This paper discusses four bankruptcy-related policy issues. First, what is the economic rationale for having a bankruptcy procedure at all and what defines an economically efficient bankruptcy procedure? Second, why did the number of U.S. bankruptcy filings increase so dramatically between 1980...

This paper discusses four bankruptcy-related policy issues. First, what is the economic rationale for having a bankruptcy procedure at all and what defines an economically efficient bankruptcy procedure? Second, why did the number of U.S. bankruptcy filings increase so dramatically between 1980...

Purpose – This study aims to propose the idea of which macro-factors and how the macro-factors impact on the gold price. Design/methodology/approach – An EGARCH model is applied to test the volatility of gold price. A VAR method is applied to validate the idea by decomposing gold's value...

Purpose– This study aims to propose the idea of which macro-factors and how the macro-factors impact on the gold price. Design/methodology/approach– An EGARCH model is applied to test the volatility of gold price. A VAR method is applied to validate the idea by decomposing gold's value into...

As a special commodity, gold possesses multiple features: as commodity, currency and hedging instrument. Its currency and hedging features are well manifested during the first stage of this financial crisis since 2007. However, the hedging feature of gold was hardly discussed before. The above...