How deep was the September 2001 stock market crisis?: putting recent events on the American and French markets into perspective with an index of market shocks
Markets reacted strongly to the World Trade Center attacks both in Europe and in the United States. The extent of this crisis was difficult to assess...
Money Laundering: A View from North America
John W. Moscow's (Assistant District Attorney, New York County District Attorney's Office) address to the Financial Markets Group delivered at the...
Banking Regulation and Supervision in Japan
Despite significant changes to the governing institutional framework and to operational procedures, a number of serious doubts remain concerning the...
Competition and Stability: What's Special about Banking?
This paper examines the relationship between competition policies and policies to preserve stability in the banking sector. Market structures and the...
A structural model of corporate bond pricing with co-ordination failure
It has been suggested (Morris, Shin 2001) that co-ordination failure be- tween bondholders could produce an effect that would explain the systematic...
Venture capital contracts and market structure
We examine the relation between optimal venture capital contracts and the supply and demand for venture capital. Both the composition and type of...
Revisiting the Rationale for a Single National Financial Services Regulator
This paper reviews developments over the last three and a half years in the UK in an attempt to measure the performance of the Financial Services...
Pricing catastrophe insurance derivatives
We investigate the valuation of catastrophe insurance derivatives that are traded at the Chicago Board of Trade. By modeling the underlying index as a...
Daily closing inside spreads and trading volumes around earnings announcements
This paper examines the determinants of inside spreads and their behaviour around corporate earning announcement dates, for a sample of UK firms over...
Analysis of spreads in the dollar/euro and Deutsche Mark/dollar foreign exchange markets
This paper tries to provide a simple explanation for the empirical finding, documented here and also by Hau, Killeen and Moore (2002), that spreads in...
The fallacy of new business creation as a disciplining device for managers
This paper investigates a negative externality of new business creation. When being perceived as a good manager is a necessary condition to establish...
Asymmetric information, heterogeneity in risk perceptions and insurance: an explanation to a puzzle
Given that, in equilibrium, all agents freely opt for strictly positive own coverage, competitive models of asymmetric information predict a positive...
Momentum in the UK stock market
This paper investigates the presence of abnormal returns through the use of trading strategies that exploit the predictability of short run stock...
