In this article, I illustrate three approaches for calculating loss distributions and value-at-risk capital requirements in credit portfolios with obligor concentrations risk.

We describe the broad range of uncertainties faced by the developers of medical technologies. Empirically, we estimate the asset market incidence of the realization  of two such of uncertainties experienced by the biotechnology firm Myriad Genetics, Inc.

Conditional value at risk (CoVaR) and marginal expected shortfall (MES) have been proposed as stock return based measures of the systemic risk created by individual financial institutions even though the literature provides no formal hypothesis test for detecting systemic risk. Our conclusion is...

In this paper, we provide an economic analysis that distinguishes neutral and discriminatory state taxation of interstate commerce.

The failure of the largest banks will not generally endanger the solvency of their parent bank holding companies (BHCs), preventing the secretary of the Treasury from using single point of entry (SPOE).

This working paper finds no evidence that the SBA loan guarantees serve any focused or rigorously defined public policy purpose at all.

Despite the frequency of tax changes and their potential importance to investors, there has been relatively little modeling of anticipated tax changes.

Can protests cause political change, or are they merely symptoms of underlying shifts in policy preferences?

The recent slowdown in the rate of decline for semiconductor prices suggested by the PPI is puzzling in light of evidence that the performance of MPUs has continued to improve at a rapid pace. The authors argue that hedonic indexes provide a more accurate measure of price changes.