Cycles in initial public offer (IPO) underpricing have been historically linked to both the proportion and pricing of resource-based IPOs issued relative to the entire population of IPOs. In addition, IPOs in the less diversified resource sector are exposed to changes in underlying commodity...

The staff report for the 2008 Article IV Consultation of Israel on economic developments and policies is examined. Fiscal and monetary credentials have been established in markets. Banks and their supervisory arrangements have been robust, and growth has been strong, sustained, and balanced....

This staff report discusses Israel’s 2009 Article IV Consultation on economic developments and policies. The economy has been shielded from the global downturn by the absence of prior housing or bank credit booms, high household savings rates, and the fact that investment goods and...

The objective of this paper is to discuss the key issues relating to the development of local corporate bond markets. We examine the requirements for local corporate bond market development, and compare and contrast experiences across both mature and emerging markets. We suggest that core...

We adjust the US stock-exchange listing count for all significant transactions that move corporate assets into or out of the stock market - in particular mergers and acquisitions. In contrast to the actual listing count, the US merger-adjusted count hardly peaks over 1980--2017 and does not...

During recent years, a wide spectrum of research has questioned whether public services/infrastructure procurement through private finance, as exemplified by the UK Private Finance Initiative (PFI), meets minimum standards of democratic accountability. While broadly agreeing with some of these...

Book abstract: Compared with coverage of organizational innovation, public sector financial innovation has tended to be neglected in the literature. When it has been considered, the strong focus of classical public finance for optimal taxation and tax types has overshadowed new and interesting...

The refinancing of PFI (Private Finance Initiative) projects represents one of the most contentious aspects of Public Private Partnerships (PPPs) in the UK. The negative publicity associated with UK PFI refinancing deals is associated with several factors, including, evidence of massive private...

The 2007-09 credit crunch has not only created problems for the UK’s public finances in meeting the costs of bailing out commercial banks and dealing with recession but also for providing better public services. This paper analyses the causes of the credit crunch, government policies to...

Over the last decade, the Private Finance Initiative (PFI) has become preferred government option for the provision of different services to the public. In PFI procurement, private companies take on the obligation to build and manage a facility but provide only a small fraction of the project?s...