Payment service providers passed the transaction tax on to their clients in several steps and to a significant degree, both in the spring, upon introduction of the tax, and in the autumn, when the rates of tax were raised. For cash withdrawals and bank transfers, the tax was typically passed on...

We investigate how a deferred patent examination system promotes ex-ante screening of patent applications, which reduces both the number of granted patents and the use of economic resources for examinations, without reducing the return from R&D. Based on a real option theory, we develop a model...

Hedge funds feature special compensation structure compared to traditional investments. Previous studies mainly focus on the provisions and incentive structure of hedge fund contract, such as 2/20, hurdle rates, and high-water mark. The first essay develops an algorithm to empirically estimate...

In this paper I build a simplified model of the remuneration structure of a private equity fund using option theory. This model is then used to analyze the relative importance of the fixed and variable fee parts. The model is complemented with a structural model to evaluate the financial choices...