In a fair/efficient market, the ex-adjustment in a rights offering should ensure that trading strategies around this date yield zero returns on average (after netting out market movements and transaction costs). This adjustment is assessed in this paper for one particular market - Hong Kong -...

Two key element of Schumpeterian dynamics - new innovations in technology and creative destruction - are used here to develop a growth model, which is then applied empirically for two economies: Japan and Korea in their rapid phases of growth.

This paper assesses the magnitude of bias in reported estimates of the productive contribution of public capital stock to private factors productivity and growth. The standard approach is taken, based on a production function, in order to estimate structural parameters on simulated pseudo...

Excess returns calculated using nonstationary risk-free interest rates will also be nonstationary and this may cause an unbalanced regression problem in the estimation of Capital Asset Pricing Models (CAPM). Under such circumstances, beta coefficients could be both biased and inconsistent. The...

The paper tries to estimate whether a unique and centralized European monetary policy would have had similar or different effects across countries in the European Union. By estimating a vector auto-regression (VAR model), it is revealed that there are two different groups of countries with...

While the recent failure of unemployment to fall in many OECD economies is often attributed to labour market rigidities, there is a strong cross-sectional correlation between changes in unemployment since the last recession and changes in inflation over the same period (1993-1997). Furthermore,...

The behaviour of the Grassberger-Procaccia algorithm is analysed when applied to noisy data and the possibility of improving its performance by pre-filtering the series with some of the noise reduction methods proposed in the literature. The results, obtained from series simulated from well...

Simon Kuznets hypothesized that inequality in a country's distribution of income worsens in the early stages of its economic development and that the inequality improves as the country reaches higher stages of development (the 'inverted U hypothesis'). Empirical support for the inverted U...

Two key elements of Schumpeterian dynamics: new innovations and creative destruction are developed here in a stochastic framework to develop a model of stochastic growth. This model explores the diffucion process and the existence of nonlinearities in technological progress.

International trade in high-technology products has been increasing at a rate faster than overall trade and world output. This paper examines whether trade in high-technology products has been associated with increased concentration of trade among a few countries. The paper explores market...