The presence of purchasing power parity is often attributed to the exploitation of arbitrage opportunities in goods … limited support for a simple arbitrage view. The deviations of real exchange rates and trade from trend are virtually … reversion. Both may, of course, reflect expectations of trade responses, opening an indirect role for incipient arbitrage in …

for foreign exchanges) data, it is found that risk-free arbitrage opportunities--free lunch--do occur in the foreign … pair and (b) triangular arbitrage relationship involving three currency pairs. The latter occur much more often than the … former. Such arbitrage opportunities tend to occur when the markets are active and volatile. Over the 12-year, tick …

securitized mortgages. This paper uses the impact of one such sharp rule, the conforming loan limit, on securitization volumes. We … securitization activity in years following such a billion-dollar disaster. Such increase is larger in neighborhoods for which such a …

compensation, investment, and firm performance for both cases. The relationship between firm performance and managerial incentives … firm performance and between incentives and investment. Our empirical results show that both firm performance and …

policies has been constrained by two important problems. First, the absence of data on contracts and performance has limited …