Discussion Papers

We apply a sector-based approach to companies going public in the six largest Continental European markets and Sweden during a period characterized by...

We perform a comparative country-by-country study of companies going public in the six largest Continental European markets and Sweden during 1988 and...

Meltzer (2001b) argues that the current trend for downgrading the role of money in standard macro models is erroneous as it masks those monetary...

The reinsurance market is the secondary market for insurance risks. It has a very specific organization. Direct insurers do not trade risks with each...

The structure of securitization deals, referred to as "tranching", is standard. In those transactions, claims on cash flows generated by the...

This paper constructs a time series of annuity rates in the UK for 1957-2002, and examines the pricing of UK annuities, and the relationship between...

We consider the choices available to a defined contribution (DC) pension plan member at the time of retirement for conversion of his pension fund into...

The Myners Report will have a number of significant consequences for pension fund management and performance measurement in the UK.

It changes the...

Liquidity, defined as the ease with which an asset may be marketed, has a self-fulfilling dimension. If investors in the primary market for a new...

We develop a structural model of an industry with many entrepreneurial firms in order to investigate the cyclical behaviour of aggregate fixed...

This paper studies how the introduction of social learning with costs to delay affects coordination games with incomplete information. We present a...

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...