Turbo warrants have experienced huge growth since they first appeared in late 2001. In some European countries, buying and selling turbo warrants constitutes 50% of all derivative trading nowadays. In Asia, the Hong Kong Exchange and Clearing Limited (HKEx) introduced the callable bull/bear...

Modigliani and Miller show that, in perfect capital markets, the optimal investment decisions of a firm are not affected by how these investments are financed. Miller and Modigliani further imply that, under the assumption of perfect capital markets, a firm's investment decisions are not...

While incorporating the Markov-switching (MS) mechanism, this work establishes a hybrid model with endogenous and time-varying loading in each economic model and time-series approach. The empirical data include the monthly exchange rates between the U.S. dollar and the currency of four mature...

We develop an empirical model allowing for the identification of four different resource mobilization climates describing the period between 1986 and 2002. Those climates are based on different constellations of gross capital formation and domestic savings rates: super investor (high savings,...

Agency theory has established that appropriate incentives can reconcile the diverging interests of the principal and the agent. Focusing on three applications, this dissertation evaluates the empirical relevance of these results when a third party interacts with the primary contract. The...

Summary According to the economic theory of crime, a rise in expected punishment - i.e. the product of probability and severity of punishment - results in a reduction of crime due to deterrence. What appears to be a simple and straightforward hypothesis turns out to be a demanding task for...

Water utility planning efforts are becoming increasingly difficult throughout the world. Located in a semi-arid region, Ciudad Juárez, Mexico is a fast growing municipality that faces both physical infrastructure and water supply constraints. This paper examines monthly water consumption in...