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Loan maturity and renegotiation evidence from the lending practices of large and small banks
Albertazzi, Ugo - London School of Economics (LSE) - 2007
Corporate finance theories suggest that problems of asymmetric information and moral hazard in credit markets can be addressed by choosing short-term maturities. Theories of debt renegotiation suggest that the credibility of the implicit commitment to not make concessions to insolvent borrowers,...
Persistent link: https://www.econbiz.de/10010745643
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ART versus reinsurance: the disciplining effect of information insensitivity
Brandts, Silke; Laux, Christian - London School of Economics (LSE) - 2005
We provide a novel benefit of "Alternative Risk Transfer" (ART) products with parametric or index triggers. When a reinsurer has private information about his client’s risk, outside reinsurers will price their reinsurance offer less aggressively. Outsiders are subject to adverse selection as...
Persistent link: https://www.econbiz.de/10010745956
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Credit rationing, wealth inequality and allocation of talent
Ghatak, Maitreesh; Morelli, Massimo; Sjostrom, Tomas - London School of Economics (LSE) - 2002
the wages offered in the labour market. Both pooling and separating credit contracts can be offered in equilibrium. The …
Persistent link: https://www.econbiz.de/10010746194
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Strategic liquidity supply and security design
Biais, Bruno; Mariotti, Thomas - London School of Economics (LSE) - 2003
We study how securities and trading mechanisms can be designed to optimally mitigate the adverse impact of market imperfections on liquidity. Asset owners seek to obtain liquidity by selling their claims on future cash-flows, on which they have private information. Our analysis encompasses both...
Persistent link: https://www.econbiz.de/10010746262
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Long-term debt and hidden borrowing
Bar-Isaac, Heski; Cuñat, Alejandro - London School of Economics (LSE) - 2005
We consider borrowers with the opportunity to raise funds from a competitive banking sector that shares information, and from an alternative hidden lender. The presence of the hidden lender restricts the contracts that can be obtained from the banking sector. In equilibrium some borrowers obtain...
Persistent link: https://www.econbiz.de/10011071410
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Higher-order kernel semiparametric M-estimation of long memory
Robinson, Peter; Henry, Marc - London School of Economics (LSE) - 2002
estimating the memory parameter can avoid bias incurred by misspecification of the short memory component. We introduce a broad … to a smooth interpolation of asymptotic variances. The bias of these two estimates also differs to higher order, and we … also show how bias, and asymptotic mean square error, can be reduced, across the class of estimates studied, by means of a …
Persistent link: https://www.econbiz.de/10010745718
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Non-response biases in surveys of schoolchildren: the case of the English Programme for International Student Assessment (PISA) samples
Micklewright, John; Schnepf, Sylke; Skinner, Chris J. - London School of Economics (LSE) - 2012
We analyse response patterns to an important survey of schoolchildren, exploiting rich auxiliary information on respondents' and non-respondents' cognitive ability that is correlated both with response and the learning achievement that the survey aims to measure. The survey is the Programme for...
Persistent link: https://www.econbiz.de/10010745811
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Is network meta-analysis as valid as standard pairwise meta-analysis? It all depends on the distribution of effect modifiers
Jansen, Jeroen P.; Naci, Huseyin - London School of Economics (LSE) - 2013
Background In the last decade, network meta-analysis of randomized controlled trials has been introduced as an extension of pairwise meta-analysis. The advantage of network meta-analysis over standard pairwise meta-analysis is that it facilitates indirect comparisons of multiple interventions...
Persistent link: https://www.econbiz.de/10011126556
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The shape of the risk premium: evidence from a semiparametric GARCH model
Linton, Oliver; Perron, Benoit - London School of Economics (LSE) - 2000
We examine the relationship between the risk premium on the S&P500 index total return and its conditional variance. We propose a new semiparametric model in which the conditional variance process is parametric, while the conditional mean is an arbitrary function of the conditional variance. For...
Persistent link: https://www.econbiz.de/10010745701
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Employment patterns in OECD countries
Nickell, Stephen; Nunziata, Luca - London School of Economics (LSE) - 2000
This paper studies the dynamics of labour demand and the determinants of employment rates across the OECD. We find: (i) labour demand adjusts less rapidly when employment protection is more strict and union density is higher; (ii) there is no evidence that overall job turnover is influenced by...
Persistent link: https://www.econbiz.de/10010884729