This paper analyzes the risk-taking behavior of open-end corporate bond funds after the outbreak of the COVID-19 pandemic and the policy interventions that followed it. Using monthly security-level information on portfolio holdings at the global level in 2020, we show that funds more exposed to...

Pre-commercial procurement (PCP) is a competitive multiple-sourcing procedure for procuring research and development services. It involves different suppliers competing in parallel through different phases of development. The risks and benefits are shared between the procurers and the suppliers...

Pre-commercial procurement (PCP) is a competitive multiple-sourcing procedure for procuring research and development services. It involves different suppliers competing in parallel through different phases of development. The risks and benefits are shared between the procurers and the suppliers...

The efficiency of publicly-subsidized, privately-provisioned social insurance programs depends on the interaction between strategic insurers and the subsidy mechanism. We study this interaction in the context of Medicare's prescription drug coverage program. We find that the observed mechanism...

This research analyses through the use of instrumental variables estimation whether democracy has an effect on variables belonging to three different categories: fiscal policy, inequality in income distribution and political instability. It shows there is no stable relation between democracy and...