Pricing and hedging of long-term interest rate sensitive products require to extrapolate the term structure beyond observable maturities. For the resulting limiting term structure we show two results by postulating no arbitrage in a bond market with infinitely increasing maturities: long...

Asymmetric information and fear of acquiring a 'lemon' may explain the paucity of foreign investment in emerging market economies. If investors are uncertain about the profitability of investments, intrinsically inefficient, temporary partnerships or joint ventures may serve as mechanisms...

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Winter-rapporten identificerer to grundlæggende principper. 1) Proportionalitetsprincippet: Der skal være proportionalitet mellem den ultimative økonomiske risiko, som investorer påtager sig, og den kontrol disse opnår i virksomheden. 2) Aktionærprincippet: I tilfælde af et...

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