We investigate optimal capital structure and debt maturity policies in the presence of fixed issuance costs. We identify the global-optimal policy that generates the highest values of equity across all states of nature consistent with limited liability. The optimal policy without commitment...

We propose simple mathematical models for the legal concept ofbalancing of interests, to resolve the conflict between the rights toprivacy and to the protection of personal data in Art. 7 and Art. 8 ofthe EU Charter of Fundamental Rights (EUCh) against the right ofaccess to information derived...

The traditional approach to the stress testing of financial institutions focuses on capital adequacy and solvency. Liquidity stress tests are often applied in parallel to solvency stress tests, based on scenarios which may not be consistent with those used in solvency stress tests. We propose a...

This article - designed to give readers unfamiliar with public choice a historical overview and flavor for the kinds of problems considered - is divided into three main sections, "historical origins," the "modern founders of MPE," and a brief description of some "current issues" studied by...

Applied research often tolerates misspecification in order to reach informative conclusions. We focus on how the degree of misspecification varies with the level of aggregation of data for quasilinear utility models. We present aggregation results formalizing that the model cannot get worse when...

Das Allgemeine Verhaltensmodell von March und Simon verknüpft vier fundamentale Konstrukte der Verhaltenstheorie: das Anspruchsniveau, die Belohnungserwartung, die Zufriedenheit und die Suche nach Verhaltensweisen, die Erfolg und Zufriedenheit versprechen. Die Teilmechanismen, die in dem Modell...

We show that children who are born at or just before the weekend are less likely to be breastfed, owing to poorer breastfeeding support services in hospitals at weekends. We use this variation to estimate the effect of breastfeeding on children's development in the first five years of life, for...

The number of Covid-19 cases is increasing dramatically worldwide, with several countries experiencing a second and worse wave. Therefore, the availability of reliable forecasts for the number of cases and deaths in the coming days is of fundamental importance. We propose a simple statistical...

I provide a framework for understanding debt deleveraging in a group of _nancially integrated countries. During an episode of international deleveraging world consumption demand is depressed and the world interest rate is low, reecting a high propensity to save. If exchange rates are allowed to...