The European Commission has been working to promote reform and modernisation ofrestrictive regulation in the professional services area since 2002. In a first stepresearch was carried out which included an independent study of professionalregulation by the Institute for Advanced Studies in...

This paper introduces a new algorithm, the recursive upwind Gauss–Seidel method, andapplies it to solve a standard stochastic growth model in which the technology shocksexhibit heteroskedasticity. This method exploits the fact that the equations definingequilibrium can be viewed as a set of...

This note investigates the effects of introducing a transaction tax ondepth and bid-ask spread using a static model where a competitive market makerfaces informed and liquidity traders. When the degree of information asymmetryis low, an increase in the transaction tax can result into a smaller...

Trotz erster Forschungsansätze in den späten 60er-Jahren - in Deutschland zumeist unter dem Label "Rechtsinformatik" - kann die Schnittstelle zwischen Informationstechnologie und Recht nach wie vor als "untererforscht" bezeichnet werden. Oftmals werden juristische Aspekte bei der Entwicklung...

The research program "Information Management and Market Engineering" focuses on the analysis and the design of electronic markets. Taking a holistic view of the conceptualization and realization of solutions, the research integrates the disciplines business administration, economics, computer...

This article investigates the sensitivity analysis of mean-variance portfolio holdings to changes in the upper bounds. The optimization problem studied in this paper is, thus, constrained by a restriction that no more than certain portion of wealth can be invested in any one security. Our...