The notion of risk is central to modern society, both as a productive and as a troublesome concept. On the one hand, risk refers to a situation of opportunity. Only those who undertake a risk, bear the uncertainties and face the potential adverse consequences, may gain the rewards. On the other...

We investigate a class of estimators for Linear Regression models where the dependent variable is subject to bid-ask censoring. Our estimation method is based on a definition of error that is zero when the predictor lies between the actual bid price and ask price, and linear outside this range....

Our purpose in this paper is to produce a tractable model which illuminates problems relating to individual bank behaviour and risk-taking, to possible contagious interrelationships between banks, and to the appropriate design of prudential requirements and incentives to limit ‘excessive’...

John Van Reenen finds that British labour productivity still suffers from low investment in capital, basic skills and innovation.

This paper considers the nature of workplace regimes that are constructed on the ruins what has become known as the 'apartheid workplace regime' by analysing a sub-sector of the engineering industry as a case study. In the context of the breakdown of the racial division of labour in the...

The wavelet periodogram is hard to smooth because of the low signal-to-noise ratio and non-stationary covariance structure. This article introduces a method for smoothing a local wavelet periodogram by applying a Haar-Fisz transform which approximately Gaussianizes and approximately stabilizes...

The regulation of bank capital in the form of capital adequacy requirements is itself inherently procyclical; it bites in downturns, but fails to restrain in booms. The more risk-sensitive the regulation, the greater the scope for pro-cyclicality to become a problem, particularly in view of the...