Purpose As a resource input in enterprise technological innovation, patents play an important role in influencing innovation performance. The purpose of this paper is to investigate the impact of fuzzy front end (FFE) patent management on innovation performance, and the mediating role of patent...

Purpose – The purpose of this paper is to understand different institutional mechanisms for promoting effective innovation diffusion and maximizing spillovers from fruitfulness of university‐industry linkages. Design/methodology/approach – The approach involved the content analysis of...

Purpose – The purpose of this paper is to examine the impact on stock liquidity following the reduction of minimum tick size from $0.01 to $0.005 for a selection of dual-listed and property stocks on the New Zealand Exchange (NZX) during 2011. Design/methodology/approach – Various liquidity...

In a global-games framework, we endogenize asset fire sales, bank runs, and contagion by emphasizing a lack of information: investors can be uncertain whether banks selling assets to fend off runs are insolvent or simply illiquid. However, it is this uncertainty that leads to asset price...

This paper provides comprehensive theoretical and empirical analyses on bank lending under uncertainty. Our theory differentiates uncertainty from risk and shows that uncertainty-averse banks demand a premium in loan contracting for their exposure to the uncertainty. This premium gets larger as...

We propose a novel rationale for the existence of bank information sharing schemes. Banks may voluntarily disclose borrowers' credit history to maintain asset market liquidity. By sharing such information, banks mitigate adverse selection when selling their loans in secondary markets. This...

In a global-games framework, we show how a dealer-of-last-resort policy can promote financial stability while traditional lender-of-last-resort policies are informationally constrained: Central banks and private investors can be uncertain whether banks selling assets to fend off runs are...

Regulatory initial margin (IM) for non-cleared OTC derivatives is currently being implemented in the financial industry per BCBS-IOSCO requirements. To incorporate IM into counterparty credit risk (CCR) measurements and xVA calculations (especially MVA), it is necessary to simulate future IM...