Discussion Papers

This paper is a theoretical study of the transmission mechanism of monetary policy in the presence of an endogenous role of bank capital. The basic...

This paper investigates the benefits of allowing households to compensate the portfolio distortion due to their housing consumption through...

Housing and pension wealth are shown to be important determinants of personal sector consumption and retirement behaviour in the UK. Housing and state...

We study the effects of sterilised intervention operations executed on behalf of the Swiss National Bank (SNB) using tick-by-tick transactions data...

We study a very general setting, and propose a procedure for estimating the critical values of the extended Kolmogorov-Smirnov tests of First and...

This paper proposes new performance decomposition measures that allow us to analyse the sources of returns on the international equity holdings of a...

Ambivalence in the regulatory definition of capital adequacy for credit risk has recently stirred the financial services industry to collateral loan...

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 can be modeled as a coordination game with multiple equilibria if the state of the economy is common knowledge. With private...

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...

It has been suggested (Morris, Shin 2001) that co-ordination failure be- tween bondholders could produce an effect that would explain the systematic...

We examine the relation between optimal venture capital contracts and the supply and demand for venture capital. Both the composition and type of...

This paper examines the determinants of inside spreads and their behaviour around corporate earning announcement dates, for a sample of UK firms over...

This paper investigates a negative externality of new business creation. When being perceived as a good manager is a necessary condition to establish...

Given that, in equilibrium, all agents freely opt for strictly positive own coverage, competitive models of asymmetric information predict a positive...

This paper investigates the presence of abnormal returns through the use of trading strategies that exploit the predictability of short run stock...