Publications

The Economic History Review, 76(1), 3-30

We study the evolution of pay in US bank holding companies since 1986 using a structural model of the banking firm. The model incorporates a strong...

We develop a model in which long-term swap spreads are determined by end users’ demand for swaps, constrained dealers’ supply of swaps, and the risk...

The relationship between financial risk and economic growth is complex. This column finds that perceptions of high risk unambiguously harm growth...

This book advances a real entity theory of company law, in which the company is a legal entity which acts autonomously in law, and company law...

The Review of Economic Studies, 88 (5), 2375-2406

Journal of Financial Economics, 141(3), 831-859

Despite the commonly held views of economists on regulatory capture, our profession has been much more hesitant in recognising similar conflicts of...

Recognising the critical role that financial markets will play in the success of the UK’s post-Brexit economy, the Treasury is now engaged in a review...

Although epidemics are frequently cited as inducing changes in economic behaviour and accelerating technological and behavioural trends, there may be...

We demonstrate that the co-existence of different motives for liquidity preferences profoundly affects the efficiency of financial intermediation...

Stochastic processes is one of the key operations research tools for analysis of complex phenomenon. This paper has a unique application to the study...

Basel III is an internationally agreed set of measures to strengthen the regulation, supervision and risk management of banks. Finalising the 2017...

EU-wide stress tests have constituted a very useful supervisory tool for increasing the resilience of the EU banking sector. This policy brief claims...

The Economic Journal, 131(693),  2763–2796