Quadratic residues and $x^3+y^3=z^3$ in models of ${\rm IE}_1$ and ${\rm IE}_2$.

Bank ownership, rm value and rm capital structure in Europe*

We investigate the role of banks in the ownership structure of non-…nancial …rms. Distinguishing between banks and other institutional investors as shareholders, we examine the relationship between …nancial institution ownership and the performance of the …rms in which they hold equity. We control explicitly for the capital structure decision of the …rms and the ownership decision of …nancial i...

Topological superconductor in quasi-one-dimensional ${\rm Tl}_{2-x}{\rm Mo}_6{\rm Se}_6$

Identifying an Honest ${\rm EXP}^{\rm NP}$ Oracle Among Many

We provide a general framework to remove short advice by formulating the following computational task for a function f : given two oracles at least one of which is honest (i.e. correctly computes f on all inputs) as well as an input, the task is to compute f on the input with the help of the oracles by a probabilistic polynomial-time machine, which we shall call a selector. We characterize the ...

Stretching ̄rm and brand reputation

I consider an adverse selection model of ̄rm reputation. Each ̄rm is characterized by an exogenously given quality level, which is the ̄rm's private information and applies to any product it sells. Consumers observe the performance of the ̄rm's products, which is positively related to the ̄rm's quality level. The ̄rm's reputation is given by the consumers' posterior on the ̄rm's quality level given th...

Trade credit and rm comovements

Firms depend heavily on trade credit. In the years 1980-2004 about 60% of all inputs to production were purchased with a delayed payment. This paper provides evidence that trade credit connection plays signi cant role in the growth stability of customers by reducing the propagation of rm-level shocks from suppliers onto their customers. On average, customer experiences about 20% lower disruptio...