Rules v Discretion: The Case of Banking Supervision in the Light of the Debate on Monetary Policy
Download not available
Detecting Information from Directors' Trades: Signal Definition and Variable Size Effects
There have been three empirical studies examining the share price reaction following trades by directors of UK companies (King and Röell, 1988; Pope...
Index-Linked Debt and the Real Term Structure: New Estimates and Implications from the UK Bond Market
This paper takes a new look at the market for Index-Linked Debt in the U.K.. I begin by clarifying the theoretical links between the observed prices...
Maximum Likelihood Estimation of Stochastic Volatility Models
This paper discusses the Monte Carlo maximum likelihood method of estimating stochastic volatility (SV) models. The basic SV model can be expressed as...
Excessive Stock Price Dispersion: A Regression Test of Cross-Sectional Volatility
In this paper we apply a regression test of the volatility of asset prices to a cross-section data set of US stock prices each year between 1932-71...
The Choice of Stock Ownership Structure: Agency Costs, Monitoring and the Decision to Go Public
From the viewpoint of a company's controlling shareholder, the optimal ownership structure generally involves some measure of dispersion, to avoid...
IPO Signalling of Initial Owners' Private Benefits of Control
A signalling model is developed which demonstrates how the offer price and the proportion of shares sold through an issue of ordinary shares when a...
Optimal 'Soft' or 'Tough' Bankruptcy Procedures
This paper studies optimal financial contracts in a framework with asymmetric information. The key idea is that financial distress of a firm is not...
Turnpike Banking: Only the Meek Shall Inherit the Earth
We consider the transitions, among intragenerational (autarkic) and intergenerational financing and liquidity risk-sharing mechanisms, in an...
The Regulation of Predatory Firms
This article investigates the issue of predation by a regulated firm. Since it has private information, a regulated firm obtains higher rents in case...
Using Time Series Methods to Assess Information And Inventory Effects in a Dealer Market in Il-liquid Stocks
The purpose of this paper is to test for the existence of inventory control and asymmetric information in stock market price quotes, and then quantify...
