Sequential Bargaining in a Stochastic Environment

This paper investigates the uniqueness of subgame perfect (SP) payoffs in a sequential bargaining game. Players are completely informed and the surplus to be allocated follows a geometric Brownian motion. This bargaining problem has not been analysed exhaustively in a stochastic environment. The aim of this paper is to provide a technique to identify the subgame perfect equilibria, i.e. the timing of the agreement and the SP payoffs at which agreement occurs. Even though the main focus is on the uniqueness of the equilibrium, we investigate other features of the equilibrium, such as the Pareto effciency of the outcome and the relation with the Nash axiomatic approach.

Sequential Restructuring of Debt Classes, Absolute Priority Violation and Spread Reversals Under Chapter 11

Under U.S. Bankruptcy Code, equity holders can restructure different debt classes at a time. Recognizing this allows us to endogenize, in continuous time, not only the restructuring threshold but also the restructuring order of senior and junior classes. Unlike previous studies, sequential restructuring explains absolute priority violation (APV) not just among debt and equity but also among debt classes. The extent of APV leads to positive credit spreads even if senior creditors are fully secured and virtually immune to default risk. Moreover, sequential restructuring can lead to reversals in the credit spreads. We provide sufficient conditions for avoiding reversals.Strategic debt service, bankruptcy, Nash Bargaining, debt priority structure, geometric Brownian motion

Debt valuation and chapter 22

Numerous studies have examined the effect on credit spreads of renegotiation. These studies have generally focused on the impact on spread levels in general, and not on how renegotiation influences the relative pricing of senior versus junior debt claims. In this paper, we show that the scope for sequential renegotiation may reduce and even eliminate the premium for debt seniority. Our analysis also explains why companies may engage in repeated Chapter 11 bankruptcy filings (a phenomenon commonly referred to as Chapter 22)

Current Information and Recommendations on the Discontinuation of TKI Inhibitors in Chronic Myeloid Leukemia

PURPOSE OF REVIEW: Discontinuation of tyrosine kinase inhibitors (TKIs) in chronic phase chronic myeloid leukemia (CP-CML) patients has become a reality. Treatment-free remission (TFR) is the term that identifies success after discontinuation. RECENT FINDINGS: Several trials have demonstrated that with imatinib about 40% of patients discontinuing treatment in deep and stable molecular response remain disease-free. Second-generation TKIs have improved the rate of deep molecular responses and allowed to increase the percentage of patients attempting treatment discontinuation. We hereby review the current information based on the available published data and discuss the current suggestions on how to move TFR into the clinical practice

Competing or Colluding in a Stochastic Environment

This paper analyses collusion by innovative firms and the role of patents in a continuous-time real options framework. A patent-investment race model is formulated in which innovative firms bargain and reach collusive agreements. It is shown that, while collusion always delays innovation, it does not necessarily delay competition. Depending on a number of factors, collusion can actually accelerate competitio

Competing or Colluding in a Stochastic Environment

This document analyses collusion by innovative firms and the role of patents in a continuous-time real options framework. A patent-investment race model is formulated in which innovative firms bargain and reach collusive agreements. It is shown that, while collusion always delays innovation, it does not necessarily delay competition. Depending on a number of factors, collusion can actually accelerate competition.Bargaining, Collusion, Competition, Geometric Brownian motion, Nash axiomatic approach, Stackelberg game

LA RISOLUZIONE 2231 (2015) SULL’ACCORDO NUCLEARE IRANIANO E LA PROCEDURA DI “SNAP-BACK”: PRIMO (… ED ULTIMO) CASO DI POSITIVIZZAZIONE DEL POTERE DI VETO “EGEMONICO”?

la risoluzione sull'accordo nucleare iranian

E-Textbooks

With all the new technology and information in the world, many can forget that books are still being published. We live in an “information rich economy” as Amanda Breccia, the Acquisitions Editor at Fairchild Books, has said. When reading about the fashion industry, readers expect the sites to be current, fast, and have attractive visual designs. Many books are published by Bloomsbury Publishing, the largest publisher of academic materials for visual arts in the world. The company publishes academic and professional books, adult-trade, and children’s books. Along with Bloomsbury Publishing, other divisions exist: Berg, Fairchild, and Applied Visual Arts (AVA). Fairchild Books has more than 250 titles on fashion illustration, history, textile science and more; they are the publisher of Women’s Wear Daily

Treatment with nilotinib after cytogenetic relapse at 12 months in a patient in chronic phase with sub-optimal response to imatinib

We report a case of patient with chronic myeloid leukemia who started imatinib at standard dose and obtained a sub-optimal response at 6 months. Considering the patient as a possible "late responder", we decided not to change the imatinib dose, but, at 12 months, we did not achieve a complete cytogenetic response. At that time, we decided to switch to a second-generation tyrosine kinase inhibitor (TKI), nilotinib 800 mg/day, obtaining soon a major molecular response. Recently, the retrospective application of European LeukemiaNet guidelines in large cohorts of patients suggested that patients whose response to imatinib is sub-optimal at 6 months showed significantly worse survival. Therefore we can hypothesise that this kind of patients could be eligible for an early switch to second-generation TKI