The bankruptcy of Lehman Brothers in September 2008 and, shortly afterwards, the near downfall of the insurance conglomerate American International Group (Aig), both of which were heavily involved in the Cds sector, polarised attention towards the Cds activities of the major international banks....

European Union Directive 51/2003 requires the publication of Financial Key Performance Indicators (FKPIs) in order to standardize this practice. We aim to test whether and to what extent the directive realizes the standardization of FKPIs. Because country factors are obstacles that the...

The constraints of the Nitrates Directive have significant effects on the farms in terms of future investments, work organization and costs increase, with significant impacts, in Italy, on dairy cattle farms. The aim of this work is to evaluate the economic and managerial impacts of adaptation...

This paper studies firms’ usage of interest rate swaps to manage risk in a model economy driven by aggregate productivity shocks, inflation shocks, and counter-cyclical idiosyncratic productivity risk. Consistent with empirical evidence, firms in the model are fixed-rate payers, and swap...

We propose a tractable model of a firm's dynamic debt and equity issuance policies in the presence of asymmetric information. Because "investment-grade" firms can access debt markets, managers who observe a bad private signal can both conceal this information and shield shareholders from...