This paper analyzes the effect on equity prices of large-block transactions negotiated ‘upstairs’. We develop a model of the upstairs market which yields testable hypotheses. We investigate these hypotheses with unique data for 5,625 block trades in 1985-1992. Unlike previous studies, all...

There is a wide variation in the structure of financial systems in different countries. We compare two idealized polar extremes. In one, which we refer to as the "German model," banks and other intermediaries predominate. In the other, which we refer to as the "U.S. model," financial markets...

This paper analyzes the theoretical and empirical relation between the growth of government debt and monetary policy for seven industrialized countries: France, Germany, Italy, Japan, Switzerland, the U.K., and the U.S. After analyzing the data we find that:<p> (i) rates of monetary growth...</p>