Tilburg University

Displaying 1-40 of 42 results

  • White Papers // Nov 2011

    From UML 2.0 Sequence Diagrams to PROMELA Code by Graph Transformation Using AToM

    A main challenge in software development process is to bring error detection to first phases of the software life cycle. The Verification and Validation (V&V) of UML diagrams is of interest in a number of applications such as detecting flaws at the design phase for software security, where it is...

    Provided By Tilburg University

  • White Papers // Aug 2011

    Economic Institutions And Stability: A Network Approach

    The authors consider a network economy in which economic agents are connected within a structure of value-generating relationships. Agents are assumed to be able to participate in three types of economic activities: autarkic self-provision; binary matching interactions; and multi-person cooperative collaborations. They introduce two concepts of stability and provide sufficient...

    Provided By Tilburg University

  • White Papers // Jul 2011

    Credit Cycle And Adverse Selection Effects In Consumer Credit Markets - Evidence From The Heloc Market

    The authors empirically study how the underlying riskiness of the pool of home equity line of credit originations is affected over the credit cycle. Drawing from the largest existing database of U.S. home equity lines of credit, they use county-level aggregates of these loans to estimate panel regressions on the...

    Provided By Tilburg University

  • White Papers // Jun 2011

    Description of the Self-Chord P2P Application

    This paper presents the implementation of the "Self-Chord" P2P system. Self-Chord inherits the ability of Chord-like structured systems for the construction and maintenance of an overlay of peers, but features enhanced functionalities deriving from ant-inspired algorithms, such as autonomy behavior, self-organization and capacity to adapt to a changing environment. Self-Chord...

    Provided By Tilburg University

  • White Papers // Jun 2011

    Foundations of Blueprint for Cloud-Based Service Engineering

    Current cloud-based service offerings are often provided as one-size-fits-all solution and give little or no room for customization. This limits the ability for application developers to pick and choose offerings from multiple software, platform and infrastructure service providers and configure them dynamically and in an optimal fashion to address their...

    Provided By Tilburg University

  • White Papers // May 2011

    Optimal Investment Strategies For Product-Flexible And Dedicated Manufacturing Systems Under Demand Uncertainty

    This paper studies the optimal investment strategy of a firm having the managerial freedom to acquire both flexible and dedicated production capacity. Flexible Capacity is more expensive but allows the firm to switch costlessly between products and handle changes in relative volumes among products in a given product mix. Dedicated...

    Provided By Tilburg University

  • White Papers // May 2011

    The Effect Of EMU On Bond Market Integration And Investor Portfolio Allocations: An Empirical Study Of Factor Decomposition And Diversification In European Bond Returns

    The integration of financial markets and optimal portfolio allocations and diversification strategies remain subjects of theoretical debate among economists. Given the potential implications for market practice, the debate is followed with sincere interest and occasionally contributed to by its various quarters. Among those are monetary authorities, economic policymakers, financial regulators...

    Provided By Tilburg University

  • White Papers // May 2011

    Risk Spillovers And Hedging: Why Do Firms Invest Too Much In Systemic Risk

    In this paper, the authors show that free entry decisions may be socially inefficient, even in a perfectly competitive homogeneous goods market with non-lumpy investments. In their model, inefficient entry decisions are the result of risk-aversion of incumbent producers and consumers, combined with incomplete financial markets which limit risk-sharing between...

    Provided By Tilburg University

  • White Papers // Apr 2011

    Higher Order Risk Attitudes, Demographics, And Financial Decisions

    The authors conduct an experiment to study the prevalence of the higher order risk attitudes of prudence and temperance, in a large demographically representative sample, as well as in a sample of undergraduate students. Participants make pairwise choices between lotteries of the form proposed by Eeckhoudt and Schlesinger (2006). The...

    Provided By Tilburg University

  • White Papers // Apr 2011

    Consumption, Savings, And Investments Over The Life Cycle

    The author shows that ambiguity (Knightian uncertainty) and learning about the equity premium can explain the fraction of financial wealth allocated to stocks over the life cycle and the stock market participation puzzle. The author assumes that individuals are ambiguous about the equity premium and are averse with respect to...

    Provided By Tilburg University

  • White Papers // Apr 2011

    The Credit Crisis And The Moral Responsibility Of Professionals In Finance

    Starting from MacIntyre's virtue ethics, the authors investigate several codes of conduct of banks to identify the type of virtues that are needed to realize their mission. Based on this analysis, they define three core virtues: honesty, due care and accuracy. They compare and contrast these codes of conduct with...

    Provided By Tilburg University

  • White Papers // Mar 2011

    Longevity Risk And Natural Hedge Potential In Portfolios Of Life Insurance Products: The Effect Of Investment Risk

    Payments of life insurance products depend on the uncertain future evolution of survival probabilities. This uncertainty is referred to as longevity risk. Existing literature shows that the effect of longevity risk on single life annuities can be substantial, and that there exists a (natural) hedge potential from combining single life...

    Provided By Tilburg University

  • White Papers // Mar 2011

    Regulation Of Network Infrastructure Investments An Experimental Evaluation

    This paper reports the results of an experiment evaluating three regulatory schemes for network infrastructure, in terms of their ability to generate efficient levels of capacity investment. The authors compare the performance of price cap regulation, a regulatory holiday for new capacity, and price cap regulation with long term contracts...

    Provided By Tilburg University

  • White Papers // Jan 2011

    Essays On Financial Fragility

    A number of financial crises started as an idiosyncratic shock to local banks, local securities or local markets, but the impacts eventually spread to markets with no direct economic linkage to the initial shock (e.g., the Mexican crisis in 1982 and 1994, the East Asian crisis in 1997, the Russian...

    Provided By Tilburg University

  • White Papers // Dec 2010

    Foreign Currency Lending In Emerging Europe: Bank-Level Evidence

    Based on survey data from 193 banks in 20 countries the authors provide the first bank-level analysis of the determinants of Foreign Currency (FX) lending in emerging Europe. They find that FX lending by all banks, regardless of their ownership structure, is strongly determined by the macroeconomic environment. They find...

    Provided By Tilburg University

  • White Papers // Nov 2010

    Essays On Investment Flows Of Hedge Fund And Mutual Fund Investors

    This paper examines whether investors chase hedge fund investment styles. The authors find that better performing and more popular styles are rewarded with higher inflows in subsequent periods. This indicates that investors compare styles according to style characteristics relative to other styles, and subsequently reallocate their funds from less successful...

    Provided By Tilburg University

  • White Papers // Aug 2010

    Why Do Firms Evade Taxes? The Role Of Information Sharing And Financial Sector Outreach

    Informality is a wide-spread phenomenon across the globe. The authors show that firms in countries with better information sharing systems and greater financial sector outreach evade taxes to a lesser degree, an effect that is stronger for smaller firms, firms in smaller cities and towns, and firms in industries relying...

    Provided By Tilburg University

  • White Papers // Jun 2010

    Strategic Loan Defaults And Coordination: An Experimental Analysis

    The authors used experimental methods to study whether the uncertainty about bank and about borrower fundamentals affect borrowers repayment behavior. They find that solvent borrowers are more likely to default strategically when stricter disclosure rules create common knowledge about bank weakness. They also find that borrowers are less likely to...

    Provided By Tilburg University

  • White Papers // Jun 2010

    Game Theory And Applications In Finance

    The authors study the risk capital allocation problem that arises when the total risk capital withheld by a firm needs to be divided over several portfolios within the firm. They propose to look at the Excess Based Allocation, which arises from lexicographically minimising the losses of all sets of portfolios...

    Provided By Tilburg University

  • White Papers // May 2010

    Taking Stock And Moving Forward: The State Of Islamic Finance And Prospects For The Future

    This white paper discusses the current state of the Islamic finance industry. The authors argue that in an attempt to facilitate growth in the industry, the industry seems to have forgotten its identity. Reaching a juncture today, the authors advocate that the industry has to take a different direction and...

    Provided By Tilburg University

  • White Papers // Apr 2010

    Essays On Pension Finance And Dynamic Asset Allocation

    In most countries, pensions are provided in two major forms: Defined Benefit (DB) and Defined Contribution (DC). Under DB pension schemes, the employee's pension benefit is determined by a formula that takes into account such factors as years of service for the employer and in most cases, wages or salary....

    Provided By Tilburg University

  • White Papers // Mar 2010

    Bank Reputation In The Private Debt Market

    The authors examine the impact of lead arrangers' reputation on the design of loan contracts such as spread and fees charged. Controlling for the non-randomness of the lender-borrower match (self-selection bias), they find that the reputation of top tier arrangers leads to higher spreads, and that top tier arrangers retain...

    Provided By Tilburg University

  • White Papers // Feb 2010

    Information Sharing And Credit Rationing: Evidence From The Introduction Of A Public Credit Registry

    The authors provide the first evidence on how the introduction of information sharing via a public credit registry affects banks' lending decisions. They employ a unique dataset containing detailed information on credit card applications and decisions from one of the leading banks in China. While they do not find that...

    Provided By Tilburg University

  • White Papers // Feb 2010

    Financial Fragmentation And Insider Arbitrage

    If there were no impediments to the flow of capital across space, then the returns to capital should be equalized. The authors provide evidence to the contrary. There are large differences in the return to comparable investments across different towns in the state of Tamil Nadu in South India. They...

    Provided By Tilburg University

  • White Papers // Jan 2010

    Financial Integration And Liquidity Crises

    This paper analyzes the effects of international financial integration on the stability of the banking system. Financial integration allows banks in different countries to smooth local liquidity shocks by borrowing on the international interbank market. The authors show that, under realistic conditions, financial integration induces banks to reduce their liquidity...

    Provided By Tilburg University

  • White Papers // Jan 2010

    Finance And Oil Is There A Resource Curse In Financial Development?

    This paper shows that the finance and growth relationship is as important in resource-based economies as in other economies. This paper also documents less developed financial systems in resource-based economies and banks that are more liquid, better capitalized and more profitable, but give fewer loans to firms. Firms in resource-based...

    Provided By Tilburg University

  • White Papers // Jan 2010

    Impact Of The Financial Crisis

    The major thrust of insolvency reform across many jurisdictions over the last twenty years has been the development of legislation to both facilitate and promote business reorganizations. From Europe to Asia to the Pacific the notion of corporate rescue has found favour with policy makers, politicians and practitioners. Much of...

    Provided By Tilburg University

  • White Papers // Dec 2009

    Essays On Expectations, Power And Social Security

    All four chapters are empirical, meaning that observations from reality are used to derive the main results. The author had used several econometric techniques to analyze the available information. Econometrics is defined in this paper as using statistical methods in order to characterize relationships between economic variables in reality. In...

    Provided By Tilburg University

  • White Papers // Nov 2009

    Three Essays In Pension Finance

    The recent financial crisis resulted in an unprecedented deterioration of Defined Benefit (DB) pension plans' funding ratios all over the world. Companies sponsoring these underfunded plans are typically required by law to make additional financial contributions to close the funding gap. These days sponsoring companies often have limited ability to...

    Provided By Tilburg University

  • White Papers // Nov 2009

    Calvin's Restrictions On Interest: Guidelines For The Credit Crisis

    Calvin's view on the legitimacy of interest has had a great impact on the economic development of Western society. Although Calvin took a fundamentally positive attitude to interest, he also proposed several restrictions on the charging of interest. In this paper, the authors investigate the relevance of these restrictions to...

    Provided By Tilburg University

  • White Papers // Oct 2009

    Bankruptcy Law And Corporate Investment Decisions

    This paper contributes to the debate on optimal bankruptcy reform by providing a set of results that challenge the wisdom that "Soft" bankruptcy codes have necessarily positive effects. The model hinges on the key idea that "Soft" bankruptcy allows a poor performing entrepreneur to renegotiate the terms of the initial...

    Provided By Tilburg University

  • White Papers // Sep 2009

    Service-Oriented Computing: A Research Roadmap

    Service-Oriented Computing (SOC) is a new computing paradigm that utilizes services as the basic constructs to support the development of rapid, low-cost and easy composition of distributed applications even in heterogeneous environments. The promise of Service-Oriented Computing is a world of cooperating services where application components are assembled with little...

    Provided By Tilburg University

  • White Papers // Sep 2009

    Bank Financing For SMEs: Evidence Across Countries And Bank-Ownership Types

    Using data for 91 large banks from 45 countries, this paper finds few differences in the extent, type, and pricing of SME loans across foreign, private, and government-owned banks, even though different bank ownership types apply different lending technologies and have different organizational structures. Instead, the authors find significant differences...

    Provided By Tilburg University

  • White Papers // Aug 2009

    Ex-Post: The Investment Performance Of Collectible Stamps

    This paper investigates the returns on British collectible postage stamps over the very long run, based on stamp catalogue prices. Between 1900 and 2008, the authors find an annualized return on stamps of 6.7% in nominal terms, which is equivalent to an average real return of 2.7% per annum. Prices...

    Provided By Tilburg University

  • White Papers // Jun 2009

    The Degree Of Financial Liberalization And Aggregated Stock-Return Volatility In Emerging Markets

    In this paper, the authors address whether the degree of financial liberalization affects the aggregated total volatility of stock returns by considering the time-varying nature of financial liberalization. They also explore channels through which the degree of financial liberalization impacts aggregated total volatility. They document a negative relation to the...

    Provided By Tilburg University

  • White Papers // May 2009

    Where Angels Fear To Trade: The Role Of Religion In Household Finance

    Although the relationship between religion and economic development on the macro-level has been investigated, it is less clear how religious background influences economic attitudes and financial decision-making on the level of the individual or household, the micro-level. The authors use panel data from the extensive DNB Household Survey, covering the...

    Provided By Tilburg University

  • White Papers // Mar 2009

    Cross-Border Exposures And Financial Contagion

    Integrated financial markets provide opportunities for expansion and improved risk sharing, but also pose threats of contagion risk through cross-border exposures. This paper examines cross-border contagion risk over the period 1999-2006. To that purpose the authors use aggregate cross-border exposures of seventeen countries as reported in the BIS Consolidated Banking...

    Provided By Tilburg University

  • White Papers // Dec 2008

    A Market-Based Measure Of Credit Quality And Banks' Performance During The Subprime Crisis

    The authors propose a new method for measuring the quality of banks' credit portfolios. This method makes use of information impounded in bank share prices by exploiting differences in their sensitivity to credit default swap spreads of borrowers of varying quality. The method allows them to derive a Credit Risk...

    Provided By Tilburg University

  • White Papers // Dec 2008

    Information Salience, Investor Sentiment, And Stock Returns: The Case Of British Soccer Betting

    Soccer clubs listed on the London Stock Exchange provide a unique way of testing stock price reactions to different types of news. For each firm, two pieces of information are released on a weekly basis: experts' expectations about game outcomes through the betting odds, and the game outcomes themselves. The...

    Provided By Tilburg University

  • White Papers // Oct 2008

    Essays On The Role Of Managerial Type In Financial Reporting

    The main focus of this dissertation is to examine whether and how individual managerial differences and their social context affect earnings quality. Earnings quality, as an important component of financial reporting quality, is of considerable interest to financial information users, standard setters, regulators as well as accounting researchers (Francis, Olsson,...

    Provided By Tilburg University

  • White Papers // Jun 2010

    Strategic Loan Defaults And Coordination: An Experimental Analysis

    The authors used experimental methods to study whether the uncertainty about bank and about borrower fundamentals affect borrowers repayment behavior. They find that solvent borrowers are more likely to default strategically when stricter disclosure rules create common knowledge about bank weakness. They also find that borrowers are less likely to...

    Provided By Tilburg University

  • White Papers // Dec 2010

    Foreign Currency Lending In Emerging Europe: Bank-Level Evidence

    Based on survey data from 193 banks in 20 countries the authors provide the first bank-level analysis of the determinants of Foreign Currency (FX) lending in emerging Europe. They find that FX lending by all banks, regardless of their ownership structure, is strongly determined by the macroeconomic environment. They find...

    Provided By Tilburg University

  • White Papers // Sep 2009

    Service-Oriented Computing: A Research Roadmap

    Service-Oriented Computing (SOC) is a new computing paradigm that utilizes services as the basic constructs to support the development of rapid, low-cost and easy composition of distributed applications even in heterogeneous environments. The promise of Service-Oriented Computing is a world of cooperating services where application components are assembled with little...

    Provided By Tilburg University

  • White Papers // Oct 2006

    Time For A Change: Loan Conditions And Bank Behavior When Firms Switch

    The authors study a unique database allowing them to follow each borrower and bank through an extended period of time. As a result, they can document the full dynamic cycle of conditions and behavior before and after firms switch banks. Their findings suggest that engaging a new outside bank decreases...

    Provided By Tilburg University

  • White Papers // May 2011

    Optimal Investment Strategies For Product-Flexible And Dedicated Manufacturing Systems Under Demand Uncertainty

    This paper studies the optimal investment strategy of a firm having the managerial freedom to acquire both flexible and dedicated production capacity. Flexible Capacity is more expensive but allows the firm to switch costlessly between products and handle changes in relative volumes among products in a given product mix. Dedicated...

    Provided By Tilburg University

  • White Papers // Oct 2008

    Essays On The Role Of Managerial Type In Financial Reporting

    The main focus of this dissertation is to examine whether and how individual managerial differences and their social context affect earnings quality. Earnings quality, as an important component of financial reporting quality, is of considerable interest to financial information users, standard setters, regulators as well as accounting researchers (Francis, Olsson,...

    Provided By Tilburg University

  • White Papers // Jan 2010

    Financial Integration And Liquidity Crises

    This paper analyzes the effects of international financial integration on the stability of the banking system. Financial integration allows banks in different countries to smooth local liquidity shocks by borrowing on the international interbank market. The authors show that, under realistic conditions, financial integration induces banks to reduce their liquidity...

    Provided By Tilburg University

  • White Papers // Dec 2009

    Essays On Expectations, Power And Social Security

    All four chapters are empirical, meaning that observations from reality are used to derive the main results. The author had used several econometric techniques to analyze the available information. Econometrics is defined in this paper as using statistical methods in order to characterize relationships between economic variables in reality. In...

    Provided By Tilburg University

  • White Papers // Apr 2011

    Consumption, Savings, And Investments Over The Life Cycle

    The author shows that ambiguity (Knightian uncertainty) and learning about the equity premium can explain the fraction of financial wealth allocated to stocks over the life cycle and the stock market participation puzzle. The author assumes that individuals are ambiguous about the equity premium and are averse with respect to...

    Provided By Tilburg University

  • White Papers // May 2011

    The Effect Of EMU On Bond Market Integration And Investor Portfolio Allocations: An Empirical Study Of Factor Decomposition And Diversification In European Bond Returns

    The integration of financial markets and optimal portfolio allocations and diversification strategies remain subjects of theoretical debate among economists. Given the potential implications for market practice, the debate is followed with sincere interest and occasionally contributed to by its various quarters. Among those are monetary authorities, economic policymakers, financial regulators...

    Provided By Tilburg University

  • White Papers // Apr 2011

    The Credit Crisis And The Moral Responsibility Of Professionals In Finance

    Starting from MacIntyre's virtue ethics, the authors investigate several codes of conduct of banks to identify the type of virtues that are needed to realize their mission. Based on this analysis, they define three core virtues: honesty, due care and accuracy. They compare and contrast these codes of conduct with...

    Provided By Tilburg University

  • White Papers // Jan 2010

    Finance And Oil Is There A Resource Curse In Financial Development?

    This paper shows that the finance and growth relationship is as important in resource-based economies as in other economies. This paper also documents less developed financial systems in resource-based economies and banks that are more liquid, better capitalized and more profitable, but give fewer loans to firms. Firms in resource-based...

    Provided By Tilburg University

  • White Papers // Apr 2010

    Essays On Pension Finance And Dynamic Asset Allocation

    In most countries, pensions are provided in two major forms: Defined Benefit (DB) and Defined Contribution (DC). Under DB pension schemes, the employee's pension benefit is determined by a formula that takes into account such factors as years of service for the employer and in most cases, wages or salary....

    Provided By Tilburg University

  • White Papers // Jun 2010

    Game Theory And Applications In Finance

    The authors study the risk capital allocation problem that arises when the total risk capital withheld by a firm needs to be divided over several portfolios within the firm. They propose to look at the Excess Based Allocation, which arises from lexicographically minimising the losses of all sets of portfolios...

    Provided By Tilburg University

  • White Papers // Jan 2011

    Essays On Financial Fragility

    A number of financial crises started as an idiosyncratic shock to local banks, local securities or local markets, but the impacts eventually spread to markets with no direct economic linkage to the initial shock (e.g., the Mexican crisis in 1982 and 1994, the East Asian crisis in 1997, the Russian...

    Provided By Tilburg University

  • White Papers // Nov 2010

    Essays On Investment Flows Of Hedge Fund And Mutual Fund Investors

    This paper examines whether investors chase hedge fund investment styles. The authors find that better performing and more popular styles are rewarded with higher inflows in subsequent periods. This indicates that investors compare styles according to style characteristics relative to other styles, and subsequently reallocate their funds from less successful...

    Provided By Tilburg University

  • White Papers // Aug 2011

    Economic Institutions And Stability: A Network Approach

    The authors consider a network economy in which economic agents are connected within a structure of value-generating relationships. Agents are assumed to be able to participate in three types of economic activities: autarkic self-provision; binary matching interactions; and multi-person cooperative collaborations. They introduce two concepts of stability and provide sufficient...

    Provided By Tilburg University

  • White Papers // Jul 2011

    Credit Cycle And Adverse Selection Effects In Consumer Credit Markets - Evidence From The Heloc Market

    The authors empirically study how the underlying riskiness of the pool of home equity line of credit originations is affected over the credit cycle. Drawing from the largest existing database of U.S. home equity lines of credit, they use county-level aggregates of these loans to estimate panel regressions on the...

    Provided By Tilburg University

  • White Papers // Nov 2009

    Three Essays In Pension Finance

    The recent financial crisis resulted in an unprecedented deterioration of Defined Benefit (DB) pension plans' funding ratios all over the world. Companies sponsoring these underfunded plans are typically required by law to make additional financial contributions to close the funding gap. These days sponsoring companies often have limited ability to...

    Provided By Tilburg University

  • White Papers // May 2009

    Where Angels Fear To Trade: The Role Of Religion In Household Finance

    Although the relationship between religion and economic development on the macro-level has been investigated, it is less clear how religious background influences economic attitudes and financial decision-making on the level of the individual or household, the micro-level. The authors use panel data from the extensive DNB Household Survey, covering the...

    Provided By Tilburg University

  • White Papers // Apr 2011

    Higher Order Risk Attitudes, Demographics, And Financial Decisions

    The authors conduct an experiment to study the prevalence of the higher order risk attitudes of prudence and temperance, in a large demographically representative sample, as well as in a sample of undergraduate students. Participants make pairwise choices between lotteries of the form proposed by Eeckhoudt and Schlesinger (2006). The...

    Provided By Tilburg University

  • White Papers // Mar 2011

    Longevity Risk And Natural Hedge Potential In Portfolios Of Life Insurance Products: The Effect Of Investment Risk

    Payments of life insurance products depend on the uncertain future evolution of survival probabilities. This uncertainty is referred to as longevity risk. Existing literature shows that the effect of longevity risk on single life annuities can be substantial, and that there exists a (natural) hedge potential from combining single life...

    Provided By Tilburg University

  • White Papers // Mar 2011

    Regulation Of Network Infrastructure Investments An Experimental Evaluation

    This paper reports the results of an experiment evaluating three regulatory schemes for network infrastructure, in terms of their ability to generate efficient levels of capacity investment. The authors compare the performance of price cap regulation, a regulatory holiday for new capacity, and price cap regulation with long term contracts...

    Provided By Tilburg University

  • White Papers // May 2011

    Risk Spillovers And Hedging: Why Do Firms Invest Too Much In Systemic Risk

    In this paper, the authors show that free entry decisions may be socially inefficient, even in a perfectly competitive homogeneous goods market with non-lumpy investments. In their model, inefficient entry decisions are the result of risk-aversion of incumbent producers and consumers, combined with incomplete financial markets which limit risk-sharing between...

    Provided By Tilburg University

  • White Papers // Mar 2010

    Bank Reputation In The Private Debt Market

    The authors examine the impact of lead arrangers' reputation on the design of loan contracts such as spread and fees charged. Controlling for the non-randomness of the lender-borrower match (self-selection bias), they find that the reputation of top tier arrangers leads to higher spreads, and that top tier arrangers retain...

    Provided By Tilburg University

  • White Papers // Aug 2010

    Why Do Firms Evade Taxes? The Role Of Information Sharing And Financial Sector Outreach

    Informality is a wide-spread phenomenon across the globe. The authors show that firms in countries with better information sharing systems and greater financial sector outreach evade taxes to a lesser degree, an effect that is stronger for smaller firms, firms in smaller cities and towns, and firms in industries relying...

    Provided By Tilburg University

  • White Papers // Jan 2010

    Impact Of The Financial Crisis

    The major thrust of insolvency reform across many jurisdictions over the last twenty years has been the development of legislation to both facilitate and promote business reorganizations. From Europe to Asia to the Pacific the notion of corporate rescue has found favour with policy makers, politicians and practitioners. Much of...

    Provided By Tilburg University

  • White Papers // Feb 2010

    Financial Fragmentation And Insider Arbitrage

    If there were no impediments to the flow of capital across space, then the returns to capital should be equalized. The authors provide evidence to the contrary. There are large differences in the return to comparable investments across different towns in the state of Tamil Nadu in South India. They...

    Provided By Tilburg University

  • White Papers // Feb 2010

    Information Sharing And Credit Rationing: Evidence From The Introduction Of A Public Credit Registry

    The authors provide the first evidence on how the introduction of information sharing via a public credit registry affects banks' lending decisions. They employ a unique dataset containing detailed information on credit card applications and decisions from one of the leading banks in China. While they do not find that...

    Provided By Tilburg University

  • White Papers // Sep 2009

    Bank Financing For SMEs: Evidence Across Countries And Bank-Ownership Types

    Using data for 91 large banks from 45 countries, this paper finds few differences in the extent, type, and pricing of SME loans across foreign, private, and government-owned banks, even though different bank ownership types apply different lending technologies and have different organizational structures. Instead, the authors find significant differences...

    Provided By Tilburg University

  • White Papers // Jun 2009

    The Degree Of Financial Liberalization And Aggregated Stock-Return Volatility In Emerging Markets

    In this paper, the authors address whether the degree of financial liberalization affects the aggregated total volatility of stock returns by considering the time-varying nature of financial liberalization. They also explore channels through which the degree of financial liberalization impacts aggregated total volatility. They document a negative relation to the...

    Provided By Tilburg University

  • White Papers // Oct 2009

    Bankruptcy Law And Corporate Investment Decisions

    This paper contributes to the debate on optimal bankruptcy reform by providing a set of results that challenge the wisdom that "Soft" bankruptcy codes have necessarily positive effects. The model hinges on the key idea that "Soft" bankruptcy allows a poor performing entrepreneur to renegotiate the terms of the initial...

    Provided By Tilburg University

  • White Papers // Aug 2009

    Ex-Post: The Investment Performance Of Collectible Stamps

    This paper investigates the returns on British collectible postage stamps over the very long run, based on stamp catalogue prices. Between 1900 and 2008, the authors find an annualized return on stamps of 6.7% in nominal terms, which is equivalent to an average real return of 2.7% per annum. Prices...

    Provided By Tilburg University

  • White Papers // Nov 2009

    Calvin's Restrictions On Interest: Guidelines For The Credit Crisis

    Calvin's view on the legitimacy of interest has had a great impact on the economic development of Western society. Although Calvin took a fundamentally positive attitude to interest, he also proposed several restrictions on the charging of interest. In this paper, the authors investigate the relevance of these restrictions to...

    Provided By Tilburg University

  • White Papers // Dec 2008

    A Market-Based Measure Of Credit Quality And Banks' Performance During The Subprime Crisis

    The authors propose a new method for measuring the quality of banks' credit portfolios. This method makes use of information impounded in bank share prices by exploiting differences in their sensitivity to credit default swap spreads of borrowers of varying quality. The method allows them to derive a Credit Risk...

    Provided By Tilburg University

  • White Papers // Mar 2009

    Cross-Border Exposures And Financial Contagion

    Integrated financial markets provide opportunities for expansion and improved risk sharing, but also pose threats of contagion risk through cross-border exposures. This paper examines cross-border contagion risk over the period 1999-2006. To that purpose the authors use aggregate cross-border exposures of seventeen countries as reported in the BIS Consolidated Banking...

    Provided By Tilburg University

  • White Papers // Dec 2008

    Information Salience, Investor Sentiment, And Stock Returns: The Case Of British Soccer Betting

    Soccer clubs listed on the London Stock Exchange provide a unique way of testing stock price reactions to different types of news. For each firm, two pieces of information are released on a weekly basis: experts' expectations about game outcomes through the betting odds, and the game outcomes themselves. The...

    Provided By Tilburg University

  • White Papers // Mar 2007

    Deposit Games With Reinvestment

    In a deposit game coalitions are formed by players combining their capital. The proceeds of their investments then have to be divided among those players. The current model extends earlier work on capital deposits by allowing reinvestment of returns. Two specific subclasses of deposit games are introduced. It is seen...

    Provided By Tilburg University

  • White Papers // May 2010

    Taking Stock And Moving Forward: The State Of Islamic Finance And Prospects For The Future

    This white paper discusses the current state of the Islamic finance industry. The authors argue that in an attempt to facilitate growth in the industry, the industry seems to have forgotten its identity. Reaching a juncture today, the authors advocate that the industry has to take a different direction and...

    Provided By Tilburg University

  • White Papers // Jun 2011

    Foundations of Blueprint for Cloud-Based Service Engineering

    Current cloud-based service offerings are often provided as one-size-fits-all solution and give little or no room for customization. This limits the ability for application developers to pick and choose offerings from multiple software, platform and infrastructure service providers and configure them dynamically and in an optimal fashion to address their...

    Provided By Tilburg University