Market structure affects the informational and real frictions faced by traders in equity markets. Using bid-ask spreads, we present evidence which suggests that while real frictions associated with the costs of supplying immediacy are less in order-driven systems, informational frictions...

Investors have been shown to have particular preferences when it comes to the characteristics of stock they hold in their portfolios, while prior gains and losses have been shown to impact on individuals' economic decisions, both in an investment context and more widely. This paper is the first...

This paper examines the joint pricing of credit insurance and unsecured lending. This case has wider regulatory implications following concerns that the sale of credit insurance as a secondary or add-on product has resulted in uncompetitive pricing, limited product utility and possible...

This Report aims to identify ways in which the current compulsion to take annuities by age 75 might be amended. It examines the current provision of retirement income for members of defined contribution pension (DC) plans who are obliged to purchase such annuities, regardless of personal...