Loan securitisation: default term structure and asset pricing based on loss prioritisation
Ambivalence in the regulatory definition of capital adequacy for credit risk has recently stirred the financial services industry to collateral loan...
Returns from active management in international equity markets; evidence from a panel of UK pension funds
This paper proposes new performance decomposition measures that allow us to analyse the sources of returns on the international equity holdings of a...
Performance clustering and incentives in the UK pension fund industry
Despite being largely unconstrained in their investment decisions, we find evidence of clustering in the performance of a large cross-section of UK...
Speculative attacks and financial architecture: experimental analysis of coordination games with public and private information
Speculative Attacks can be modeled as a coordination game with multiple equilibria if the state of the economy is common knowledge. With private...
Financial Supervision: Which Model for Europe?
Increasing integration within the European Union (EU) gives rise to cross-border spill-over effects or externalities. The present national based...
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...