Discussion Papers

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...

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...

This paper investigates the determinants of the structure of the banking industry by fitting a monopolistic competition model to a sample of banks...

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...

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...

This paper reconsiders the strategic effect of debt under the assumption that quantity choices are made by managers whose objective is to avoid...

This paper studies block trades and tender offers as alternative means for transferring corporate control in firms with a dominant minority...

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...

This paper shows that imperfect monetary control induces caution in the setting of monetary policy, leading to improved credibility at the expense of...

Signalling models of IPO underpricing argue that owners of high-quality firms signal their high quality by underpricing shares sold at the IPO and...

We use a rational expectations model to examine how public disclosure requirements affect listing decisions by rent-seeking corporate insiders, and...

The aim of this paper is the valuation and hedging of defaultable bonds and options on defaultable bonds. The Heath/Jarrow/Morton-framework is used to...

When the monetary authorities wish to target the value of a foreign currency, they may coordinate their intervention in the money and foreign exchange...

This paper documents the delayed adoption of a major technological innovation: the adoption of the diesel locomotive in the US railway industry...