We investigate intermediary asset pricing theories empirically and find strong support for intermediary book leverage as the relevant state variable. A parsimonious dynamic pricing model that uses detrended broker-dealer leverage as a price of risk variable, and innovations to broker-dealer leverage as pricing factor is shown to perform well in time series and cross sectional tests of a wide va...

It seems odd that after 370 years or so, since Descartes published his Meditations (1641), we are still wrestling with his thought. Not just philosophers, but scientists who study the mind, as well (see, e.g., Edelman 2006). By the time Descartes himself arrives at his Sixth Meditation, he is wresting with his own thought. Insofar as he defined the self as a thinking thing (res cogitans) in the...

Donors often rely on local intermediaries to deliver benefits to target beneficiaries. Each selected recipient observes if the intermediary under-delivers to them, so they serve as natural monitors. However, they may withhold complaints when feeling unentitled or grateful to the intermediary for selecting them. Furthermore, the intermediary may distort selection (e.g. by picking richer recipien...

This study attempts to answer the question of distinguishing appropriate intensity measure parameter for performance-based design or assessment, taking into account the efficiency aspect. The comprehensive comparative tables proposed in this paper could be an effective support in the decision making procedure for intensity measure selection, comprising most of the frequently utilized intensity ...

When it was proclaimed that the Library contained all books, the first impression was one of extravagant happiness. All men felt themselves to be the masters of an intact and secret treasure. There was no personal or world problem whose eloquent solution did not exist in some hexagon. (. . . ) As was natural, this inordinate hope was followed by an excessive depression. The certitude that some ...

The He and Krishnamurthy models imply that the financial intermediary sector – measured broadly, and not just focused for example on hedge funds – has leverage that rises during crisis. The prediction is due to a mix of general equilibrium and corporate finance arguments. First, in the model, in general equilibrium the intermediary sector must retains the bulk of risk exposure from intermediate...

As e-commerce is steadily increasing every year, trust building has become an important research topic in e-commerce research especially in developing countries. In this study, trust in intermediary and trust in online sellers are separated. Antecedents of trust and trust transference between online sellers and the intermediary are also explored. Analysis of the data collected from a questionna...