"One of the missing links in common property research has been the interaction between common property resource users and the market. The present research fills that gap with a study of Mexico's agrarian communities which coordinate timber production within their commonly-owned forest land. The...

As one of the oldest and most innovative financial institutions, a clearinghouse efficiently clears and settles payments for equity transactions as well as other securities. However, this paper will only be concerned with common and preferred equity securities. The purpose of a clearinghouse is...

American call and put options on the S&P 500 index futures that violate the stochastic dominance bounds of Constantinides and Perrakis (2007) over 1983-2006 are identified as potentially profitable investment opportunities. Call bid prices more frequently violate their upper bound than put bid...

Which form of exchange governance performs better in a dynamic environment? This remains an unanswered question in the transaction cost analysis (TCA) and relational exchange literatures. Some researchers purport that transactional governance provides superior performance by providing firms the...

We analyze the problem of an investor who needs to unwind a portfolio in the face of recurring and uncertain liquidity needs, with a model that accounts for both permanent and temporary price impact of trading. We first show that a risk-neutral investor who myopically deleverages his position to...

This paper is a first attempt to empirically measure transaction costs – a composite of administrativecosts and trading costs – of firms in the European Union's CO2 Emissions Trading Scheme (EU ETS)during its trial phase (2005-2007). This analysis provides some evidence that transaction...

Following sound economic theory, paper mills vertically integrate into pulp production, partly because internalizing the production of their inputs allows them to avoid transaction costs. Higher market concentration, a proxy of higher asset specificity and transaction costs, should encourage...

The motivation for the research presented in this thesis stems from the recentavailability of high frequency limit order book data, relative scarcity of studiesemploying such data, economic significance of transaction costs management, anda perceived potential of data mining for uncovering...

Using survey data from the community, producer marketing groups (PMGs) and farmhouseholds in Kenya, this paper investigates the potential of rural institutions (farmerorganizations, their rules and enforcement mechanisms) for remedying pervasive marketimperfections and facilitate access to new...

Machinery-sharing provides an alternative for smaller producers to obtain the efficiencies of large farming operations and remain competitive in an increasingly concentrated agricultural industry. This research uses a multiple case study design to examine the motivations for sharing equipment...