Discussion Papers

This paper considers a model of growth and income distribution in the presence of imperfect capital markets. Moral hazard on the part of borrowers is...

This paper analyses the cost of trading French shares on two exchanges, the Paris Bourse and London's SEAQ International. Using a large data set...

We develop a theory of long term debt based on the idea that debt and equity differ in their priority status relative to future corporate cash...

There is a widespread belief that UK bankruptcy procedures are not working well, in spite of the 1986 reforms. A recent Coopers and Lybrand report...

A stochastic volatility model may be estimated by a quasi-maximum likelihood procedure by transforming to a linear state space form. The method is...

This is considerable empirical evidence that most investors participate in only a limited number of markets. Once the participation decision is...

Realignment expectations which measure exchange rate credibility are analyzed for European exchange rates, using daily financial data since the...

Fixed exchange rates are less volatile than floating rates. But the volatility of macroeconomic variables such as money and output does not change...

A large body of empirical research has found that stock returns tend to be higher in January than in other months. One possible explanation is that...

Within an optimal contracting framework, we analyze some important aspects of debt structure: the number of creditors a company borrows from; the...

This paper reassesses the UK results of significant abnormal returns from directors' trading for a new sample of directors' trades 1984-1986, and...

Using transactions data from the London Stock Exchange, the paper estimates the extent to which market maker's prices are influenced by trades (order...

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This paper addresses the economics of mass privatization in Germany, Czechoslovakia, Hungry and Poland; it provides a summary description of the...

Traditional empirical strategies for studying convergence—more generally, the dynamics and determinants of economic growth—can be misleading if...

This paper investigates the empirical relationship between volatility, average spread, and number of quotations in the foreign exchange spot market...