would also like to thank participants at the Konstanz monetary seminar in June 1996 for which this paper was written, in particular my discussant Walter Wasserfallen; and an anonymous referee. Remaining errors are of course my own, as are the views expressed within, which are not necessarily those of the Bank of England.
For helpful comments and conversations, we are grateful to Abstract In a corporate freez-eout, the controller is required to compensate minority shareholders for the no-freezeout value of their shares that are taken from them. This paper seeks to highlight the difficulties involved in determining this no-freezeout value when, as is often the case, the… (More)
provided me with helpful comments on an earlier draft. Of course, all views expressed here are entirely personal and do not represent the position of either the Monetary Policy Committee or the Bank of England.
* Views expressed are those of the author and do not necessarily reflect official positions of De Nederlandsche Bank. Abstract We quantify the impact of explicit FOMC policy rate guidance used as an unconventional monetary policy tool at the zero lower bound of the policy rate on US equity prices, as well as on the risk indicators of credit and CDS spreads,… (More)
We use an important legal event as a natural experiment to examine the effect of management fiduciary duties on equity‐debt conflicts. A 1991 Delaware bankruptcy ruling changed the nature of corporate directors' fiduciary duties in firms incorporated in that state. This change limited managers' incentives to take actions favoring equity over debt for firms… (More)
This paper analyses the choice between targeting core or headline inflation in Thailand. It frames the choice as one of whether a measure of core inflation serves as a useful intermediate target between the operating target of a short-term interest rate and the ultimate objective of headline inflation or some broader measure of price stability. It is argued… (More)
The subject this year was 'International Financial Architecture'. Their speeches, and the set of background papers assembled for the event, explored various aspects of this topic. This summary has grouped that material into three sets. The first set includes overviews from the IMF and the BIS, a salutary lesson from history, and a sketch of some germane… (More)