Judicial control of the Commission’s complex economic appraisals in EU competition enforcement has long troubled both academics and practitioners. Despite the commonly shared feeling that the marginal standard of review, as applied by EU Courts, is not as deferential as one might fear, its...

Gauging foreign (domestic) biases as the deviation of foreign (domestic) investors' actual portfolio allocation of a bond market from the same bond market's weight in global bond market, we investigate the determinants of foreign and domestic investment biases in 41 global bond markets. We find...

Under Basel II framework, credit risk assessment is of high significance in the light of correlation risk. Correlation risk is often envisioned along with business conditions and financial market's impact. We employ copula methodology to identify the dependence structures that may exist between...

Many reforms have taken place in Indonesia following the Asian financial crisis of 1997-1998. The government has embarked upon institutional transformation, making the country one of the region's most vibrant democracies. In social, economic, and political areas, Indonesia has seen much...

This paper explores the complexities of government financial management in China andexamines the nature of the recent Public Finance Framework reform in that country. Weargue that this Public Finance Framework reform is not just the latest idea in a centrallydominated reform agenda (and a...