The article deals with the problem of West European and Nordic countries small economies as well as ultra-small autonomous territories of Alands and Faeroes island's development. The latter are considered as the <<competitive sub-peripheries> areas due to the special industrial organization development, stimulated by the...</<competitive>

Part I. Theoretical Outline -- Chapter 1. Introduction -- Chapter 2. The Digital Transformation as a starting point -- Chapter 3. The approach of the Freiburg School and why it is particularly useful now -- Part II. An Order Challenger -- Chapter 4. A functioning price system -- Chapter 5....

This study tests the assertion that membership growth in credit unions is constrained by their unique structural features, such as their non-profit mission and member-based ownership. Although these features enhance inclusiveness, existing theory suggest that they work against efficiency when...

This paper weights the relative advantages of multiple factors that lead to the success of professional sports stadiums in major markets, though a discussion of the arguments for and against public subsidies towards these projects. Using a logit statistical model, the paper determines that the...

The article deals with the problem of West European and Nordic countries small economies as well as ultra-small autonomous territories of Alands and Faeroes island's development. The latter are considered as the «competitive sub-peripheries» areas due to the special industrial organization...

I provide new evidence on the failure of the Q-theory. The Q-theory implies the state-by-state equivalence of stock and investment returns|a important implication of many asset pricing models. Using aggregate US data, I find there exists a realistic parameterization of the aggregate production...

Empirically, the conditional volatility of aggregate consumption growth varies over time. While many papers test the consumption CAPM based on realized consumption growth, little is known about how the time-variation of consumption growth volatility affects asset prices. We show that in a model...

A firm seeks to raise capital in credit markets to fund risky operating activities. The firm has private information about the future cash flows from such activities. Firm owners delegate operating decisions to a manager who privately learns further information about the distribution of those...

While aggregate earnings should affect aggregate stock returns, standard portfolio theory predicts that the cross-sectional dispersion in firm-level earnings would not affect aggregate stock returns. Nonetheless, this paper demonstrates a surprisingly robust relation between cross-sectional...