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Publications

The Centre has a regular discussion paper series dedicated to academic research, as well as a special paper series focused on policy analysis. In addition, affiliated researchers publish a variety of books, reports and opinion pieces.

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Discussion Papers

On the impact of fundamentals, liquidity and coordination on market stability

Complex interactions between fundamentals and liquidity during unstable periods in financial markets are succinctly modeled with co-ordination games...

January 2007
DP 586
Jón Danielsson
Francisco Peñaranda

Discussion Papers

Liquidity and capital structure

This paper solves for a firm’s optimal cash holding policy within a continuous time, contingent claims framework that has been extended to incorporate...

December 2006
DP 573
Ron Anderson
Andrew Carverhill

Discussion Papers

The role of prestige and networks in outside director appointment

We study the role of prestige and social networks in the selection of outside directors, and the subsequent effect on firm value. Both prestige and...

December 2006
DP 582
Tom Kirchmaier
Michael G. Kollo

Discussion Papers

Evolution of decision and control rights in venture capital contracts: an empirical analysis

We analyze the structure and evolution of the allocation of decision and control rights in venture capital contracts by using a sample of 464...

December 2006
DP 585
Carsten Bienz
Uwe Walz

Discussion Papers

Recovery rates, default probabilities and the credit cycle

Recovery rates are negatively related to default probabilities (Altman et al., 2005). This paper proposes and estimates a model in which this...

November 2006
DP 572
Max Bruche
Carlos Gonzalez-Aguado

Special Papers

Is Forbearance always Bad? How can we test whether its use lessened the incidence of crises?

November 2006
SP 169
Charles Goodhart

Discussion Papers

Financial structure, managerial compensation and monitoring

When a firm has external debt and monitoring by shareholders is essential, managerial bonuses are shown to be an optimal solution. A small managerial...

November 2006
DP 576
Vittoria Cerasi
Sonja Daltung

Discussion Papers

Corporate governance and regulation: Can there be too much of a good thing?

For a large number of companies from different countries, we analyze how company corporate governance practices and country regulatory regimes...

October 2006
DP 574
Valentina Bruno
Stijn Claessens

Discussion Papers

Are there Monday effects in stock returns: a stochastic dominance approach

We provide a test of the Monday effect in daily stock index returns. Unlike previous studies we define the Monday effect based on the stochastic...

September 2006
DP 568
Young-Hyun Cho
Oliver Linton
Yoon-Jae Whang

Discussion Papers

Money Illusion and Housing Frenzies

A reduction in inflation can fuel run-ups in housing prices if people suffer from money illusion. For example, investors who decide whether to rent or...

July 2006
DP 579
Markus K. Brunnermeier
Christian Julliard

Discussion Papers

Monetary policy and its informative value

This paper analyzes the welfare effects of economic transparency in the conduct of monetary policy. We propose a model of monopolistic competition...

July 2006
DP 569
Romain Baeriswyl
Camille Cornand

Discussion Papers

The optimal design of funded pensions

In many countries, pension funds based on individual accounts have been affected by high operating costs. Contract theory helps to unravel the nature...

July 2006
DP 567
Luciano G. Greco

Discussion Papers

Long-term care insurance, annuities and asymmetric information: the case for bundling contracts

Within an asymmetric information set-up in which individuals differ in terms of their risk aversion and can choose whether or not to take preventative...

June 2006
DP 530
David Webb

Discussion Papers

Speculative attacks with multiple sources of public information

We propose a speculative attack model in which agents receive multiple public signals. It is characterised by its focus on an informational structure...

June 2006
DP 570
Camille Cornand
Frank Heinemann

Discussion Papers

Choice of corporate risk management tools under moral hazard

This paper examines the choice of tools for managing a firm’s operational risks: cash reserves, insurance contracts, and financial assets under an...

June 2006
DP 566
Jan Bena

Discussion Papers

Regionality Revisited: an examination of the direction of spread of currency crises

What determines the direction of spread of currency crises? We examine data on waves of currency crises in 1992, 1994, 1997, and 1998 to evaluate...

June 2006
DP 584
Amil Dasgupta
Roberto Leon-Gonzalez
Anja Shortland

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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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Events

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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Publications

Polarization, Purpose and Profit

Marketwide Memory

The surprising leadership effect accelerators have on startu ...

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