In this paper we provide evidence that equity returns lead credit protection returns at daily and weekly frequencies, while credit protection returns do not lead equity returns. Our results indicate that informed traders are primarily active in the equity market rather than the CDS market. These findings are consistent with standard theories of market selection by informed traders in which mark...

Critical information infrastructure protection is the subject “du jour.” An important part to addressing the issue is to answer the question whether the private sector or the government should be responsible for protection. The choice of governing arrangement – government provision, private provision or any combination thereof – is essential to ensuring an adequate level of security. This paper...

The Economics of Employment Protection Empirical investigation of the labor market consequences of employment protection has mushroomed since Lazear's (1990) pioneering study. Having sketched the theoretical background, we chart the course of the modern empirical literature. We focus mainly on dismissals protection, distinguishing between the themes of employment and unemployment development an...

The Economics of Employment Protection Empirical investigation of the labor market consequences of employment protection has mushroomed since Lazear's (1990) pioneering study. Having sketched the theoretical background, we chart the course of the modern empirical literature. We focus mainly on dismissals protection, distinguishing between the themes of employment and unemployment development an...

This chapter aims to contribute to the effective design of the rules that could allow lowcost carbon sequestration efforts in any number of tropical locations to replace high-cost emissions-reduction efforts in developed northern countries.2 The Clean Development Mechanism (CDM) of the Kyoto Protocol could potentially create such a market. This market could provide benefits for the tropical cou...