The VAR approach for testing present value models is applied to a nonlinear asset pricing model with three types of agents, using historical US stock prices and dividends. Besides rational long-term investors, that value assets according to expected dividends, the model includes rational and...

The aim of this paper is to analyse cross-country differences in the degree of inter-regional redistribution achieved by means of taxes and expenditures in 21 European countries over the period 1995-2009. We rely on a standard approach based on the observation and comparison of both primary and...

This paper analyses the availability of external funding for Luxembourgish independent small and medium-sized enterprises (SMEs) before and during the crisis. SMEs represent a large part of the private sector in Luxembourg. External finance is essential to enable firms to invest in order to...

While credit cards provide transaction services, as do currency and demand deposits, credit cards have never been included in measures of the money supply. The reason is accounting conventions, which do not permit adding liabilities, such as credit card balances, to assets, such as money. But...

The paper deals with the remedies that the EC Remedies notice 2008 discusses with respect to the vertical or horizontal operations of concentration. It deals both with the European practice and the Italian practice. The merger remedies are aimed at removing the competition concerns that mergers...

The focus of this paper is to investigate the potential for portfolio diversification strategies based on investing across international markets or economic sectors, using Malaysia as a case study. Analysing the comovement and correlation between returns and volatilities of the different markets...

In the last decade, open source programming technology is widely used among statisticians for developing a new statistical software and data analysis. This is R software environment and the main objective of this paper is to underline the importance of R for statistical computations, data...

The study is focused on the cooperation of Russian companies with research organizations in implementing R&D projects during technological innovation. Taking into account behavioral changes, authors carry out a micro-level analysis based on empirical data of executive survey of over 600 Russian...

This paper considers the extent to which the application of neural networks methodology can be used in order to forecast exchange-rate shocks. Four major foreign currency exchange rates against the Greek Drachma as well as the overnight interest rate in the Greek market are employed in an...

This paper examines the implications of PMAI particularly from the standpoint ofdeveloping countries. It argues that (a) the case against an MAI-typeagreement is, if anything, stronger now than before; such a treaty would seriously prejudice economic development; (b) PMAI is not only incompatible...