We demonstrate that auctioning market licenses may result in higher market prices than assigning them via more random allocation mechanisms. When future market pro…t is uncertain, winning an auction is like winning a lottery ticket. If …rms di¤er in risk attitudes, auctions select the least risk averse …rm, which, in turn, set a higher price (or a higher quantity, in case quantity is the decisi...

In this work we analyze market payoffs of Credit Default Swaps (CDS) and we derive rigorous standard market formulas for pricing options on CDS. Formulas are based on modelling CDS spreads which are consistent with simple market payoffs, and we introduce a subfiltration structure allowing all measures to be equivalent to the risk neutral measure. Then we investigate market CDS spreads through c...

We evaluate theoretical uncertainties to the method of Pais and Treiman to measure the ππ phase shifts in Ke4 decays. We find that they are very small, below 1%. Work supported in part by the INFN, and by the HCM, EEC-Contract No. CHRX-CT920026 (EURODAΦNE) Unité de Recherche des Universités Paris XI et Paris VI associée au CNRS.

Vietnam has been pursuing economic reforms to support the marketization process and the development of SMEs. This paper examines the extent to which Vietnam’s policies effectively support the development of market principles for the growth of SMEs. This paper also assesses issues affecting the sustainability of the measures taken by the government under its Doi Moi policy. The methodology entai...

A fter four years of hardly keeping up with inflation, Indiana cropland values jumped around 10% in the year ending in June 1994 according to the Purdue land values survey. The USDA reported a 7.8% increase for the year ending January 1. Likely causes of strength in the land market include low interest rates (affecting both borrowers and equity investors), generally good yields in Indiana in 19...

litis study is based on embryotoxic effects of ethanol on embryos and discussing the morphologic and hhtahtgic changes and defects an mouse. tlie female animals were divided in three groups. hie first group untreated as a control group but the second and third group received 10% and 20% solutions of ethanol respectively. animals get use to certain level of ethanol solution and in the 10th day, ...

it has been recognized that patients with cyanotic congenital heart disease (cchd) show significant bleeding tendency which can be secondary to coagulopathies in these patients. some coagulation abnormalities are thrombocytopenia, factor deficiencies, fibrinolysis and disseminated intravascular coagulation  (dic). according to high prevalence of cchd and major operations in theses patients, the...

the anomalous origin of the right coronary artery (rca) as a branch from the left anterior descending artery (lad) is a very rare variation of the single coronary artery anomaly. the anomalous vessel arises from the proximal or midportion of the lad and courses anterior to the pulmonary artery trunk in most instances. in this case report, a 61-year-old woman is introduced who underwent coronary...

thorough understanding of the anatomic and internal morphology of a root canal system is absolutely essential for the success of endodontic treatment. since permanent maxillary first molars have shown variation in internal anatomy, morphology, this tooth has been reviewed extensively. presence of two canals in a two-rooted maxillary first molar has rarely been reported in studies describing too...

Abnormalities in ripening lead, in some years, to substantial losses of fruit. For example, in tomato, there is a physiological disorder known as "blotchy" fruit which has been related to alterations in the cell wall metabolism (7). Some areas within the fruit fail to soften normally resulting in hard spots in the otherwise ripe fruit. This reduction in quality of the fruit often results in rej...