Conventional wisdom suggests that copyright piracy may in effect reduce the deadweight loss resulting from copyright protection because it allows the public unlimited access to information goods at a price closer to marginal cost. It has been further contended that lower copyright protection...

Copyright law is widely perceived as the means to promote social welfare by providing necessary incentive for intellectual creation. However, there has been little clarity in copyright literature on how artists actually respond to copyright incentives: What factors motivate artists to create...

It is a popular practice for firms to acquire a block share of their manufacturers' ownership. This paper studies the economic impacts of such partial vertical ownership (PVO) in the presence of downstream market competition. Prior studies of vertical integration suggest that firms benefit from...

Herewith we present a new Fourier method for credit risk quantification and allocation in the factor-copula model framework.The key insight is that, compared to directly computing the cumulative distribution function (CDF) of the total loss of a portfolio via Monte Carlo simulation, it is in...