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Special Papers

An International Comparison of the Financing of Occupational Pensions

This paper analyses the varying scope of private funding of pensions, pension funds' investments and the risks and returns they obtained in the...

September 1994
SP 62
E Philip Davis

Special Papers

Strategy and Tactics of Monetary Policy: Examples from Europe and the Antipodes

While most Central Banks in Europe, and elsewhere, have been giving priority to the achievement of price stability for more than a decade, in recent...

August 1994
SP 61
José Viñals
Charles Goodhart

Discussion Papers

An Index of Co-Movements in Financial Time Series

Financial indices are constructed to capture the strong common variation in a large number of financial time series. Often, these measures are also of...

July 1994
DP 193
Enrique Sentana
Mushtaq Shah

Discussion Papers

The Permanent and Transitory Components of Corporate Earnings

This paper analyses a model in which earnings equal the sum of permanent and transitory components. The two components are estimated from the time...

July 1994
DP 192
Gregory Connor
Ross Curds

Discussion Papers

A Welfare Company of the German and US Financial Systems

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July 1994
DP 191
Franklin Allen
Douglas Gale

Discussion Papers

The Instability of Fixed Exchange Rate Systems When Raising the Nominal Interest Rate is Costly

In this paper, we argue that there may be a contradiction in the use of nominal interest rates to defend a parity in a fixed exchange rate system. The...

July 1994
DP 190
Bernard Bensaid

Discussion Papers

Some Remarks on Leland's Model of Insider Trading

This paper begins by noting that Leland's (1992) results on the effects of insider trading are not robust to the introduction of some noise in the...

July 1994
DP 189
Rafael Repullo

Discussion Papers

Portfolio Insurance and Volatility

A derivative asset is a security whose terminal pay-off depends entirely on the price of one or more underlying assets. Call and put options on a...

May 1994
DP 188
Rüdiger Frey
Alexander Stremme

Discussion Papers

Continuous-Time Limits in the Generalised Ho/Lee Framework under the Risk-Neautral and Forward Measures

In 1986 Ho/Lee presented a discrete-time binomial model of the stochastic movements of the term-structure of interest-rates. It has since been...

May 1994
DP 187
Daniel Sommer

Discussion Papers

Proprietary Information, Financial Intermediation and Research Incentives

We contrast equilibria in loan markets under bilateral bank-borrower relationships, in which proprietary technological knowledge of borrowers is not r...

May 1994
DP 186
Sudipto Bhattacharya
Gabriella Chiesa

Discussion Papers

Large Shareholders, Private Benefits of Control and Optimal Schemes for Privatization

We analyze optimal schemes for privatization in a transitional economy. In many cases, established Western firms are good candidates for large...

May 1994
DP 185
Francesca Cornelli
David D. Li

Special Papers

A Comparison of Net and Gross Settlement

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May 1994
SP 60
Dirk Schoenmaker

Discussion Papers

The Determinants of Realignment Expectations under the EMS: Some Empirical Regularities

The stability of the EMS depends crucially on realignment expectations of the market participants. In this paper we discuss how to measure such...

February 1994
DP 184
Zhaohui Chen
Alberto Giovannini

Discussion Papers

Auditor Independence, Incomplete Contracts and the Role of Legal Liability

We develop a model in which there is conflict of interest between the management and the shareholders of an organization. Incompleteness of contracts...

February 1994
DP 183
Daron Acemoglu
Miles B. Gietzmann

Discussion Papers

Round-the-clock Trading: Evidence from UK Cross-Listed Securities

This paper uses transactions data from the London Stock Exchange to characterize the intraday pattern of security prices and trading volume for...

February 1994
DP 182
Allan W. Kleidon
Ingrid M. Werner

Discussion Papers

Overbidding in Takeover Contests

Within the context of takeovers this paper shows that in private auctions the optimal individually rational strategy for a bidder with partial...

January 1994
DP 180
Mike Burkart

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News

Mike Burkart - Winner of the 2025 ECGI Finance Series Prize

LSE announces launch of an Initiative in Sustainable Finance

Péter Kondor receives Outstanding Paper Award

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Cognitive Foundations of Finance Conference

3rd London Political Finance (POLFIN) Workshop

5th Annual Conference on Non-Bank Financial Sector and Finan ...

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Creditor-on-Creditor Violence and Secured Debt Dynamics

AI Personality Extraction from Faces: Labor Market Implicati ...

The dependence of belief dynamics on beliefs: implications f ...

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Marketwide Memory

The surprising leadership effect accelerators have on startu ...

Bond Supply, Yield Drifts, and Liquidity Provision Before Ma ...

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