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The advent of the financial crisis in August 2007, and its subsequent intensification, has largely eroded the hitherto apparently sharp distinction between monetary and financial stability, and it has led to a revival of central bank co-operation. The purpose of this paper is to describe and...

No Abstract is available.

No abstract is available

We model the term structure of interest rates as resulting from the interaction between investor clienteles with preferences for specific maturities and risk-averse arbitrageurs. Because arbitrageurs are risk averse, shocks to clienteles’ demand for bonds affect the term structure and...

This paper analyses the effect of asymmetric information between a firm and its outside investors on the firms competitive position in a model where first-period competition is followed by a financing stage B la Myers and Majluf (1984). In our model, interim profit generated by the competition...

This analysis extends the international evidence on initial public offerings (IPOs) to new issues in Germany between 1988 and 1995. Germany has been among the countries which are undergoing major changes towards their attitudes to going public. Aftermarket performance of German IPOs confirms...

Various markets, particularly NASDAQ, have been under pressure from regulators and market participants to introduce call auctions for their opening and closing periods. We investigate the performance of call markets at the open and close from a unique natural experiment provided by the...