The contribution of this paper is in emphasizing endogenous credit rationing in the <p> analysis of effects of bankruptcy rules on entrepeneurs’ decisions with respect to risk-taking <p> and ex ante skill-development. Unlike most of the literature, both the debt claim <p> and the amount of debt...</p></p></p>

This paper addresses the issue of the optimal standard of proof in crim-inal <p> law. It is assumed that people in society care about both fairness and <p> deterrence. It is important to punish those who are guilty and only those. <p> However, error is unavoidable and hence a trade-o¤ emerges between...</p></p></p>

The stochastic behavior of agricultural commodity prices is investigated using ob- <p> servations of the term structures of futures prices over time. The continuous time <p> dynamics of (log-) commodity prices are modeled as a sum of a deterministic sea- <p> sonal component, a non-stationary...</p></p></p>

It is a delicate matter to trade spot products and financial derivatives in energy markets. Op-posite to bond and stock markets, the underlying assets are real products and a significant part of the demand for them represents a real need for the products, which can only be substituted away with...

Abstract: The purpose of this article is to investigate whether the securities regulation put forward by the EU contributes to an efficient stock market. An event study of investor meetings/presentations held by listed Danish firms is conducted. <p> The article finds significantly positive abnormal...</p>

This paper approximation errors are introduced in a Luca (1978)-type model to reflect model uncertainty. The purpose is twofold. First, the rational investor is allowed to take model uncertainty into account when asset prices are determined. Second, the statistical degeneracy, common to most...

In this paper an investigation of the pricing of callable annuities with interest-only (I-O) optionality is conducted. First the I-O optionality feature of callable annuities is introduced. Next an algorithm for pricing callable annuities with I-O optionality using the finite difference...

We study the consumption and investment choice of a time-additive power utility <p> investor and demonstrate how theinvestor should optimally hedge changes in the op- <p> portunity set. The investor is allowed to invest in stocks and interest rate dependent <p> assets in a continuous-time dynamically...</p></p></p>

This paper investigates the pricing of step-up bonds, i.e. corporate bonds with provisions stating that the coupon payments increase as the credit rating level of the issuer declines. To assess the risk-neutral rating transition probabilities necessary to price these bonds, we introduce a new...

En ny lov om jordforurening blev vedtaget af Folketinget i maj 1999 efter <p> længere tids foregående lovarbejde og diskussion. Jordforureningsloven <p> vedrører den type forurening, hvor et pludseligt udslip af f.eks kemiske <p> produkter eller olie fra en virksomhed eller en privatperson (private <p>...</p></p></p></p>