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...

Das Anlagefondsgeschäft zählt, nicht zuletzt aufgrund der demographischen Entwicklung, zu einemder am stärksten wachsenden Segmente innerhalb der Finanzdienstleistungsindustrie. Dabei istdie zukünftige Entwicklung einerseits durch eine zunehmende Konkurrenzierung durch...