It is possible in France to finance the purchase of a property with a viager in lieu of obtaining a traditional mortgage loan, where the purchase price of the property, or balance of the price if a down payment is made (the bouquet), is converted into an annuity that the buyer agrees to pay for...

Asset backed commercial paper, or ABCP for short, is commercial paper that is issued by a special purpose corporation against undivided interests in corporate receivables, including retail, trade, or export receivables. Since the inception of the market in 1983, the volume of ABCP has grown to...

We discuss how the Registered Traveler (RT) program can enhance simultaneously aviation security and passenger convenience. We point out some of the potential weaknesses in the program from both a security and civil liberty perspective. The RT program is a public-private partnership between the...

In a world where the objectives of managers differ from the objectives of shareholders, the analysis of management response to a tender offer must consider the possibility that management's response is a function of their equity interest in the company.

In the paper “Predicting the Outcome of Tender Offers: An Endogeneity Problem”, we argue that previous econometric models designed to predict the outcome of tender offers have been estimated incorrectly. We illustrate that the source of the estimation error comes from variables which are...