This paper reviews the vast academic literature on the market for corporate control.Our main focus is the cyclical wave pattern this market exhibits.From the perspective of takeover waves, we address questions such as: Why do mergers and acquisitions (M&As) occur?Does the ensuing transfer of...

We use data comprising over 100,000 loans from 115 countries during 1995-2009 to examine factors that affect the extent of loan tranching, and the range of tranche spreads. The data show five factors that drive them: asymmetric information, borrower risk, transaction costs, the presence of...

The IEEE 802.4 and FDDI (Fibre Distributed Data Interface) standards are high speed MAC (Medium Access Control) protocols for LAN/MANs employing a timer-controlled token passing mechanism, the so-called Timed Token Protocol, to control station access to the shared media. These protocols support...

The gravity model of trade is used to assess the economic consequences of new borders, which arose in the wake of break-ups of multinational federations in Eastern Europe. The intensity of trade relations among the constituent parts of Czechoslovakia, Soviet Union and the Baltics was very high...

We analyze competition among academic faculties for new researchers. The value to individual members through social interaction within the faculty depends on the average status of their fellow members. When competing for new members, existing members trade off the effect of entry on average...

This paper explores the international spillover effects of ageing through capital markets when countries have different pension systems.We use a two-country twoperiod overlapping-generations model, where the two countries only differ in their pension schemes.Two forms of population ageing are...

I introduce a microfounded model of campaign finance with office-seeking politicians, a continuum of voters, and a large number of heterogeneous lobbies. Lobbies make contributions to politicians according to a common agency framework. Politicians use contributions to finance their electoral...