I develop a model of firm-dynamics which provides a theoretical characterization as well as a new empirical test for inefficient firm exit. When applied to European firm-level data, my test results suggest that firm exit is less efficient in lower income countries. I show that the model can be...

I develop a model of firm-dynamics which provides a theoretical characterization as well as a new empirical test for inefficient firm exit. When applied to European firm-level data, my test results suggest that firm exit is less efficient in lower income countries. I show that the model can be...

Developing analytic techniques for potential future exposure (PFE) of a general type transaction and applying it to credit value adjustment (CVA) and wrong way risk (WWR). The solutions provide a transparent and computationally friendly analytic formulas and good quality analytic estimates of...