Optimal 'Soft' or 'Tough' Bankruptcy Procedures
This paper studies optimal financial contracts in a framework with asymmetric information. The key idea is that financial distress of a firm is not...
Turnpike Banking: Only the Meek Shall Inherit the Earth
We consider the transitions, among intragenerational (autarkic) and intergenerational financing and liquidity risk-sharing mechanisms, in an...
The Regulation of Predatory Firms
This article investigates the issue of predation by a regulated firm. Since it has private information, a regulated firm obtains higher rents in case...
Using Time Series Methods to Assess Information And Inventory Effects in a Dealer Market in Il-liquid Stocks
The purpose of this paper is to test for the existence of inventory control and asymmetric information in stock market price quotes, and then quantify...
Announcement Effects and Seasonality in the Intra-day Foreign Exchange Market
This paper examines two aspects of spot FX volatility. Using intra-daily quotation data on the Deutsche Mark/Dollar we simultaneously estimate the...
Dividend Variability and Stock Market Swings
This paper examines the extent to which swings in stock prices can be related to variations in the discounted value of expected future dividends when...
The Optimal Size of a Bank: Costs and Benefits of Diversification
This paper provides a theory of diversification and financial structure of banks. It shows that by diversifying the bank portfolio and financing it...
Trading Volumes and Transaction Costs In the Foreign Market - Evidence from Daily Dollar-Yen Spot Data
A Generalized Method of Moments estimation of the determinants of dollar/yen bid–ask spreads is undertaken. In particular, a long time-series of daily...
The Dynamics of Default and Debt Reorganization
This article documents the fact that when debtors decide to default on their obligations too early, it is in the creditors’ collective interest, as...
The Governance of Exchanges: Members' Co-operatives Versus Outside Ownership
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Entrepreneurial Wealth, The Level of Investment and Credit Policy
Empirical evidence suggests that capital market constraints prevent low-wealth individuals from setting up in business. This may be attributable to...
