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Powered by digital technologies, many peer-to-peer platforms, or what is called the sharing economy, have emerged in the past decade. While the impact of the sharing economy has re- ceived a great deal of attention in the past few years, extant research hasn’t fully documented the impact of...
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The paper provides a cutting edge look at the ability of existing (and soon to be enacted) legal structures to restructure a financially troubled global business. The basic problem rests on the simple fact that legal systems are country-specific, while businesses operate world-wide. To avoid...
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This paper uses the framework of arbitrage-pricing theory to study the relationship between liquidity risk and … proposition that liquidity risk affects the price of sovereign debt. This period was the last time that the debt of a … reflected in greater sensitivity to innovations in market liquidity. Second, small sovereign bonds, as measured by market value …
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mention the Prospectus Directive and its disclosure requirements. The results of that review turn out less up-beat and I …
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We present a consistent pure-exchange general equilibrium model where agents may not be able to foresee all possible future contingencies. In this context, even with nominal assets and complete asset markets, an equilibrium may not exist without appropriate assumptions. Specific examples are...
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We examine the interactions between business failures and macroeconomic aggregates, and specifically the accounts of policy-induced changes in the macroeconomy for the observed fluctuations of UK business failures in the period 1966-2003 using the vector error-correction model (VECM). The...
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