The new issue process in Tunisia is examined and evidence for underpricing and aftermarket performance of Initial Public Offerings are presented. Substantial positive abnormal returns are obtained in the short run and this finding is similar to that reported in other nations. A positive...

The marine fishery sector in India is important not only for domestic demand for protein food requirements but also from the imperatives of exports. An increased investment in this sector has taken place during the last few years and the fishing fleet has expanded at a very rapid rate....

In this letter tests for asymmetric dynamic behaviour are applied to Australian consumers expenditure. In contrast to recent findings for the UK provided by the seminal work of Holly and Stannett (1995), where asymmetric behaviour is found in the form of heightened levels during booms,...

Not only the unconditional distribution but also the conditional distribution of daily asset returns are known to be leptokurtic. Thus, some authors have suggested using ARCH-type models with leptokurtic distributions such as the t-distribution and the generalized error distribution (GED) for...

The paper uses cointegration techniques and a variety of different price-level and interest-rate proxies to investigate the presence of the Gibson paradox in UK data for the period 1821-1913. Qualified evidence is found in favour of the paradox.

The paper follows a methodology developed by Schmalensee to decompose the time varying behaviour of price-cost margins into an intra-industry and an inter-industry component. By doing so light can be shed on whether cyclical movements in industry price-cost margins reflect industry effects such...

This paper adopts a hedonic approach and uses a multinomial logit model to assess students' valuation of courses based on their characteristics, e.g. presentation, organization, knowledge, accessibility, responsiveness, enthusiasm of the instructor (i.e. instructor), student's amount and type of...

The theory of tariff endogeneity suggests that tariffs are influenced by macroeconomic disturbances. The paper tests a simple endogenous tariff model for Italy applying cointegration techniques to time-series data for the period 1890-1969. It is found that the average tariff level is...

The validity of purchasing power parity (PPP) is examined between seven Asian countries and the US during the flexible exchange rate period, in the framework of the Johansen cointegration approach with and without restrictions of the PPP parameters. It is found that a long-run comovement exists...

This paper compares the results from two procedures for estimating wage differentials. Using Brazilian data, the standard procedure of Krueger and Summers (Econometrica, 56, 259-193, 1988) is shown to provide an overestimation of standard errors and a biased estimation of the measure of wage...