This article relates corporate credit rating quality to competition in lending between the public bond market and banks. In the model, the monopolistic rating agency's choice of price and quality leads to an endogenous threshold separating low-quality bank-dependent issuers from higher-quality...

Mobile devices are rapidly becoming ubiquitous and enabling radical changes in communication modalities across the globe. From social media to political organizing to electronic commerce, mobile devices are drastically transforming the way people live and work all over the world. Using data from...

The authors provide a detailed empirical analysis of Canadian city housing prices. They examine the long-run relationship between city house prices in Canada from 1981 to 2005 as well as idiosyncratic relations between city prices and city-specific variables. The results suggest that city house...

Cluster analysis is unique tool, which can be widely applied on marketing area. Multidimensional statistical methods often find practical use to marketing research area. The primary use of cluster analysis in marketing has been for market segmentation. The paper is attempting at shoving...

This paper studies housing markets with multiple segments searched by heterogeneous clienteles. We document market and search activity for the San Francisco Bay Area. Variation within narrow geographic areas is large and differs significantly from variation across those areas. In particular,...

Two important characteristics of current equity markets are the large number of competing trading venues with publicly displayed order books and the substantial fraction of dark trading, which takes place outside such visible order books. This paper evaluates the impact on liquidity of dark...