This paper takes a close look at the 'behavioural finance' explanations of the equity premium puzzle, namely myopic loss aversion (Benartzi and Thaler, 1995) and disappointment aversion (Ang, Bekaert and Liu, 2000). The paper proposes a simple specification of loss and disappointment aversion...

In this briefing paper we evaluate the performance of the EIB in its external lending and policies in relation to developing economies including its response to the financial crisis. We recommend policy changes including greater absolute levels of lending to developing economies and greater risk...

This study focuses on the period 2000-2006, giving an overall evaluation of the role and actions of the financial institutions in the implementation of the structural funds in Southern Italy and especially in Calabria and Sicily. In general what lessons can be drawn from the role of financial...

Article 39b(2) of the CRA Regulation states that the European Commission shall adopt a report by end 2014 – after receiving ESMA’s technical advice – on the appropriateness of the development of a European creditworthiness assessment for sovereign debt.In its request for advice, the...

For the purposes of this advice, ESMA provides its views based on the quantitative information contained in the CEREP public database and on information publicly disclosed by credit rating agencies registered with ESMA.Additionally, ESMA’s advice has been informed by its first supervisory...

The European Securities and Markets Authorities (ESMA) has published this report to inform of the outcome and findings of its general investigation in the way credit rating agencies (CRAs) conduct surveillance of structured finance credit ratings, as indicated in ESMA’s Credit Rating Agencies...

One of the objectives of the CRA Regulation is to increase competition in the markets for credit ratings by encouraging issuers to use smaller credit rating agencies. To this end, Article 8d(1) of the CRA Regulation states that where issuers or related third parties intend to appoint at least...