As the digital generations have grown up with high-tech gadgets and become avid users of mobile phones and apps, they are also exposed to increasing mobile security threats and vulnerability. In this paper the authors discuss the impact of recent mobile technology advancements on mobile threat...

ABSTRACT This paper develops and simulates a model of a Bayesian market maker who transacts with noise and position traders in derivative markets. The impact of noise trading is examined relative to price determination in FX futures, noise transmission from futures to options, and...

Open source projects produce goods or standards that do not allow for the appropriation of private returns by those who contribute to these projects. In this paper we analyze why programmers will nevertheless invest their time and effort to code open source software. We argue that the particular...

Open source projects produce goods or standards that do not allow for the appropriation of private returns by those who contribute to their production. In this paper we analyze why programmers will nevertheless invest their time and effort to code open source software. We argue that the...

The constraint on informal finance is commonly taken to be high costs and limited supply. But the majority of informal investors - family and friends - is often willing to supply funds at negative returns, and yet many borrowers tap family and friends only as a last resort. We explain this...

We derive the effects of credit risk transfer (CRT) markets on real sector productivity and on the volume of financial intermediation in a model where banks choose their optimal degree of CRT and monitoring. We find that CRT increases productivity in the up-market real sector but decreases it in...