The present paper studies a class of general equilibrium economies with imperfectly competitive financial intermediaries and price-taking consumers. Intermediaries optimally choose the securities they issue and the bid-ask spread they charge. Financial intermediation is costly, and hence markets are endogenously incomplete. An appropriate equilibrium concept is developed, and existence is prove...

Discount rate changes always receive considerable attention in financial markets. Two hypotheses compete to explain financial market reactions: the direct ‘borrowing cost effect’ and the announcement effect. This paper examines the issue for the Bundesbank’s discount rate changes after 1979. Summing up we find that market reactions cannot be attributed to a direct borrowing cost effect but excl...

The objective of this paper is to compare the effectiveness of financial markets and financial intermediaries in financing new industries and technologies in the presence of diversity of opinion. In markets, investors become informed about the details of the new industry or technology and make their own investment decisions. In intermediaries, the investment decision is delegated to a manager, ...

The focus of the paper is the use of optimal scaling techniques to reduce the dimensionality of ordinal variables describing the quality of services to a continuous score interpretable as a measure of operational risk. This new score of operational risk is merged with a financial risk score in order to obtain an integrated measure of risk. The proposed integration methodology is a generalizatio...

OBJECTIVES To update UK studies begun in the early 1990s on the annual prevalence and incidence rates of autism in children; undertaken in response to a March 2012 press release, widely covered by the media, from the US Centre for Disease Control (CDC) reporting that the autism prevalence rate in 2008 in 8-year-old US children was 1 in 88, a 78% increase from a CDC estimate in 2004. This findin...

PURPOSE To examine emerging trends in global nurse migration and those effects on nurse workforce planning and development efforts in select donor and recipient countries. DESIGN AND METHODS This integrative literature review is an analysis of current literature (journal articles, media, and press releases) and data from various sources (PUMS, NSSRN, CGFNS, Nurse & Midwifery Council) to expli...

B.M.A. (GLOUCESTERSHIRE BRANCH) Hon. Secretary: Dr. H. G. Scott-Kerr, 29 Leckhampton Road, Cheltenham 13th Oct.: Mr. J. D. J. Freeman. Presidential Address: "A Naval Opthalmolog'3' Ceylon", and a film, colour and sound, "Land of the Buddha" Gloucester. 10th Nov.: Representatives' Report. Financial Statement. Film. Cheltenham. _ ^ 8th Dec.: Guest Speaker: Mr Brian Inglis, Editor of The Spectator...