We derive the effects of credit risk transfer (CRT) markets on real sector productivity and on the volume of financial intermediation in a model where banks choose their optimal degree of CRT and monitoring. We find that CRT increases productivity in the up-market real sector but decreases it in...

We examine the effect which credit risk transfer (CRT) markets have on real sector productivity and the volume of financial intermediation in an economy. We find that, despite a reduction in per-firm monitoring, CRT increases productivity in the up-market segment of the real sector but decreases...

This article examines the roles of the perception of brand personality in consumers’ brand preference and loyalty. This research conducts a survey of 300 adults in Malaysia with regard to brand personality, brand preference and loyalty in investigating two foreign brand coffee outlets,...

This paper demonstrates that non-voting shares can promote takeovers. When the bidder has private information, shareholders may refuse to tender because they suspect to sell at an ex post unfavourable price. The ensuing friction in the sale of cash flow rights can prevent an efficient change of...