Stress testing has become an important topic in retail lending since the introduction of the new Basel II guidelines. The present work uses a scenario-based forecasting approach developed explicitly for retail lending in order to provide a suitable stress testing approach. We first decompose the...

This paper analyses a security market with transaction costs and a sequential trading structure. Transaction costs may prevent many traders from revealing their private information if they trade in a sequential fashion. Due to the information aggregation failure, hidden information gets...

This dissertation focuses on three empirical research questions regarding economic integration among the GCC countries. Chapter 2 presents the first essay, which addresses the impact of the GCC economic agreements on intra-GCC trade, non-oil trade in particular as little is known about the scope...

This Thesis has two themes: (1) political economy of international trade and factor mobility policy; (2) the robustness of strategic trade and industrial policy. Chapter 1 is a non-technical introduction of my research. In Chapter 2, Double-edged incentive competition for FDI, we study the...

New start-up companies, which are considered to be a vital ingredient in a successful economy, have a different objective than established companies: They want to maximise their chance of long-term survival. We examine the implications for their operating decisions of this different criterion by...

We study a continuous and balanced mechanism that is capable of implementing in Nash equilibrium all the Pareto-efficient individually rational allocations for an economy with public goods. The Government chooses a set of weights directly related to the Lindahl prices corresponding to the...

In this paper we provide a simple locally interactive dynamic model of technology choice and output production. We assume a Cobb-Douglas type production function for two available technologies. The returns to technology 0 are not affected by local spillovers. Technology 1 is more costly, as...

While luxury brands are one of the most profitable and fastest growing segments of the brand pantheon, they are the least understood. There is no established definition as to what a luxury brand is; no clear understanding of the value dimensionality of luxury brands; and no rigorous...

A majority of surveyed consumers claim to prefer ethically certified products over non-certified alternatives, and to be willing to pay a price premium for such products. There is no clear evidence, however, that people actually seek out such ethically certified goods and pay a premium for them...

Researchers have developed investigations into both initial and seasoned equity offering (SEO) by obtaining data from developed markets (e.g. Denis, 1994; Kothari and Warner, 1997; Corwin, 2003; Eckbo et al., 2006), while the literature in emerging markets is relatively neglected. This thesis provides an...