Abstract Violations of no-arbitrage conditions measure the shadow cost intermediary constraints. Intermediary asset pricing and intertemporal hedging together imply that risk these constraints tightening is priced. We describe a “forward CIP trading strategy” bets on violations shrinking show its returns help identify price this risk. This strategy yields highest for currency pairs associated w...

We study incentive provision in a model of securities issuance with an informed issuer and uninformed investors. We show that the presence of an informed intermediary may increase surplus even if we allow for collusion between the intermediary and the issuer. Collusion is neutralized by introducing a misalignment between the interests of the issuer and those of the intermediary. To achieve this...

Providing a student with feedback that is timely, most suitable and useful for her personality and the performed task is a challenging problem of online assessment within Web-based Learning Systems (WBLSs). In our recent work we suggested a general approach of feedback adaptation in WBLS and through a series of experiments we demonstrated the possibilities of tailoring the feedback that is pres...