Currency and interest rate swaps are subject to a complex, two-sided default risk. Although several theoretical papers have recently addressed the problem of pricing swap credit risk, the empirical literature is almost non-existent. This is the only study we know which uses actual transaction...

We examine the market of Picasso paintings sold at auction between 1963 and 1994. Using the hedonic regression method we test whether and in which way dimensions, materials used, signature, where and by whom the art work was sold, the catalogue raisonné number, working periods, exhibitions and...

The most seriously threatened European seas are the North Sea, the Baltic and the Black Sea. Here the rapid degradation of these marine environments is examined comparatively to identify similarities and differences in the driving forces and responses of the marine systems. Although it is...

This paper shows that introducing agency considerations into a model of innovations and growth can have radical consequences as to the effects of competition policy and industrial policy on the rate of technological change. Whilst competition policy (resp. industrial policy) has a negative...