Third-party access to major infrastructure facilities is a key component of National Competition Policy. In many situations, both through states regimes and access undertakings under the new part IIIA of the Trade Practices Act, access will be governed by explicit or implicit rate-of-return...

We investigate whether providers of high frequency news analytics affect the stock market. As identification, we exploit a unique experiment based on differences in news event classifications between different product releases of a major provider of news analytics. We document a causal effect of...

Theoretically, corporate debt is economically equivalent to safe debt minus a put option on the firm’s assets. We empirically show that indeed portfolios of long Treasuries and short traded put options ("pseudo bonds") closely match the properties of traded corporate bonds. Pseudo bonds...