Discussion Papers

This essay describes the current debate on reforming Social Security in the US, along with a brief description of how the program works. Along the way...

This paper analyses takeovers of companies owned by atomistic shareholders and by one minority blockholder, all of whom can only decide to tender or...

This paper studies optimal intergenerational transfer policy under stochastic labor income and capital returns. It has implications for Social...

We consider borrowers with the opportunity to raise funds from a competitive banking sector that shares information, and from an alternative hidden...

This paper introduces a new class of parameter estimators for dynamic models, called Simulated Nonparametric Estimators (SNE). The SNE minimizes...

We investigate the impact of owner-occupied housing on financial portfolio and mortgage choice under stochastic inflation and real interest rates. To...

One possible explanation for the unsatisfactory implementation of IMF conditionality has been attributed to the lack of credibility of the IMF threat...

This paper describes how structural bond pricing models can be estimated using a Simulated Maximum Likelihood procedure developed by Durbin and...

Theory suggests that reputations, developed in repeated face-to-face interactions, allow non- anonymous, floor-based trading venues to attenuate...

When a spot market monopolist participates in the futures market, he has an incentive to adjust spot prices to make his futures market position more...

We provide a novel benefit of "Alternative Risk Transfer" (ART) products with parametric or index triggers. When a reinsurer has private information...

We solve a model with incomplete markets and heterogeneous agents that generates a large equity premium, while simultaneously matching stock market...

We study a continuous time model of a levered firm with fixed assets generating a cash flow which fluctuates with business conditions. Since external...

In this paper, we document how European companies can use financial tunnelling to the disadvantage of minority shareholders, despite improved...

The Combined Code of Corporate Governance, that was introduced in the UK in 1998, is widely regarded as an international benchmark for good corporate...

Our objective was to study the need for regulating hedge funds, using existing regulatory approaches and our own models as a frame of reference. Our...