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for helpful comments and conversations. I alone am responsible for the views expressed in the paper, which are not necessarily shared by other MPC members.
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.
The purpose of this section's report is to propose strategies which will help those committed to promoting and implementing higher standards in dental education. There is a wide variety of systems throughout the world. These systems are developed, governed, operated and applied differently. Their standards, whether they are controlled by governments… (More)
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)
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)