This document evaluates interest margin determinants in the Russian banking sector with a specific focus on the bank ownership structure. Employing a unique bank-level data covering Russia’s entire banking sector for the 1999-2007 period, we discover that the impact of a number
The economic analysis of building contracts is an unexplored field within Law and Economics. This paper makes an attempt to cast some light over the subject and encourage to more research within the field. The main purpose has been to describe why the actual price in a public construction project often turns out to be higher than the contract price and offer a way of handle that risk.
Does risk aversion lead to softer or fiercer competition? To give a complete answer, I provide a framework that can accommodate a wide range of alternative assumptions regarding the nature of competition and types of uncertainty. I show how more risk aversion
Essay 1: Hurst and Lusardi (2004) use higher-order polynomials in wealth in estimating the relationship with entrepreneurship. They find evidence conflicting with the existence of extensive liquidity constraints in the United States. In this paper, their approach is replicated on Swedish data.
Momentum profitability concentrates in high information uncertainty and high credit risk firms and is virtually nonexistent otherwise. This paper rationalizes such momentum interactions in equilibrium asset pricing. In our paradigm, dividend growth is mean reverting, expected dividend growth is stochastic and highly