When considering the preannouncement of the market introduction of a newly developed, durable good, an innovative firm faces a trade-off. By announcing early, the firm can prevent the loss of potential demand before the launch of its product. At the same time, the incumbent firm learns about the...

This paper studies access regulation to international large-value payment systems when banking supervision is a national task. We focus on the choice between allowing net settlement or imposing real-time gross settlement. As a novel feature, the communication between the supervisors is...