This is a study of how contractual mechanisms can mitigate agency conflicts in sub-advised mutual funds. Sub-advising contracts allow fund families to expand their product offerings to include new investment styles and thereby gain market share. We show that costly contractual arrangements, such...

Under standard assumptions about players’ cost functions, we show that a Tullock contest with asymmetric information has a pure strategy equilibrium. Moreover, when players have a common value and a common state independent linear cost function, a two player Tullock contest in which one player...

The Amendment of the Directive 94/19/EC on Deposit Guarantee Scheme (DGS), adopted in spring 2009 as a response to the financial turmoil, requires the European Commission (EC) to submit to the European Parliament and the Council a report analyzing a number of issues related to DGS.The EC...

JRC has investigated potential risk-based models for computing contributions of Deposit Guarantee Scheme (DGS) and assessed their potential impact across Member States. The report illustrates three possible approaches for calculating contributions on the basis of the risk profile of the DGS...

COSMO-based process simulations with Aspen Plus/Aspen HYSYS are used, for the first time, to a priori estimate the thermodynamic performance of ammonia absorption refrigeration cycles using ionic liquids as absorbents. This allows not only broadening the criteria set used to select/design ionic...