Bank credit has evolved from the traditional relationship banking model to an originate-to-distribute model. We show that the borrowers whose loans are sold in the secondary market underperform their peers by about 9% per year (risk-adjusted) over the three-year period following the initial sale...

This chapter discusses what the asset-pricing literature concludes about the forecastability of interest rates. It outlines forecasting methodologies implied by this literature, including dynamic, no-arbitrage term structure models and their macro-finance extensions. It also reviews the...

This article is based on the hypothesis that there exists far less conflict between competition/antitrust policy and intellectual property rights (IPRs) than there is made out to be. Historically, judges have imagined far greater conflicts between antitrust policy and intellectual property...

It is beneficial for the consumer to have solar cookers of various varieties in terms of geometrical designs, performance and price but it is also a challenge to develop a uniform test standard for evaluating the thermal performance of the cookers irrespective of their geometrical construction....

Developing a test standard/protocol for solar box type cookers has drawn a considerable interest among the researchers throughout the world. Recent publications on solar cookers emphasize the need of introducing the thermal performance indicators determined through exergy analysis. In the...

We address three questions relating to the interest rate options market: What is the shape of the smile? What are the economic determinants of the shape of the smile? Do these determinants have predictive power for the future shape of the smile and vice versa? We investigate these issues using...