile phone organization selling contracts and cell phones in the Austrian market. Themarket situation in 2005 was highly competitive and dynamic resulting in relatively short tariff lifecycles. Excessively long lead times made tele.ring’s management feel dissatisfied with...

We compare the performance of a specifically designed feedforward artificial neural network with one layer ofhidden units to the K-means clustering technique in solving the problem of cluster-based market segmentation. Thedata set analyzed consists of usages of brands (product category:...