Firms need to incur substantial sunk costs to break in foreign markets, yet many give up exporting shortly after their first experience, which typically involves very small sales. Conversely, other new exporters shoot up their foreign sales and expand to new destinations. We investigate a simple...

Using the FUND model, an impact assessment is conducted over the 21st century for rises in sea level of up to 2-m/century and a range of socio-economic scenarios downscaled to the national level, including the four SRES (IPCC Special Report on Emissions Scenarios) storylines. Unlike a...

Does innovation boost or fall with more competition when innovation follows a memory process? This paper provides a theoretical model which analyzes the innovation and competition relationship assuming that innovation follows a short-memory process. I find innovation increases with more product...

This paper addresses the impact of developments in the credit risk transfer market on the viability of a group of systemically important financial institutions. We propose a bank default risk model, in the vein of the classic Merton-type, which utilizes a multi-equation framework to model...

Since the global credit crunch, lenders have recognized how critical it is to assess the default risk of portfolios of consumer borrowing under different economic environments. We describe a Markov chain model for revolving consumer credit accounts based on consumers' behavioral scores that...

This paper studies the analytical properties of the reinforcement learning model proposed in Erev and Roth (1998), also termed cumulative reinforcement learning in Laslier et al (2001). This stochastic model of learning in games accounts for two main elements: the law of effect (positive...

After the financial global crisis in 2008, there has been a growing interest in studying financialisation in economic geography mainly in Anglo-American societies. Most attempts in understanding finance in Geography focus on macro level finance culture i.e. examining financial structures and...

Firm’s proper acquisition size is still an unresolved question. The extant literatures mention little about the determinants of firm’s acquisition size at micro economic level. With recent available data of acquisitions in Chinese stock market (Shanghai and Shenzhen) during 2003-2008, we...

Increasingly ICT-based virtual products are challenging physical products and markets. Obsolescence has become a real effect for an augmented number of established industries due to the facilitation of access, consumption, and permanent, immediate availability, which dematerialised products...

Purpose The method of understanding and managing the diversity within a business is at the heart of the reasoning behind the concept of ‘supply chain segmentation’. The overarching principle is to find economical segments within the diverse product and customer mix and to match...