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Mark-to-market accounting and systemic risk: evidence from the insurance industry
Ellul, Andrew; Jotikasthira, Chotibhak; Lundblad, … - London School of Economics (LSE) - 2013
interactions with complex capital adequacy regulation, does generate market distortions of its own. Second, while mark …
Persistent link: https://www.econbiz.de/10011171756
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Block-booking and IPO share allocation: the importance of being ignorant
Gondat-Larralde, Celine; James, Kevin R. - London School of Economics (LSE) - 2004
Given the opportunity to buy IPO shares of uncertain value at a fixed price, potentially informed investors have an incentive to refuse to participate in offerings the underwriter happens to overprice. We show that an underwriter can efficiently resolve this problem by entering into a repeat...
Persistent link: https://www.econbiz.de/10010745055
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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 coalition of investors (block-booking). Block-booking banks set offer prices to equalize downside risk across their offerings, not expected returns. Examining US IPOs over the...
Persistent link: https://www.econbiz.de/10010745328
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Central banks and financial crises
Buiter, Willem H. - London School of Economics (LSE) - 2008
The paper draws lessons from the experience of the past year for the conduct of central banks in the pursuit of macroeconomic and financial stability. Macroeconomic stability is defined as either price stability or as price stability and sustainable output or employment growth. Financial...
Persistent link: https://www.econbiz.de/10010745389
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Arguing about financial regulation: comparing national discourses on the global financial crisis
Lodge, Martin; Wegrich, Kai - London School of Economics (LSE) - 2011
As we write, the world is still in the grips of a financial crisis. Germany was one of the first countries to bail out a bank in July 2007. Then, in September 2007, the United Kingdom (UK) witnessed a run on a building society, Northern Rock, and the subsequent widespread nationalization of its...
Persistent link: https://www.econbiz.de/10010745396
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Regulating financial market infrastructures
Ferrarini, Guido; Saguato, Paolo - London School of Economics (LSE) - 2014
This paper focuses on the impact of financial market infrastructures (FMIs) and of their regulation on the post … FMIs regulation. By reviewing the current move from ‘private’ markets to ‘public’ markets internationally, and with respect … supervision. - This paper is a draft chapter for a forthcoming volume, "The Oxford Handbook on Financial Regulation," edited by …
Persistent link: https://www.econbiz.de/10011125895
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Noise and competition in strategic oligopoly
Dridi, Ramdan; Germain, Laurent - London School of Economics (LSE) - 2000
Focusing on homogeneous beliefs, we can distinguish two commonly shared ideas that, i) the competition between informed traders destroys their trading profits, ii) trading with a noisy signal brings about a loss in the expected profits. So far, it has been proved in the latter framework, that...
Persistent link: https://www.econbiz.de/10011071458
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The impact of risk regulation on price dynamics
Danielsson, Jon; Shin, Hyun Song; Zigrand, Jean-Pierre - London School of Economics (LSE) - 2004
regulation, while volatility is higher. Risk regulation may have the perverse effect of exacerbating price fluctuations. …
Persistent link: https://www.econbiz.de/10011126542
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Reputation effects in trading on the New York Stock Exchange
Battalio, Robert; Ellul, Andrew; Jennings, Robert - London School of Economics (LSE) - 2005
Theory suggests that reputations, developed in repeated face-to-face interactions, allow nonanonymous, floor-based trading venues to attenuate adverse selection in the trading process. We identify instances when stocks listed on the New York Stock Exchange (NYSE) experience a non-trivial...
Persistent link: https://www.econbiz.de/10010884510
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Evolution of decision and control rights in venture capital contracts: an empirical analysis
Bienz, Carsten; Walz, Uwe - London School of Economics (LSE) - 2006
We analyze the structure and evolution of the allocation of decision and control rights in venture capital contracts by using a sample of 464 contracts between venture capitalists (VC) and portfolio firms from Germany. We focus on the evolution of control and decisions rights along three time...
Persistent link: https://www.econbiz.de/10010745436