Art is often used as an investment vehicle. Given the importance of market efficiency in finance, we use a large auction-based index to test whether the art market is weakly efficient. Evidence reveals that returns on artworks exhibit high positive auto-correlation. We attribute this result to...

History provides many insights to address the issue of sovereign debt defaults. This article first presents a detailed account of defaults in historical perspective. It then discusses the solutions devised in the past to address sovereign debt crises and puts these into perspective with...