Revenue Efficiency and Change of Control: The Case of Bankruptcy
The restructuring of a bankrupt company often entails a change of control. By efficiency of a bankruptcy procedure it is usually meant that the...
Liquidity in Second Tier Equity Markets: Evidence From London's Alternative Investment Market (AIM)
This paper studies liquidity provision in the Alternative Investment Market (AIM) of the London Stock Exchange. Our analysis shows that it is possible...
Credit Rationing May Involve Excessive Lending
It is typically assumed that equilibrium credit rationing implies insufficient lending. By combining hidden types and hidden action, this paper shows...
Beyond the Sample: Extreme Quantile and Probability Estimation
Economic problems such as large claims analysis in insurance and value-at-risk in fi- nance, require assessment of the probability P of extreme...
Housing Market Fluctuations in a Life-Cycle Economy with Credit Constraints
This paper presents a first step towards a new theory of housing market fluctuations. We develop a life-cycle model where agents face credit...
Asset Allocation Dynamics and Pension Fund Performance
Using a data set on more than 300 UK pension funds' asset holdings, this paper provides a systematic investigation of the performance of managed...
Close-Relationships Between Banks and Firms: Is It Good or Bad
This paper investigates the issues involved in cross-ownership between banks and firms. The idea is that congruity among the parties in control of the...
Close Relationships between Banks and Firms: Is it Good or Bad?
This paper investigates the issues involved in cross-ownership between banks and firms. The idea is that congruity among the parties in control of the...
The Retreat of Inflation and The Making of Monetary Policy: Where Do We Stand?
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Sunk Costs and Competitiveness of European Banks after Deregulation
This paper investigates the determinants of the structure of the banking industry by fitting a monopolistic competition model to a sample of banks...
Informed Trading, Investment, and Welfare
This paper studies the welfare economics of informed trading in a stock market. We provide a model in which all agents are rational and trade either...