The authors argue clearly and convincingly in this book that the debt crisis which has plagued the world economy for the past ten years is due to the inherent fragility of financial markets. Governments, financial institutions and borrowers, including developing countries, have simply expected...

Despite a documented decline in the number of dividend payers in the UK it is found that aggregate real dividends paid by industrials actually increased between 1979 and 2000. This was attributed to the firms lost from the sample being generally small distributors of dividends whilst the growth...

The microstructure of stock markets and futures markets has attracted considerable recent attention, but the evidence relating to options markets is sparse, especially for the U.K. This article addresses this void in the literature by presenting evidence on the intraday behavior of bid-ask...

This paper investigates the dividend decisions of firms in the UK reporting losses after sustained periods of profitability. It is found that loss-making firms are more likely to reduce dividends compared to firms that remain profitable, although a loss is far from a guarantee that the dividend...

In 1990, Britain became the first developed country to reorganise its electricity industry to run on competitive lines. The British reforms are widely regarded as the benchmark for other reforms and the model used provides the basis for reforms of electricity and other network industries around...

In the 21st century, more and more businesses are confronted with new and often radical technologies, frequently leading to very different business models. Demand and consumer expectations are shifting quickly and radically, since ICT facilitates new and consumer-driven patterns of consumption...

Creative destruction is an economic theory of innovation popularised by the Austrian economist Joseph Schumpeter (2006). In this paper, Schumpeter’s theories are used to explain how radical technological innovations in information-intensive industries are influencing the erosion of traditional...

In the 21st century, more and more businesses are confronted with new and often radical technologies, frequently leading to very different business models. Demand and consumer expectations are shifting quickly and radically, since ICT facilitates new and consumer-driven patterns of consumption...

Creative destruction is an economic theory of innovation popularised by the Austrian economist Joseph Schumpeter (2006). In this paper, Schumpeter’s theories are used to explain how radical technological innovations in information-intensive industries are influencing the erosion of traditional...

Marketing in today’s highly competitive environment needs to consider forces that go beyond most firms’ available resources and capabilities. Work by Adomavicius et al. (among others) regarding the differentiation between product – infrastructure – ecosystem has gained increasing...