Discussion Papers

The restructuring of a bankrupt company often entails a change of control. By efficiency of a bankruptcy procedure it is usually meant that the...

The restructuring of a bankrupt company often entails a change of control. By efficiency of a bankruptcy procedure it is usually meant that the...

This paper studies liquidity provision in the Alternative Investment Market (AIM) of the London Stock Exchange. Our analysis shows that it is possible...

It is typically assumed that equilibrium credit rationing implies insufficient lending. By combining hidden types and hidden action, this paper shows...

Economic problems such as large claims analysis in insurance and value-at-risk in fi- nance, require assessment of the probability P of extreme...

This paper presents a first step towards a new theory of housing market fluctuations. We develop a life-cycle model where agents face credit...

Using a data set on more than 300 UK pension funds' asset holdings, this paper provides a systematic investigation of the performance of managed...

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...

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...

This paper investigates the determinants of the structure of the banking industry by fitting a monopolistic competition model to a sample of banks...

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...

A number of economists have supported the taxation of speculation in financial markets. We examine the welfare economics of such a tax in a model of...

This paper reconsiders the strategic effect of debt under the assumption that quantity choices are made by managers whose objective is to avoid...