The current EU rules governing the solvency of insurance companies essentially base the required minimum equity capital on the volume of insurance business the companies write. Thus, no attempt is made to identify or quantify the central risks borne by insurance companies. In response to...

The GP fundholding scheme was introduced as part of the Conservative government’s 1991NHS reforms and abolished by the Labour government in 1998. This paper presents theargument that very little was learnt about the effectiveness of the scheme before its abolition.This was because there was no...

What are liquidity crises? And what can be done to address them? This short paper brings together some personal reflections on this issue, largely based on previous work. In the process, it questions a number of commonly held beliefs that have become part of the conventional wisdom. The paper is...

We suggest a simple asset market model in which we analyze competitive and strategic behavior simultaneously. If two-fund separation is found to hold across periods for competitive behavior, it also holds for strategic behavior. In this case the relative prices of the assets do not depend on...

The supply of venture capital to SMEs in England varies dramatically from one region to the other. This study, however, shows that the distribution of capital around the country would be considerably more uneven were it not for the activities of publicly-backed funds. Most are almost unique...

This paper analyzes competition between mutual funds in a multiple fundsversion of the model of Hugonnier and Kaniel [18]. We characterize the setof equilibria for this delegated portfolio management game and show thatthere exists a unique Pareto optimal equilibrium. The main result of thispaper...