Employment and Wage insurance within Firms: Wordlwide Evidence
We investigate the determinants of firms’ implicit employment and wage insurance to employees against industry-level and idiosyncratic shocks. We rely...
Mark-to-Market Accounting and Systemic Risk: Evidence from the Insurance Industry
One of the most contentious issues raised during the recent crisis has been the potentially exacerbating role played by mark-to-market accounting...
Investors’ Horizons and the Amplification of Market Shocks
This paper shows that during episodes of market turmoil 13F institutional investors with short trading horizons sell their stockholdings to a larger...
Transparency, Tax Pressure and Access to Finance
In choosing transparency, firms must trade off the benefits from better access to finance against the cost of a greater tax burden. We study this...
Is Historical Cost Accounting a Panacea? Market Stress, Incentive Distortions, and Gains Trading
This paper explores the trading incentives of financial institutions induced by the interaction between regulatory accounting rules and capital...
Stronger Risk Controls Lower Risk Evidence from US Bank Holding Companies
In this paper, we investigate whether U.S. bank holding companies (BHCs) with strong and independent risk management functions had lower aggregate...
Reputation effects in trading on the New York Stock Exchange
Theory suggests that reputations, developed in repeated face-to-face interactions, allow non- anonymous, floor-based trading venues to attenuate...
Opening and closing the market: evidence from the London Stock Exchange
Various markets, particularly NASDAQ, have been under pressure from regulators and market participants to introduce call auctions for their opening...
Inter-Market Price and Volatility Impacts Generated by Large Trades: The Case of European Cross-Quoted Securities
This paper investigates whether block trades in European cross-quoted securities executed on the London Stock Exchange's SEAQ-I market produce any...
