The paper represents the study of ongoing tendencies on the Georgian capital market; the relationship between executed legislative infrastructure and institutional reforms has been established. The purpose of the work is to analyze the characteristics of formation and functioning of capital...

Uniswap is a decentralized exchange (DEX) and was first launched on November 2, 2018 on the Ethereum mainnet [1] and is part of an Ecosystem of products in Decentralized Finance (DeFi). It replaces a traditional order book type of trading common on centralized exchanges (CEX) with a...

How do you value companies which have IPOed recently? How do you compare them amongst their peers? Valuing companies using a linear extrapolation of their revenues and profits leads to an ingenious method to benchmark stocks against each other. Here we present such a method, dubbed the growth...

This is the first chapter of the book written Minh Chinh Pham and Quan Hoang Vuong, with the name The Storm. The chapter described the situation of the Vietnamese economy right before the global financial meltdown, which was later sinking many economies and larger conglomerates. The chapter...

The behavior of market forces in macroeconomics is not instantaneous. We cannot experience the impact of those forces instantly like fire or wind. We would feel the behavior of market forces such as inflation, unemployment, stock markets, interest rates and exchange rates only with a time lag...

We present a model in which banks trade toxic assets to fund investments. Adverse selection in toxic assets reduces liquidity and investment. Investment is inefficiently low because banks must sell high-quality assets below their "fair" value. We consider whether equity injections and asset...

Bond markets in emerging markets are illiquid as investors and issuers grapple with major microstructure and legal issues. The importance of bond markets as a source of finance has increased during the economic slowdown as companies diversified away from reliance on banks for funding and many...

Bond markets in emerging markets are illiquid as investors and issuers grapple with major microstructure and legal issues. The importance of bond markets as a source of finance has increased during the economic slowdown as companies diversified away from reliance on banks for funding and many...

We question a deep-ingrained doctrine in asset pricing: If an empirical characteristic-return relation is consistent with investor "rationality," the relation must be "explained" by a risk factor model. The investment approach changes the big picture of asset pricing. Factors formed on...