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Dynamic capital structure and political patronage: the case of Malaysia (2013)
Journal Article
Ebrahim, M. S., Girma, S., Shah, M. E., & Williams, J. (2014). Dynamic capital structure and political patronage: the case of Malaysia. International Review of Financial Analysis, 31, https://doi.org/10.1016/j.irfa.2013.11.004

This paper investigates the effect of political patronage on firms' capital structure. The evidence is from Malaysia, a country characterised by relationship-capitalism, and covers 1988 to 2009. Using a system GMM estimator we find firms set leverage... Read More about Dynamic capital structure and political patronage: the case of Malaysia.

Cooperation in small groups: the effect of group size (2013)
Journal Article
Nosenzo, D., Quercia, S., & Sefton, M. (2015). Cooperation in small groups: the effect of group size. Experimental Economics, 18(1), https://doi.org/10.1007/s10683-013-9382-8

We study the effect of group size on cooperation in voluntary contribution mechanism games. As in previous experiments, we study four- and eight-person groups in high and low marginal per capita return (MPCR) conditions. We find a positive effect of... Read More about Cooperation in small groups: the effect of group size.

Does the correspondence between EQ-5D health state description and VAS score vary by medical condition? (2013)
Journal Article
Whynes, D. K. (2013). Does the correspondence between EQ-5D health state description and VAS score vary by medical condition?. Health and Quality of Life Outcomes, 11, Article 155. https://doi.org/10.1186/1477-7525-11-155

Background
The EQ-5D health-related quality of life instrument comprises a health state classification (health problems by severity in five domains), followed by an evaluation using a visual analogue scale (VAS). Despite the EQ-5D’s use in health te... Read More about Does the correspondence between EQ-5D health state description and VAS score vary by medical condition?.

How do Financial Intermediaries Create Value in Security Issues? (2013)
Journal Article
Adriani, F., Deidda, L., & Sonderegger, S. (2014). How do Financial Intermediaries Create Value in Security Issues?. Review of Finance, 18(5), 1915-1951. https://doi.org/10.1093/rof/rft027

We study incentive provision in a model of securities issuance with an informed issuer and uninformed investors. We show that the presence of an informed intermediary may increase surplus even if we allow for collusion between the intermediary and th... Read More about How do Financial Intermediaries Create Value in Security Issues?.

On Emissions Trading and Market Structure: Cap-and-Trade versus Intensity Standards (2013)
Journal Article
de Vries, F. P., Dijkstra, B. R., & McGinty, M. (2014). On Emissions Trading and Market Structure: Cap-and-Trade versus Intensity Standards. Environmental and Resource Economics, 58(4), 665-682. https://doi.org/10.1007/s10640-013-9715-2

This paper examines the interdependence between imperfect competition and emissions trading. We particularly analyze the long run equilibrium in a two-sector ('clean' and 'dirty') model with Cournot competition among firms who face a fixed cost of pr... Read More about On Emissions Trading and Market Structure: Cap-and-Trade versus Intensity Standards.

Pooling, tranching, and credit expansion (2013)
Journal Article
Bougheas, S. (2014). Pooling, tranching, and credit expansion. Oxford Economic Papers, 66(2), https://doi.org/10.1093/oep/gpt029

Traditionally banks have used securitization for expanding credit and thus their profitability. It has been well documented that, at least before the 2008 crisis, many banks were keeping a high proportion of the securities that they created on their... Read More about Pooling, tranching, and credit expansion.

Housing-market heterogeneity in a monetary union (2013)
Journal Article
Rubio, M. (2014). Housing-market heterogeneity in a monetary union. Journal of International Money and Finance, 40, 163-184. https://doi.org/10.1016/j.jimonfin.2013.06.013

This paper studies the implications of cross-country housing-market heterogeneity in a monetary union for both shock transmission and welfare. I develop a two-country new Keynesian general equilibrium model with housing and collateral constraints to... Read More about Housing-market heterogeneity in a monetary union.

The demand for tobacco in post-unification Italy (2013)
Journal Article
Ciccarelli, C., & De Fraja, G. (2014). The demand for tobacco in post-unification Italy. Cliometrica, 8(2), 145-171. https://doi.org/10.1007/s11698-013-0097-z

This paper studies the demand for tobacco products in post-unification Italy. We construct a very detailed panel data set of yearly consumption in the 69 Italian provinces from 1871 to 1913 and use it to estimate the demand for tobacco products. We f... Read More about The demand for tobacco in post-unification Italy.

What promotes greater use of the corporate bond market? A study of the issuance behaviour of firms in Asia (2013)
Journal Article
Mizen, P., & Tsoukas, S. (2014). What promotes greater use of the corporate bond market? A study of the issuance behaviour of firms in Asia. Oxford Economic Papers, 66(1), 227-253. https://doi.org/10.1093/oep/gpt005

This paper investigates bond market development in Asia by exploring the determinants of firms’ decisions to issue public debt in a range of Asian economies. Using a novel database covering the period 1995 to 2007, we use comparable micro level panel... Read More about What promotes greater use of the corporate bond market? A study of the issuance behaviour of firms in Asia.