Announcement Effects and Seasonality in the Intra-day Foreign Exchange Market
This paper examines two aspects of spot FX volatility. Using intra-daily quotation data on the Deutsche Mark/Dollar we simultaneously estimate the...
Dividend Variability and Stock Market Swings
This paper examines the extent to which swings in stock prices can be related to variations in the discounted value of expected future dividends when...
The Optimal Size of a Bank: Costs and Benefits of Diversification
This paper provides a theory of diversification and financial structure of banks. It shows that by diversifying the bank portfolio and financing it...
Trading Volumes and Transaction Costs In the Foreign Market - Evidence from Daily Dollar-Yen Spot Data
A Generalized Method of Moments estimation of the determinants of dollar/yen bid–ask spreads is undertaken. In particular, a long time-series of daily...
The Dynamics of Default and Debt Reorganization
This article documents the fact that when debtors decide to default on their obligations too early, it is in the creditors’ collective interest, as...
The Governance of Exchanges: Members' Co-operatives Versus Outside Ownership
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Entrepreneurial Wealth, The Level of Investment and Credit Policy
Empirical evidence suggests that capital market constraints prevent low-wealth individuals from setting up in business. This may be attributable to...
Investment Trap
To what extend can optimal contracts and renegotiation designs alleviate equity market failure due to asymmetric information and transactions costs...
Capital Adequacy and Foreign Exchange Risk Regulation - Recent Developments in Industrial Countries
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The Decision to go Public: An Overview
The paper reviews firms' motives for seeking publicly traded rather than privately held finance. Factors that play a role are the need to provide a...
Dynamic Banking: A Reconsideration
Financially Intermediated and Stock Market consumption-investment allocations, with and without governmental interventions, are compared in a welfare...
