Multicountry Comparisons of the Consumption Based Capital Asset Pricing Model: Germany, Japan and USA
This paper presents a series of empirical tests of the traditional Consumption Based Capital Asset Pricing Model using data from the German, Japanese...
Auditor Performance, Implicit Guarantees and the Valuation of Legal Liability
Liability exposure is now such a major concern for auditors that any discussion of equilibrium audit fee structures needs to take account of the expec...
Multiple Banking as a Commitment Not To Rescue
The existence of multiple banking in the German "Hausbank" system is explained by a commitment problem on the side of the banks. Banks are faced with...
The Collapse of Metallgesellschaft: Unhedgable Risks, Poor Hedging Strategy or Just Bad Luck?
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Credit Cycles
This paper is a theoretical study into how credit constraints interact with aggregate economic activity over the business cycle. We construct a model...
Credit Markets and Real Economic Activity: A Model of Financial Intermediation
This paper considers a model of financial intermediation based on the existence of a moral hazard problem in the choice of investment projects by a...
The Banking System, Financial Markets and Capital Structure: Some New Evidence from France
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Speculative Market Structure and the Collapse of an Exchange Rate Mechanism
A salient feature of recent currency speculations in the European Exchange Rate Mechanism is that the speculators can be big strategic players in the...
The Effects of Trade Transparency in the London Stock Exchange: A Summary
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Derivatives can be Hazardous to Your Health: The Case of Metallgesellschaft
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Liquidity Shortages and Inefficient Bank Lending
This paper develops a simple model of bank lending and liquidity shortages. Firms borrow from banks in the form of long term renegotiable deposit...