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Political credit cycles: the case of the Euro zone

Fernández-Villaverde, Jesús; Garicano, Luis; Santos, … - London School of Economics (LSE) - 2013

We study the mechanisms through which the adoption of the Euro delayed, rather than advanced, economic reforms in the Euro zone periphery and led to the deterioration of important institutions in these countries. We show that the abandonment of the reform process and the institutional...

Persistent link: https://www.econbiz.de/10011126656

Risk assessment for uncertain cash flows: model ambiguity, discounting ambiguity, and the role of bubbles

Acciaio, Beatrice; Föllmer, Hans; Penner, Irina - London School of Economics (LSE) - 2012

supermartingale criteria for time consistency. In particular, we show how “bubbles” may appear in the dynamic penalisation, and how …

Persistent link: https://www.econbiz.de/10011071088

Assessing the costs of protection in a context of switching stochastic regimes

Barrieu, Pauline; Bellamy, Nadine; Sahut, Jean-Michel - London School of Economics (LSE) - 2012

make advance provision, or hedge, for these costs at time 0. We evaluate the amount of provision, or the hedging premium …

Persistent link: https://www.econbiz.de/10010745247

Optimal hedging strategies and interactions between firms

Loss, Frederic - London School of Economics (LSE) - 2002

product market. We show that the interactions between firms heavily affect their hedging demand. As a general rule, the firms …’ hedging demand decreases with the correlation between firms’ internal funds and investment opportunities. We show that when … the hedging demand of a firm is high in the case where investments are strategic substitutes, its hedging demand is low in …

Persistent link: https://www.econbiz.de/10010745252

A social constructivist analysis of the 2007 banking crisis: building trust and transparency through community currencies

Breitstein, Lance; Dini, Paolo - London School of Economics (LSE) - 2011

This article examines the 2007 banking crisis from an interdisciplinary and, in particular, social constructivist perspective to identify its structural and systemic causes. After presenting and explaining a wide meta-theoretical framework that can accommodate different understandings of...

Persistent link: https://www.econbiz.de/10010884691

The value of insolvency safe harbours

Paech, Philipp - London School of Economics (LSE) - 2015

‘Safe harbour’ is shorthand for a bundle of privileges in insolvency which are typically afforded to financial institutions. They are remotely comparable to security interests as they provide a financial institution with a considerably better position as compared to other creditors should...

Persistent link: https://www.econbiz.de/10011264787

Choice of corporate risk management tools under moral hazard

Bena, Jan - London School of Economics (LSE) - 2006

This paper examines the choice of tools for managing a firm’s operational risks: cash reserves, insurance contracts, and financial assets under an optimal financing contract that solves moral hazard between insiders and outside investors. Risk management is valuable as it reduces the costs of...

Persistent link: https://www.econbiz.de/10010745872

From government to governance: external influences on business risk management

Hutter, Bridget M.; Jones, Clive J - London School of Economics (LSE) - 2007

The influence of external organizations and pressures on business risk management practices has hitherto been examined through the influence of state regulatory regimes on businesses. This article concentrates on key socio-legal concerns about the influence of the law in social and economic...

Persistent link: https://www.econbiz.de/10011183326

Understanding and managing zoonotic risk in the new livestock industries

Liverani, Marco; Waage, Jeff; Barnett, Tony; Pfeiffer, … - London School of Economics (LSE) - 2013

Background: In many parts of the world, livestock production is undergoing a process of rapid intensification. The health implications of this development are uncertain. Intensification creates cheaper products, allowing more people to access animal-based foods. However, some practices...

Persistent link: https://www.econbiz.de/10011126682

The enactment of risk categories: organizing and re-organizing risk management practices in the energy industry

Scott, Susan V.; Perry, Nicholas - London School of Economics (LSE) - 2006

Aimed at energy organizations adapting to the competitive demands associated with liberalization, transaction and risk management software “A-Trade” was part of the shift from a traditional engineer-led culture of risk cognition to market-oriented financial risk management. The story of...

Persistent link: https://www.econbiz.de/10011071516