Publications

The Centre has a regular discussion paper series dedicated to academic research, as well as a special paper series focused on policy analysis. In addition, affiliated researchers publish a variety of books, reports and opinion pieces.

Discussion Papers
Sep 2015
DP 45
Economics and game theory are replete with examples of parameterized games. We show that all minimal Nash payoff USCOs belonging to the Nash equilibrium correspondence of a parameterized game with payoff functions that are uniformly equicontinuous...
Discussion Papers
Sep 2015
DP 44
For a discounted stochastic game with an uncountable state space and compact metric action spaces, we show that if the measurable-selection-valued, Nash payoff selection correspondence of the underlying one-shot game contains a sub-correspondence...
Discussion Papers
Sep 2015
DP 43
We establish a new fixed point result for measurable-selection-valued correspondences with nonconvex and possibly disconnected values arising from the composition of Caratheodory functions with an upper Caratheodory correspondence. We show that, in...
Discussion Papers
Jul 2015
DP 42
Christoph Aymanns, Fabio Caccioli, J. Doyne Farmer and Vincent W.C. Tan
Effective risk control must make a tradeoff between the microprudential risk of exogenous shocks to individual institutions and the macroprudential risks caused by their systemic interactions. We investigate a simple dynamical model for...
Discussion Papers
Jul 2015
DP 41
Rafael Matta and Enrico Perotti
We analyse bank runs under fundamental and asset liquidity risk, adopting a realistic description of bank default. We obtain an unique run equilibrium, even as fundamental risk becomes arbitrarily small. When safe returns are securitized and pledged...
Discussion Papers
Jul 2015
DP 40
Mike Burkart and Amil Dasgupta
We develop a dual-layered agency model to study blockholder monitoring by activist funds that compete for investor flow. Competition for flow affects the manner in which activist hedge funds govern as blockholders. In particular, funds inflate short...
Discussion Papers
Jun 2015
DP 39
Rui Gong, Frank Page and Myrna Wooders
We model the structure and strategy of social interactions prevailing at any point in time as a directed network and we address the following open question in the theory of social and economic network formation: given the rules of network and...
Discussion Papers
May 2015
DP 38
Daniel Beunza and Yuval Millo
The recent automation of the American stock market has replaced floor intermediaries with trading algorithms, calling into question the sociological claim that markets are structured by networks of intermediaries. Our study examines the social...
Discussion Papers
Apr 2015
DP 37
Andrew Baker
Macroprudential regulation, which has emerged as a new departure in financial regulation (albeit with a longer heritage), since the financial crash, is in a fluid, evolving and highly experimental phase. Understanding its future political economy...
Discussion Papers
Apr 2015
DP 36
Jon Danielsson and Chen Zhou
This paper analyzes the robustness of standard risk analysis techniques, with a special emphasis on the specifications in Basel III. We focus on the difference between Value–at–Risk and expected shortfall, the small sample properties of...

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