Discussion Papers

This paper studies block trades and tender offers as alternative means for transferring corporate control in firms with a dominant minority...

We re-examine the evidence on the long-term returns of IPOs in the UK using a new dataset of firms over the period 1985-95, in which we compare...

This paper shows that imperfect monetary control induces caution in the setting of monetary policy, leading to improved credibility at the expense of...

Signalling models of IPO underpricing argue that owners of high-quality firms signal their high quality by underpricing shares sold at the IPO and...

We use a rational expectations model to examine how public disclosure requirements affect listing decisions by rent-seeking corporate insiders, and...

The aim of this paper is the valuation and hedging of defaultable bonds and options on defaultable bonds. The Heath/Jarrow/Morton-framework is used to...

When the monetary authorities wish to target the value of a foreign currency, they may coordinate their intervention in the money and foreign exchange...

This paper documents the delayed adoption of a major technological innovation: the adoption of the diesel locomotive in the US railway industry...

This paper defines a lower bound on the fixed cost that is required for observations on consumption choices to be consistent with data on asset...

This paper examines how managers may be given incentives to exert effort, and to implement efficient implicit contracts with workers. Under certain...

There has been considerable interest, both academic and regulatory, in the hypothesis that the higher is the volume in the future market, the greater...

The London Stock Exchange has long been concerned that some market makers are not fulfilling their obligations. This study describes a range of tests...

This paper examines the incidence of nonresident interest withholding taxes in the international 3-month Treasury-bill market and the international 5...

This paper aims at developing a model of reputation acquisition by the insurer-regulator, in an incompletely informed banking system. Reputation...

This paper examines the incidence of nonresident interest withholding taxes in the international 3-month Treasury-bill market and the international 5...

Accurate prediction of extreme events are of primary importance in many financial applications. The properties of historical simulation and...