As a form of investment, the importance of capital reallocation between firms has been increasing over time, with the purchase of used capital accounting for 25% to 40% of firms total investment nowadays. Cross- firm reallocation of used capital also exhibits intriguing business-cycle...

Financial market liquidity has become increasingly fragmented across multiple trading platforms. We propose an intuitive welfare-based market quality metric that can properly aggregate local market conditions across both securities and trading venues. Our analysis rests on a general equilibrium...

With augmented demands on power grids resulting in longer and larger blackouts <p> combined with heightened concerns of terrorist attacks, trading institutions and policy <p> makers have widened their search for systems that avoid market failure during these <p> disturbing events. We provide insight into...</p></p></p>