Housing Market Fluctuations in a Life-Cycle Economy with Credit Constraints
This paper presents a first step towards a new theory of housing market fluctuations. We develop a life-cycle model where agents face credit...
Asset Allocation Dynamics and Pension Fund Performance
Using a data set on more than 300 UK pension funds' asset holdings, this paper provides a systematic investigation of the performance of managed...
Close-Relationships Between Banks and Firms: Is It Good or Bad
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...
Close Relationships between Banks and Firms: Is it Good or Bad?
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...
The Retreat of Inflation and The Making of Monetary Policy: Where Do We Stand?
Download not available
Sunk Costs and Competitiveness of European Banks after Deregulation
This paper investigates the determinants of the structure of the banking industry by fitting a monopolistic competition model to a sample of banks...
Informed Trading, Investment, and Welfare
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...
Should Speculators be Taxed?
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...
Managers, Debt and Industry Equilibrium
This paper reconsiders the strategic effect of debt under the assumption that quantity choices are made by managers whose objective is to avoid...
Block Premia in Transfers of Corporate Control
This paper studies block trades and tender offers as alternative means for transferring corporate control in firms with a dominant minority...
Testing the Robustness of Long-Term Under-Performance of UK Initial Public Offerings
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...
Caution and Conservatism in Monetary Policymaking
This paper shows that imperfect monetary control induces caution in the setting of monetary policy, leading to improved credibility at the expense of...
