Dynastic management is the inter-generational transmission of control over assets that is typical of family-owned firms. It is pervasive around the world, but especially in developing countries. We argue that dynastic management is a potential source of inefficiency: if the heir to the family...

Dynastic management is the inter-generational transmission of control over assets that is typical of family-owned firms. It is pervasive around the World, but especially in developing countries. We argue that dynastic management is a potential source of inefficiency: if the heir to the family...

We examine the economic consequences of the mandatory adoption of IFRS in EU countries by showing which types of economies have the largest reduction in investment-cash flow sensitivity post-IFRS. We also examine whether the reduction in investment-cash flow sensitivity depends on firm size as...

How does the trading behaviour of institutional money managers affect stock prices? In this paper we document a robust relationship between the net trade patterns of institutional money managers and long term equity returns. Examining quarterly data on US institutional holdings from 1983 to...

The UK housing finance system is still recovering from the credit and financial crisis of 2007–2008. Some features of the system have made it particularly vulnerable to this crisis, notably the extent to which lenders have been reliant on the money markets and securitisation to enable them to...

We investigate the empirical relationship between managerial ownership of shares and corporate performance, using a panel dataset of 389 UK manufacturing companies. The two measures of performance investigated are: market valuation, as expressed by Tobin''s Q, and total factor productivity...

We generate an original dataset on bribe payments at two competing ports in Southern Africa that allows us to take an unusually close look at the relationship between bureaucratic organization, bribe-setting behavior and the costs corruption imposes on users of public services. We find that the...

Is it the case that more competitive SMEs have greater capacity to adopt environmental initiatives? The answer is no, according to this study which tried to link small firm environmental performance to factors such as profitability, growth, skills and research and development. This study focuses...

Financial Risk Forecasting is a complete introduction to practical quantitative risk management, with a focus on market risk. Derived from the authors teaching notes and years spent training practitioners in risk management techniques, it brings together the three key disciplines of finance,...

We evaluate the statistical and economic differences between affine term-structure models. Despite the voluminous literature on this subject, we have a limited understanding of those structural features of the models that are important in practice. Given that the key distinguishing...