Alistair Milne

Loughborough University - School of Business and Economics

Professor of Financial Economics

Epinal Way

Loughborough

Leicestershire, LE11 3TU

United Kingdom

SCHOLARLY PAPERS

40

DOWNLOADS
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11,351

CITATIONS
Rank 5,719

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Top 5,719

in Total Papers Citations

89

Scholarly Papers (40)

1.

Basel III: Is the Cure Worse than the Disease?

Number of pages: 53 Posted: 09 Oct 2010 Last Revised: 18 Oct 2010
City University London - Sir John Cass Business School, University of Westminster, Loughborough University - School of Business and Economics and City University London - Sir John Cass Business School
Downloads 2,625 (2,574)
Citation 3

Abstract:

asset liability management, bank capital, bank regulation, cost of bank capital, liquidity requirements

2.

Bank Capital Regulation and Incentives for Risk-Taking

Cass Business School Research Paper
Number of pages: 52 Posted: 19 Mar 2002
Alistair Milne and A. Elizabeth Whalley
Loughborough University - School of Business and Economics and University of Warwick - Finance Group
Downloads 1,398 (8,452)
Citation 17

Abstract:

capital dynamics, capital structure, charter value, franchise value, endogenous capital, financial distress, moral hazard, bank looting

3.

Bank Capital and Risk Taking

Bank of England Working Paper No. 90, Cass Business School Research Paper
Number of pages: 44 Posted: 22 Feb 1999
Alistair Milne and A. Elizabeth Whalley
Loughborough University - School of Business and Economics and University of Warwick - Finance Group
Downloads 725 (25,383)
Citation 10

Abstract:

4.

Apples and Pears: The Comparison of Risk Capital and Required Return in Financial Institutions

Number of pages: 42 Posted: 11 Feb 2007
Alistair Milne and Mario Onorato
Loughborough University - School of Business and Economics and Algorithmics
Downloads 498 (42,362)

Abstract:

RAROC, Risk Management, Economic Capital, Performance Measurement, Financial Regulation

5.

In Good Times and in Bad: Bank Capital Ratios and Lending Rates

International Review of Financial Analysis, Forthcoming
Number of pages: 35 Posted: 12 Dec 2011 Last Revised: 10 Feb 2016
Matthew Osborne, Ana-Maria Fuertes and Alistair Milne
Bank of England, Cass Business School, City University of London and Loughborough University - School of Business and Economics
Downloads 427 (43,120)
Citation 2

Abstract:

Bank capital; Interest margins; Bank regulation; Capital requirements

6.

Bankers’ Compensation and Fair Value Accounting

Number of pages: 53 Posted: 05 Apr 2009 Last Revised: 10 May 2011
Gilad Livne, Garen Markarian and Alistair Milne
University of Exeter Business School, WHU - Otto Beisheim School of Management and Loughborough University - School of Business and Economics
Downloads 394 (55,790)
Citation 2

Abstract:

clawback problem, fair value accounting, cash bonus, compensation, banking crisis

7.

Bank Capital and Incentives for Risk-Taking

Cass Business School Research Paper
Number of pages: 52 Posted: 14 Mar 2002
Alistair Milne and A. Elizabeth Whalley
Loughborough University - School of Business and Economics and University of Warwick - Finance Group
Downloads 392 (53,332)
Citation 22

Abstract:

capital dynamics, capital structure, charter value, franchise value, endogenous capital, financial distress, moral hazard, bank looting

8.

Shattered on the Rock? British Financial Stability from 1866 to 2007

Bank of Finland Research Discussion Paper No. 30/2008
Number of pages: 71 Posted: 19 Feb 2009
Alistair Milne and Geoffrey Wood
Loughborough University - School of Business and Economics and Cass Business School
Downloads 371 (58,178)
Citation 4

Abstract:

bank failure, lender of last resort, money markets, bank regulation

9.

The Inventory Perspective on Bank Capital

Cass Business School Research Paper
Number of pages: 43 Posted: 13 Aug 2004
Alistair Milne
Loughborough University - School of Business and Economics
Downloads 360 (59,226)
Citation 6

Abstract:

Capital buffers, capital regulation, capital dynamics, capital management, capital structure, cash flow, endogenous capital, financial distress, franchise value, looting, moral hazard, transaction costs

10.

The Business Models and Economics of Peer-to-Peer Lending

ECRI Research Report, 2016, No 17
Number of pages: 35 Posted: 13 Apr 2016 Last Revised: 09 Oct 2016
Alistair Milne and Paul Parboteeah
Loughborough University - School of Business and Economics and Loughborough University - School of Business and Economics
Downloads 347 (67,577)

Abstract:

Market place lending, financial regulation, credit risk, credit markets, liquidity risk, standardisation, digital economy, banking competition, credit availability, small business lending, consumer credit

Risk-Adjusted Measures of Value Creation in Financial Institutions

Bank of Finland Research Discussion Paper No. 25/2009
Number of pages: 40 Posted: 28 Nov 2009
Alistair Milne and Mario Onorato
Loughborough University - School of Business and Economics and Algorithmics
Downloads 279 (85,929)

Abstract:

asset pricing, banking, capital allocation, capital budgeting, capital management, corporate finance, downside risk, economic capital, performance measurement, RAROC, risk management, value creation, hurdle rate, value at risk

Risk‐Adjusted Measures of Value Creation in Financial Institutions

European Financial Management, Vol. 18, Issue 4, pp. 578-601, 2012
Number of pages: 24 Posted: 23 Aug 2012
Alistair Milne and Mario Onorato
Loughborough University - School of Business and Economics and City University London - Sir John Cass Business School
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Abstract:

asset pricing, banking, capital allocation, capital budgeting, capital management, corporate finance, downside risk, economic capital, economic value added, performance measurement, RAROC, risk management, hurdle rate, value at risk

12.

The Bank Lending Channel Reconsidered

Bank of Finland Research Discussion Paper No. 2/2009
Number of pages: 62 Posted: 20 Feb 2009
Alistair Milne and Geoffrey Wood
Loughborough University - School of Business and Economics and Cass Business School
Downloads 217 (104,565)

Abstract:

credit channel, monetary transmission, bank financing constraints

13.

Liquidity, Bank Credit and Money

22nd Australasian Finance and Banking Conference 2009
Number of pages: 13 Posted: 24 Aug 2009
Alistair Milne
Loughborough University - School of Business and Economics
Downloads 212 (108,734)

Abstract:

central banking, monetary policy implementation, lender of last resort

14.

Governance and Innovation in UK Retail Payments

Communications & Strategies, No. 66, p. 63, 2007
Number of pages: 15 Posted: 16 Oct 2007 Last Revised: 01 Mar 2015
Alistair Milne
Loughborough University - School of Business and Economics
Downloads 145 (152,938)
Citation 2

Abstract:

bank payment services, financial infrastructure, payment schemes, payments governance, SEPA, technology adoption

15.

The Global Legal Entity Identifier System: Will It Deliver?

Number of pages: 56 Posted: 15 Sep 2013
Ka Kei Chan and Alistair Milne
University of Westminster and Loughborough University - School of Business and Economics
Downloads 140 (123,806)

Abstract:

Legal Entity Identifiers, Regulation, Risk Management, Dodd-Frank Act, Operational Efficiency, Systemic Risk

16.

Using ‘Cap and Trade’ to Contain Systemic Financial Risk

Number of pages: 25 Posted: 12 Dec 2010
Alistair Milne
Loughborough University - School of Business and Economics
Downloads 132 (163,729)

Abstract:

Basel III, Financial Regulation, Global Financial Crisis, Maturity Mismatch, Pigouvian Taxes, Systemic Financial Risk Externalities

17.

Limited Liability Non-Bank Government Debt for the Euro Zone

Number of pages: 40 Posted: 05 Jun 2010 Last Revised: 06 Sep 2010
Alistair Milne
Loughborough University - School of Business and Economics
Downloads 127 (175,511)

Abstract:

optimal currency areas, fiscal policy, sovereign debt, European monetary union, Maastricht treaty, fiscal crises, subsidiarity, market discipline

18.

What's in it for Us? Network Effects and Bank Payment Innovation

Bank of Finland Research Discussion Paper No. 16/2005
Number of pages: 32 Posted: 02 Oct 2007
Alistair Milne
Loughborough University - School of Business and Economics
Downloads 115 (177,642)
Citation 4

Abstract:

network effects, incentives, payment technology, externalities

19.

The Lending Channel under Optimal Choice of Monetary Policy

Bank of Finland Research Discussion Paper No. 33/2007
Number of pages: 42 Posted: 31 Jan 2008
Juha Kilponen and Alistair Milne
Bank of Finland - Research and Loughborough University - School of Business and Economics
Downloads 108 (197,732)
Citation 3

Abstract:

bank capital, bank lending, capital buffers, pro-cyclicality, capital regulation, cost channel, credit channel, loan margins, monetary trade-offs

20.

The Prospects for Common Financial Language in Wholesale Financial Services

SWIFT Institute Working Paper No. 2012-005
Number of pages: 55 Posted: 13 Sep 2013
Alistair Milne and Malcolm Chisholm
Loughborough University - School of Business and Economics and AskGet Consulting
Downloads 85 (217,303)

Abstract:

Computer standards, Database management, Enterprise data, Financial Definitions, Financial Ontology, Financial Risk Management, Operational efficiency in financial services, Regulatory data

21.

Response to the Financial Stability Board's Request for an Engineering Study on the Best Approach to Managing the Structure and Issuance of Legal Entity Identifiers (LEIs)

Number of pages: 35 Posted: 09 Jan 2013
Tahoe Blue Ltd, Corporation for National Research Initiatives, Loughborough University - School of Business and Economics, FIX Protocol, Ltd., Tertius Ltd. and GS1
Downloads 68 (218,824)

Abstract:

LEI, global identification standards, Financial Stability Board, PSPG, ISO 17442, Legal Entity Identifiers, COU, LOU, federated global identifiers, GS1, DOI, CNRI, FIX, Tahoe Blue, Internet Protocol, Media Access Control, Partitioned numerical code spaces, subnetworks

22.

Standard Setting and Competition in Securities Settlement

Bank of Finland Research Discussion Paper No. 23/2005
Number of pages: 34 Posted: 10 Oct 2007
Alistair Milne
Loughborough University - School of Business and Economics
Downloads 68 (263,090)
Citation 3

Abstract:

securities settlement, standards, inter-operability, switching costs

23.

The Rise and Success of the Barcode: Some Lessons for Financial Services

SWIFT Institute Working Paper No. 2012-005
Number of pages: 14 Posted: 24 Mar 2013
Alistair Milne
Loughborough University - School of Business and Economics
Downloads 66 (211,460)

Abstract:

24.

Counterparty Risk Management and the Global Legal Entity Identifier (LEI)

Number of pages: 35 Posted: 22 Nov 2014
Alistair Milne and Paul Parboteeah
Loughborough University - School of Business and Economics and Loughborough University - School of Business and Economics
Downloads 64 (193,992)

Abstract:

OTC derivatives, counterparty risk, CVA, regulatory compliance, financial regulation, systemic risk, standard setting, financial data management

25.

Preliminary Report on Standards in Global Financial Markets

Number of pages: 88 Posted: 28 Nov 2014 Last Revised: 13 Apr 2016
Kevin Jon Houstoun, Alistair Milne and Paul Parboteeah
Loughborough University - School of Business and Economics, Loughborough University - School of Business and Economics and Loughborough University - School of Business and Economics
Downloads 62 (234,850)

Abstract:

ACTUS, co-ordination failure, data reference standards, FIBO, financial messaging standards, Fix Protocol, FpML, ISDA, standardisation, standards institutions, Swift, XML

26.

The Case for Limited Liability Eurozone Government Debt

Number of pages: 16 Posted: 09 Oct 2010
Alistair Milne
Loughborough University - School of Business and Economics
Downloads 51 (307,800)
Citation 1

Abstract:

European monetary union, Maastricht treaty, fiscal policy, sovereign debt, fiscal crises, market discipline

Leverage Constraints and Real Interest Rates

Bank of Finland Research Discussion Paper No. 27/2014
Number of pages: 60 Posted: 20 Nov 2014
University of Oulu, Loughborough University, Loughborough University - School of Business and Economics and Cambridge University - Department of Economics
Downloads 50 (321,155)

Abstract:

borrowing constraints, debt management, incomplete financial markets, international macroeconomics, finance and macroeconomics, macroeconomic propagation, precautionary saving, systemic risk

Leverage Constraints and Real Interest Rates

The Manchester School, Vol. 83, pp. 83-109, 2015
Number of pages: 27 Posted: 25 Aug 2015
University of Oulu, Loughborough University, Loughborough University - School of Business and Economics and Cambridge University - Department of Economics
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Abstract:

28.

Macroeconomic and Macroprudential Policy Making

Number of pages: 13 Posted: 19 Nov 2014
Alistair Milne
Loughborough University - School of Business and Economics
Downloads 43 (302,430)

Abstract:

Fiscal policy, Helicopter money, liquidity trap, monetary policy by gift, seigniorage, secular stagnation, central banks, quantitative easing

29.

An Old Fashioned Banking Crisis: Credit Growth and Loan Losses in the UK 1997-2012

The Causes and Consequences of the Long UK Expansion: 1992 to 2007 (eds, Chadha, J, Chrystal, A, Pearlman, J, Smith, P and Wright, S), Cambridge University Press, 2015, Forthcoming
Number of pages: 42 Posted: 01 Aug 2014 Last Revised: 20 Nov 2014
Alistair Milne and Justine A Wood
Loughborough University - School of Business and Economics and Loughborough University - School of Business and Economics
Downloads 29 (324,747)

Abstract:

Banking crises, old shadow banking, new shadow banking, commercial property lending, credit cycles

30.

Debt Relief for Low Income Countries: Is it Effective and Efficient?

The World Economy, Vol. 26, pp. 43-59, January 2003
Number of pages: 17 Posted: 24 Mar 2004
Graham Bird and Alistair Milne
Claremont McKenna College - Robert Day School of Economics and Finance and Loughborough University - School of Business and Economics
Downloads 29 (386,816)
Citation 10
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Abstract:

31.

A Theoretical Comparison of Banking Structures

Number of pages: 18 Posted: 20 Dec 2014
Ka Kei Chan and Alistair Milne
University of Westminster and Loughborough University - School of Business and Economics
Downloads 28 (313,252)

Abstract:

Bank Structure, Bank Regulation, Ring Fencing, Systemic Crisis

32.

The Net Worth Trap: Investment and Output Dynamics in the Presence of Financing Constraints

Bank of Finland Research Discussion Paper No. 26/2014
Number of pages: 51 Posted: 19 Nov 2014
Jukka Isohätälä, Alistair Milne and Donald Robertson
University of Oulu, Loughborough University - School of Business and Economics and Cambridge University - Department of Economics
Downloads 22 (307,800)

Abstract:

cash flow management, corporate prudential risk, financial accelerator, financial distress, induced risk aversion, liquidity constraints, liquidity risk, macroeconomic propagation, multiperiod financial management, non-linear macroeconomic modelling, Tobin's q, precautionary savings

33.

Expert Opinion on Standards in Global Financial Markets

Number of pages: 37 Posted: 13 May 2015
Alistair Milne and Paul Parboteeah
Loughborough University - School of Business and Economics and Loughborough University - School of Business and Economics
Downloads 9 (391,174)

Abstract:

co-ordination failure, data standards, financial messaging standards, FIX Protocol, FpML, ISDA, standardization, standards institutions, Swift, XML, ISO20022

34.

The Impact and Potential of Blockchain on the Securities Transaction Lifecycle

SWIFT Institute Working Paper No. 2015-007
Number of pages: 81 Posted: 09 May 2016 Last Revised: 27 Feb 2017
Michael Mainelli and Alistair Milne
Gresham College and Loughborough University - School of Business and Economics
Downloads 0 (40,269)

Abstract:

blockchain, distributed ledger technology, securities transactions, fintech

35.

Leverage Constraints and Real Interest Rates

Bank of Finland Research Discussion Paper No. 27/2014
Number of pages: 60 Posted: 26 Apr 2016
Loughborough University, Loughborough University, Loughborough University - School of Business and Economics and Cambridge University - Department of Economics
Downloads 0 (500,105)

Abstract:

E44

36.

The Net Worth Trap: Investment and Output Dynamics in the Presence of Financing Constraints

Bank of Finland Research Discussion Paper No. 26/2014
Number of pages: 51 Posted: 26 Apr 2016
Jukka Isohätälä, Alistair Milne and Donald Robertson
Loughborough University, Loughborough University - School of Business and Economics and Cambridge University - Department of Economics
Downloads 0 (476,062)

Abstract:

E44

37.

Bankers' Compensation and Fair Value Accounting

Journal of Corporate Finance, Vol. 17, No. 4, pp. 1096-1115
Posted: 01 Sep 2011
Gilad Livne, Alistair Milne and Garen Markarian
University of Exeter Business School, Loughborough University - School of Business and Economics and WHU - Otto Beisheim School of Management

Abstract:

Clawback problem, Fair value accounting, Cash bonus, Compensation, Banking crisis

38.

Macroprudential Policy: What Can it Achieve?

Oxford Review of Economic Policy, Vol. 25, Issue 4, pp. 608-629, 2009
Posted: 03 May 2010
Alistair Milne
Loughborough University - School of Business and Economics

Abstract:

fiscal policy, monetary policy, financial regulation, systemic risk, complex adaptive systems, network vulnerabilities, E02, G01, G18

39.

Skewness of Returns, Capital Adequacy, and Mortgage Lending

Journal of Financial Services Research, Forthcoming, Cass Business School Research Paper
Posted: 04 May 2005
Paraskevi Dimou, Colin Lawrence and Alistair Milne
Joint Research Centre, City University London - Sir John Cass Business School and Loughborough University - School of Business and Economics

Abstract:

Basel Accord, IRB, credit risk, cost of regulatory capital

40.

'Time to Build, Option Value and Investment Decisions': A Comment

Journal of Financial Economics, Vol. 56, No. 2, May 1, 2000, Cass Business School Research Paper
Posted: 21 Jun 2001
Alistair Milne and A. Elizabeth Whalley
Loughborough University - School of Business and Economics and University of Warwick - Finance Group

Abstract:

Irreversible investment; Time to build

Other Papers (1)

Total Downloads: 10    Citations: 1
1.

Internal Funds and the Supply of Bank Loans

Number of pages: 33 Posted: 05 Mar 2005
Alistair Milne, Donald Robertson and Leilei Tang
Loughborough University - School of Business and Economics, Cambridge University - Department of Economics and City University London - Faculty of Finance
Downloads 8
Citation 1

Abstract:

Capital buffers, bank lending, credit, monetary transmission