The nature and intensity of punishment following contractual default varies greatly across economies. For instance, in the residential mortgage context, some US states limit the liability of the borrower to the home, while other states grant the lender much broader recourse. Intuitively, we would expect these differences to matter for default behavior at the micro-economic level and for equilib...

We study the role that recourse plays in commercial real estate loan contracts of largest U.S. banks. find is valued by lenders and treated as a substitute for conventional equity. At origination, loans have rate spreads are at least 20 basis points lower loan-to-value ratios around 3 percentage higher than non-recourse loans. Dynamically, affects modification negotiations providing additional ...

N owadays, innovation considered as the most important factor, which can affect economic growth extraordinary. Therefore, investigating the effect of variables affecting innovation has priority. In this study, we try to investigate 1) the natural resource curse hypothesis and 2) the effect of institutional quality on the way in which natural resources affects innovation. To investiga...

Stochastic programming models are large-scale optimization problems that are used to facilitate decisionmaking under uncertainty. Optimization algorithms for such problems need to evaluate the expected future costs of current decisions, often referred to as the recourse function. In practice, this calculation is computationally difficult as it requires the evaluation of a multidimensional integ...