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Contract structure, risk sharing and investment choice

Fischer, Gregory - London School of Economics (LSE) - 2011

microfinance institution in India. The experiments confirm the theoretical predictions that joint liability creates two …Few microfinance-funded businesses grow beyond subsistence entrepreneurship. This paper considers one possible … explanation: that the structure of existing microfinance contracts may discourage risky but high-expected return investments. To …

Persistent link: https://www.econbiz.de/10010746368

Rights offerings, trading, and regulation: a global perspective

Massa, Massimo; Vermaelen, Theo; Xu, Moqi - London School of Economics (LSE) - 2013

We study rights offerings using a sample of 8,238 rights offers announced during 1995-2008 in 69 countries. Although shareholders prefer having the option to trade rights, issuers deliberately restrict tradability in 38% of the offerings. We argue that firms restrict rights trading to avoid the...

Persistent link: https://www.econbiz.de/10010884755

A theory of supervision with endogenous transaction costs

Faure-Grimaud, Antoine; Laffont, Jean-Jacques; … - London School of Economics (LSE) - 1998

We propose a theory of supervision with endogenous transaction costs. A principal delegates part of his authority to a supervisor who can acquire soft information about an agent's productivity. If the supervisor were risk-neutral, the principal would simply make the better informed supervisor...

Persistent link: https://www.econbiz.de/10010928775

How deep was the September 2001 stock market crisis?: putting recent events on the American and French markets into perspective with an index of market shocks

Maillet, Bertrand; Michel, Thierry - London School of Economics (LSE) - 2002

Markets reacted strongly to the World Trade Center attacks both in Europe and in the United States. The extent of this crisis was difficult to assess at the time, underlining the need for a specific tool to measure the magnitude of financial crises. A first measure was recently proposed and...

Persistent link: https://www.econbiz.de/10010744901

A transaction level study of the effects of central bank intervention on exchange rates

Payne, Richard; Vitale, Paolo - London School of Economics (LSE) - 2002

We study the effects of sterilised intervention operations executed on behalf of the Swiss National Bank (SNB) using tick-by-tick transactions data between 1986 and 1995. We extend the preliminary results obtained by Fischer and Zurlinden (1991) by matching these data with intra-day indicative...

Persistent link: https://www.econbiz.de/10010745097

Organizational diseconomies in the mutual fund industry

Garavito, Fabian - London School of Economics (LSE) - 2009

I document how the organizational form of a mutual fund aects its investment strategies. I show that centralized funds tilt their portfolios to hard information com- panies whereas decentralized funds tilt their portfolios to soft information companies. I also show that the investments of...

Persistent link: https://www.econbiz.de/10010745390

Mommentum in the UK stock market

Hon, Mark T.; Tonks, Ian - London School of Economics (LSE) - 2002

This paper investigates the presence of abnormal returns through the use of trading strategies that exploit the predictability of short run stock price movements. Based on historical returns of the largest set of individual securities in the UK stock market examined to date, this paper...

Persistent link: https://www.econbiz.de/10010745432

Attracting investor attention through advertising

Lou, Dong - London School of Economics (LSE) - 2013

This paper provides evidence that managers adjust firm advertising, in part, to attract investor attention and influence short-term stock returns. First, I show that increased advertising spending is associated with a contemporaneous rise in retail buying and abnormal stock returns, and is...

Persistent link: https://www.econbiz.de/10010745567

UK annuity rates and pension replacement ratios 1957-2002

Cannon, Edmund; Tonks, Ian - London School of Economics (LSE) - 2003

This paper constructs a time series of annuity rates in the UK for 1957-2002, and examines the pricing of UK annuities, and the relationship between the accumulation and decumulation phases of a defined contribution pension scheme by focusing on the properties of the pension replacement ratio....

Persistent link: https://www.econbiz.de/10010745656

Foreign exchange intervention and macroeconomic stability

Vitale, Paolo - London School of Economics (LSE) - 2001

Using a standard monetary policy model, we study how foreign exchange intervention may be used to condition the perception among economic agents of the objective of the policymaker. Foreign exchange intervention does not bring about a systematic policy again, such as an increase in the...

Persistent link: https://www.econbiz.de/10010745697