An Economic Evaluation of Insolvency Procedures in the United Kingdom: Does the 1986 Insolvency Act Satisfy the Creditor's Bargain?
The creditors' bargain view of insolvency law argues that solvency state rights should be preserved in insolvency states. It argues that insolvency...
Risk, Gordon's Growth Model and the Predictability of Stock Market Returns
This paper measures risk by using proxies based on lagged squared returns, the GARCH -M model and consumption correlatedness. It finds :-
(i) Even...
Price Competition Between Market Makers
The paper models explicitly the price competition in financial markets, where prices are quoted by competing dealers (market makers) before future...
Conditions for optimality in the infinite-horizon portfolio-cum-saving problem with semimartingale investments
A model of optimal accumulation of capital and portfolio choice over an infinite horizon in continuous time is formulated in which the vector process...
Credit Markets with Endogenous Project Size and Asymmetric Information; The Case for Interest Rate Taxes
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Asymmetric Information Risk Aversion and Capital Market Efficiency
The Arrow-Lind Theorem is generally interpreted as implying that risk-averse investors will reject some projects that the public sector is justified...
Behavioural Aspects of the Demand for Dividend-Paying Stocks
The demand for dividend-paying stocks by individual investors remain an enigma to financial economists. Studies of asset prices have failed to resolve...
