Panama has five main ports: Balboa and PSA Panama International on the Pacific, and Cristóbal, Manzanillo and Colon Container Terminal (CCT) on the Caribbean side. The government of Panama originally operated the ports of Balboa and Cristóbal. After being transferred from the United States...

Since shipping companies are highly competitive, we ask whether financial risk assessment tools impact company performance and, therefore competitiveness and efficiency. Stochastic Frontier Analysis (SFA) is used in the evaluation. Based on distinct features of the risk-return relationship,...

This paper provides a game theory foundation for port concession agreements, using the incentive mechanism design. This study identifies the post contractual moral hazard problem, and provides a model involving performance-based concession fees to align successfully the Port Authorities’...

Purpose – The purpose of this paper is to study the optimal coverage limit in a model of deposit insurance with capital requirements and risk sensitive premia to prevent moral hazard. Design/methodology/approach – The theoretical model has incorporated capital requirements, risk‐sensitive...

This paper tests the relation between intellectual collaboration and the quality of the intellectual output using academic papers published in prestigious finance journals during 1988-2005. We use the number of authors of a paper to measure the extent of intellectual collaboration and the number...

Purpose – The purpose of this paper is to examine the uncertainty of acquiring the lowest possible airfare when contemplating the purchase of a ticket. A real option model is applied to value insurance contracts that could be offered to passengers to cope with price risk. Furthermore, the...