Investment banks find it profitable to invest in the development of innovative derivative securities even without being able to preclude early competition from other investment banks using patents. To explain this, we assume that the developer can learn from the first issues of the innovative...

This paper shows how this becomes an informational first-mover advantage that turns innovators into the market leader.

Big airports profits are more and more often coming from commercial activities such as retailing. However, commercial services are relatively far from the original mission of the airport: providing airlines with aviation services such as ground handling, terminal management or airside...

This paper estimates the issuers' demand for the banker's underwriting service across different varieties of equity-linked securities.