Usually it is argued that an increase in exchange rate volatility reduces the volume of international trade since trading firms are risk averse. This paper shows for risk neutral firms that the expected international trade volume in standardized commodities grows with exchange rate volatility....

Die Publikumsgesellschaft wird häufig als eine ineffiziente Unternehmensform kritisiert. Da die Kleinaktionäre das Management nicht überwachen, nutzt das Management seinen Spielraum zu Lasten der Aktionäre. Dieser Sichtweise wird hier die Versicherungsperspektive gegenübergestellt....

This paper compares different instruments for a debt relief, given severe debt servicing problems of some sovereign debtors. Criteria for a debt relief are discussed. First, it will be argued that a debt relief cannot be supported by the argument that it benefits both, the debtor and the...

The European Community has passed the European Insider Directive which prohibits insider trade in common stock and debt securities. Hence banks are not allowed to sell debt securities when they receive unfavorable inside information on their borrowers. Until now, German banks have not only been...

A costless, fully revealing signalling equilibrium is derived from two easily understandable conditions. The outsidet-protection condition states that the outsiders relate the price which they offer to pay for a security inversely to the supply of this security which they interpret as a quality...