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The cancellation provisions in the Troubled Asset Relief Program (TARP) warrant agreements loom large for the investment banks Goldman Sachs and Morgan Stanley in the summer of 2009. These banks cou...
This paper sets out to provide a risk-management tool (namely the distribution of the stock price of a warrantissuing firm) and at the same time resolves an outstanding issue between the theory and th...
Asset price bubbles, that is, asset prices that exceed the assets’ fundamental value, have always been a subject of interest to economists. Clear identification of a price bubble is challenging, h...

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