E. Philip Davis

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Proportions of equity held by institutional investors are rising across all OECD countries. Paradigms of corporate governance involving a key role for institutions are market control via equity (the takeover sanction), market control via debt (LBOs) and direct control via equity (corporate governance activism). Even in countries where institutions are(More)
PURPOSE The Federal Highway Administration (FHWA) proposed guidelines for highway design to increase the safe driving ability of older drivers; however, little empirical evidence exists to support the effectiveness of these guidelines. The purpose of this study was to investigate the effects of implementing these guidelines (in 4 pairs of intersections) on(More)
The literature on costs of financial instability tends to focus on fiscal costs and the impact on GDP of banking crises. In this paper we analyse the effect of a banking or currency crisis on consumption. We show that consumption plays an important role in the macroeconomic adjustment following a financial crisis. Furthermore, the effect of a crisis is(More)
Using data from the US, UK, Japan and Canada, this paper provides evidence on the benefits to an economy from " multiple intermediation buffers ". The overall conclusion is that the existence of active securities markets alongside banks is indeed beneficial to the stability of corporate financing, both during cyclical downturns and during banking and(More)
OBJECTIVE To test the effectiveness of the FHWA guidelines for intersection design. METHODS In an experimental design we used kinematics measures from an instrumented vehicle and behavioral (error) data collected during on-road evaluations to quantify the effects of improved versus unimproved intersections (turn phase) and to determine if these(More)
Although the precise details are subject to major uncertainty, it seems likely that the process of population ageing will involve major shifts in financing, which may give rise to financial turbulence and systemic risk. The locus and scale of these effects will also depend on the predominant approach to retirement income provision. It is argued that the(More)