Richard A Lambert

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The consequences of information differences across investors in capital markets are still much debated. This paper examines the relation between information differences across investors and the cost of capital. Our analysis makes three salient points. First, in models of perfect competition, information differences across investors affect a firm's cost of(More)
The Institute for Public Policy Research (IPPR) is Britain's leading centre-left think tank. Its purpose is to contribute to a greater public understanding of social, economic and political questions through research, discussion and publication. Established as an independent charity in 1988, the IPPR has developed a proud and influential record. Through its(More)
CEOs often receive pensions that provide life annuities of up to 60% of their final salary plus bonus. I investigate the extent to which pensions are managerial rent extraction and/or the result of optimal contracting between CEOs and boards of directors. Specifically, I examine whether CEOs exploit limited disclosure requirements to hide and/or camouflage(More)
at the Survey Operations Center and all of the Mathematica field and telephone staff who collected the data. The report also benefited from careful editing by Betty Teller. We are also grateful for the contributions of our partners at Juárez and Associates and the Educational Testing Service, as well as members of our Technical Work Group (Most of all, we(More)
ACKNOWLEDGMENTS: The authors would like to express their appreciation to our Project Officer Maria Woolverton and other federal staff at OPRE and the Office of Head Start. We thank the Mathematica team, including at the Survey Operations Center and all of the Mathematica field and telephone staff who collected the data. The report also benefited from(More)
13 My thwarted attempt to tell of Libor shenanigans per cent. Futures contracts on three-month Libor were – and are – traded on the London International Financial Futures Exchange (Liffe, now part of NYSE Euronext). There was a standard contract for the month of September. That contract had its rate settled on the third Wednesday of the month, at 11am. In(More)
Banks that actively monitor borrowers acquire private information that gives them an information advantage relative to competing potential lender banks and dispersed bondholders and shareholders, who are relatively more reliant on public disclosures to obtain information about the firm. Banks benefit from this information advantage and, therefore, prefer(More)
in partnership with B 1 What institutions and policies are needed to sustain UK economic growth in the dynamic world economy of the twenty-first century? After years of inadequate investment in skills, infrastructure and innovation, there are longstanding structural weaknesses in the economy, all rooted in a failure to achieve stable planning, strategic(More)