We use a unique security-level data set to analyze correlations in bond trading of banks, their respective retail customers and their affiliated mutual funds. Matching banks' proprietary holdings with the holdings of their funds and their retail customers for the period 2009-2016 at the security...

On the occasion of related proposals by the European Commission and the Eurogroup, this paper proposes to entrust the ESM with the hosting of the ESRB in the medium term. The novel proposal aims at strengthening the macro-prudential expertise of the ESM and at enhancing the independence of the...

There has been growing concern about ghostwriting practices in peer-reviewed biomedical journals. As a result, various proposals have been put forth to abolish or prevent the practice of ghostwriting. In this article, we review the issues underlying ghostwriting in medical research; highlight...

We analyze a coordination game characterised by varying degrees of conflict of interest, incentive to coordinate and information asymmetry. The primary objective is to question whether endogenous leadership better enables coordination. A secondary objective is to question whether preference and...

Our approach aims at the issues of integrity in the performance of public functions in Romania. Specifically, after the development of the ethical considerations in national administrative system, we present the conceptual and legal aspect of integrity incidents, then making reference to...

The hedge fund industry has risen in 2007 to the top of the international political agenda, yet the debate surrounding it is limited by a lack of understanding of how the industry functions, or even how it is to be defined. The industry consists largely of investment funds operating from...

The "revolving door" phenomenon has become very common in most industrialised countries, and is leading to conflicts of interest as well as economic distortions. The purpose of this paper is to develop an indicator of the distortionary effects of the revolving door - The Revolving Door Indicator...

Public-private partnership (PPP) concession agreements are awarded by National, State and local public agencies that contract with private companies to finance and deliver infrastructure as a long term service to governments and their citizens, rather than having the private firms design and...

The theory of voluntary disclosure of information posits that market forces lead senders to disclose information through a process of unravelling. This prediction requires that receivers hold correct beliefs and, in equilibrium, make adverse inferences about non-disclosed information. Previous...