This paper investigates the role that Eurobonds could play in making EMU stable in the long run. We establish that EMU's budgetary problems are not only caused by lack of budgetary discipline, but also by the large and sudden fiscal deterioration during the financial crisis. This type of shock...

There is an ongoing debate whether firm focus creates or destroys shareholder value. Earlierliterature has shown significant diversification discounts: firms that engage in multiple activitiesare valued less. Various factors are important in the size of the discount, for example...

The paper is an introduction to a volume containing the proceedings of a conference hosted by De Nederlandsche Bank (DNB) on 24 and 25 April 2002. The conference has been organized to celebrate the adoption of the Act on the Supervision of the Credit System in the Netherlands 50 years ago, when...