This paper analyzes the influence of downside risk on defaultable bond returns. By introducing a defaultable bond-trading model, we show that the decline in market risk tolerance and information accuracy leads to trading loss under downside conditions. Our empirical analysis indicates that...

OVX (Crude oil volatility index), as a measure of oil market uncertainty and new volatility derivatives published by CBOE (Chicago Board Options Exchange) during the 2008 global financial crisis, provides a direct prediction of the market's expectation for future 30-day crude oil price...

In this study, we apply a structural vector autoregression (SVAR) model, combining the global crude oil market with each emerging economy, to investigate the effects of different types of oil shocks on industrial outputs, real exchange rates, and consumer price levels in each of the BRICS...

We estimate a dynamic oligopoly entry game in the early U.S. local telephone market. We observe the identities of potential entrants into local markets and therefore the waiting time of each potential entrant before it commits actual entry. To capture the feature of the data, we allow firms to...

Financial constraints are an important impediment to the growth of small businesses. We study theoretically and empirically how the financial constraints of agents affect their decisions to exert effort, and, hence the organizational decisions and growth of principals, in the context of...