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Competition and opportunistic advice of financial analysts: theory and evidence

Sette, Enrico - London School of Economics (LSE) - 2007

. This empirical prediction is tested on data about recommendations on IPOs. The main result is that analysts working for the …

Persistent link: https://www.econbiz.de/10011071323

Self-confidence and survival

Bar-Isaac, Heski - London School of Economics (LSE) - 2001

We consider the impact of history on the survival of a monopolist selling single units in discrete time periods, whose quality is learned slowly. If the seller learns her own quality at the same rate as customers, a sufficiently bad run of luck could induce her to stop selling. When she knows...

Persistent link: https://www.econbiz.de/10010746467

Delayed doves: MPC voting behaviour of externals

Hansen, Stephen; McMahon, Michael - London School of Economics (LSE) - 2008

The use of independent committees for the setting of interest rates, such as the Monetary Policy Committee (MPC) at the Bank of England, is quickly becoming the norm in developed economies. In this paper we examine the issue of appointing external members (members who are outside the staff of...

Persistent link: https://www.econbiz.de/10010746572

Can firms grow without credit?: evidence from the Euro Area, 2005-2011: a quantile panel analysis

Dimelis, Sophia; Giotopoulos, Ioannis; Louri, Helen - London School of Economics (LSE) - 2015

This paper explores the effects of bank credit on firm growth before and after the recent financial crisis, taking into account different structural characteristics of banking sectors and domestic economies. Panel quantile analysis is used on a sample of 2075 euro area firms in 2005-2011. The...

Persistent link: https://www.econbiz.de/10011198539

The variance of firm growth rates: the ''scaling'' puzzle

Sutton, John - London School of Economics (LSE) - 2001

Certain recently reported statistical regularities relating to the dispersion of firms' growth rates have begun to attract attention among IO economists. These relationships take the form of power law or scaling relationships and this has led to suggestions that the underlying mechanisms which...

Persistent link: https://www.econbiz.de/10010928814

Block-booking and IPO share allocation: the importance of being ignorant

Gondat-Larralde, Celine; James, Kevin R. - London School of Economics (LSE) - 2004

all of the bank’s IPOs (block-booking). Using a unique data-set consisting of UK transaction records that enables us to … identify original investors for all large UK IPOs between 1997 and 2000, we find strong empirical support for this implication. …

Persistent link: https://www.econbiz.de/10010745055

IPO underpricing during the boom: a block-booking explanation

James, Kevin R. - London School of Economics (LSE) - 2004

A bank can efficiently underwrite individually difficult to value IPOs by offering them as a package deal to a stable …, not expected returns. Examining US IPOs over the 1986 to 2003 period, I find that this is so. Given the return … distribution on non-tech IPOs during non-boom years, equalizing downside risk implies that the average initial return on tech …

Persistent link: https://www.econbiz.de/10010745328

Efficiency properties of rational expectations equilibria with asymmetric information

Rahi, Rohit; Gottardi, Piero - London School of Economics (LSE) - 2001

In this paper we provide a characterization of the welfare properties of rational expectations equilibria of economies in which, prior to trading, agents have some information over the realization of uncertainity. We study a model with asymmetrically informed agents, treating symmetric...

Persistent link: https://www.econbiz.de/10010745753

Labor market reforms, job instability, and the flexibility of the employment relationship

Matouschek, Niko; Ramezzana, Paolo; Robert-Nicoud, … - London School of Economics (LSE) - 2008

We endogenize separation in a search model of the labor market and allow for bargaining over the continuation of employment relationships following productivity shocks to take place under asymmetric information. In such a setting separation may occur even if continuation of the employment...

Persistent link: https://www.econbiz.de/10010746228

Multi-asset noisy rational expectations equilibrium with contingent claims

Chabakauri, Georgy; Yuan, Kathy; Zachariadis, Konstantinos - London School of Economics (LSE) - 2014

We consider a noisy rational expectations equilibrium in a multi-asset economy populated by informed and uninformed investors, and noise traders. Informed investors privately observe an aggregate risk factor affecting the probabilities of different states of the economy. Uninformed investors...

Persistent link: https://www.econbiz.de/10011126052