Economic cycles are the key credit portfolio risk driver and they are autocorrelated over time. We then show that it is economically meaningful to define risk for credit portfolios in a multi period setup. Since one period expected shortfall fails to measure risk adequately in a multi period...

We examine the coexistence of banks and financial markets, studyinga credit market where the qualities of investment projects are notobservable and the investment decisions of entrepreneurs are not contractible...

This paper investigates politically connected rms in Germany. With the in-troduction of a new transparency law in 2007, information on additional incomesources for all members of the German parliament became publicly available.We nd that members of the conservative party (CDU/CSU) and the...

[...]The work of the National Equality Panel will underpin the response by all strategic publicauthorities to Clause One of the Equality Bill which places a new legal duty on key publicbodies to consider, in all the important decisions they make and all important actions theytake, how they can...

There is ample evidence that women do not react to competition as mendo and are less willing to enter a competition than men (e.g., Gneezy et al.(2003), Niederle and Vesterlund (2007)). In this paper, we use personalityvariables toto understand the underlying motives of women (and men) toenter a...

This paper focuses on pathways to adult disadvantage (or social exclusion) up toage 33 for a cohort of children born in Great Britain in March 1958. A sequenceof interrelated analyses that build up a life-course account of the pathwaysinvolved in the origins of adult social exclusion are...

Using a two stage correspondence test methodology, this study tests employer priors against job-applicants with Arabic names compared to job-applicants with Swedish names. In the first stage, employers are sent CVs of equal observable quality. Thereafter, in the second stage, the CVs with Arabic...

This paper develops a framework for studying individuals ideas about what constitutes justcompensation for chief executive officers (CEOs) and reports estimates of just CEO pay andthe principles guiding ideas of justice. The sample consists of students pursuing a Master ofBusiness Administration...