An online payment system allows a customer to make a payment to an online merchant or a service provider. Payment gateways, a channel between customers and payment processors, use various security tools to secure a customer’s payment information, usually debit or credit card information,...

Die Verbindung von Unternehmen ist keine Erscheinung der letzten Jahre. Vielmehr beruht das Konzept der Merger & Akquisition (M&A) auf grundlegenden wirtschaftstheoretischen Theorien, die in der Diskussion allerdings oftmals von populistischen Motiven für die Fusion im vorliegenden Fall...

In intermediate goods markets, both buyers and sellers normally have market power, and sales are based on bilaterally negotiated contracts specifying both price and quantity. In our model, pairs of buyers and sellers meet in bilateral but interdependent Rubinstein-Ståhl negotiations. The...

This paper reviews the growth of the online business-to-business marketplaces and proposes that intense competition between and among horizontal hubs and vertical exchanges will lead to consolidation. Financial collaborative trading networks (CTNs) would follow as a consequence. CTNs allow...

The informational content of prices hypothesis in Modigliani and Miller (and Fisher before them) advocates that organizations’ market prices could somehow estimate their growth prospects and intangible assets. For this estimation, discounted cash flow models are frequently employed. However,...

Guasoni (2006) introduced a simple condition for the absence of arbitrage opportunities. In this note we show that his results remain valid under a weaker notion of arbitrage which arises by excluding liquidation costs from the value process of a portfolio.

We will assess how governance and incentive problems contributed to Enron's rise and fall. A well-functioning capital market creates appropriate linkages of information, incentives, and governance between managers and investors. This process is supposed to be carried out through a network of...