We develop a dynamic model of platform economy where tokens serve as means payment among users and are issued to finance investment in productivity. Tokens optimally rewarded owners when token supply (normalized by productivity) is low burnt boost franchise value the normalized high. Although price determined liquid market, platform’s financial constraint generates an endogenous issuance cost t...

This document describes an experimental protocol for publicly logging the existence of Transport Layer Security (TLS) certificates as they are issued or observed, in a manner that allows anyone to audit certificate authority (CA) activity and notice the issuance of suspect certificates as well as to audit the certificate logs themselves. The intent is that eventually clients would refuse to hon...

IV Imperfect Capital Markets and The Real World 8 A Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 B Bankruptcy Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 C Operating Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17...

We have developed responses to your questions and are submitting them for your review as Enclosure 1. Draft responses were discussed with your staff at a technical exchange on October 5 and 6, 1999, and during a foHow-up teleconference on October 22, 1999. These discussions have helped clarify the information requested in the RAJ and have helped ensure our responses will facilitate the issuance...

Abstract Former reports of Environmental, Social and Governance (ESG) tended to focus on the equity side investing, today green bonds also offer introduce sustainability factors. This paper is about relevance, potential benefits key arguments for countries with low-and middle-incomes where financial markets are not comparable those in developed countries. We begin by stating clearly relevance a...

Self-dealing in securities issuance can be characterized by an issuing manager who gains at the expense of the other existing stakeholders in the issue. The current system of public securities issuance for U.S. states potentially allows for conflict of interest through campaign contributions that benefit issuing officials. This paper shows that selecting a contributing underwriter through negot...

shiite scholars have always been concerned with the question of authenticity of hadiths of infallible-innocent personalities from the very beginning. text criticism and consideration of contextual criticism of hadiths is a significant component in this connection. evidence available indicates that text criticism of hadiths, whose consideration had been rooted in shi‘a imams’ directions, has had...