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Market making in international capital markets: Challenges and benefits of its implementation in emerging markets
(2009)
Purpose - The purpose of this paper is to critically evaluate the different market-making systems found in most developed capital markets and to provide guidance to emerging market regulators for a possible implementation ...
Independent directors and defined benefit pension plan freezes
(2018)
We study the role of outside directors in defined benefit pension plan freezes, where the interests of shareholders are in apparent conflict with the interests of firm employees. We examine the effect of independent directors ...
Complete Prepayment Models for Mortgage-Backed Securities
(1992)
The estimation of prepayment rates for pools of mortgages is a critical component in determining the value of mortgage-backed securities—MBS for short—and derivative products. This paper discusses the development of ...
National culture and bank risk-taking
(2019)
We investigate the relation between national cultural values and bank risk. Despite the rigid transnational regulatory oversight of systemic European banks, we find evidence of an economically significant association between ...