The results indicate that age of firm and closeness of the small firm-bank relationship tend to reduce the incidence of loan collateralization, which implies that relationship banking can yield tangible benefits to small businesses.

This paper examines if the law of one price holds under different exchange rate regimes and if a simultaneous relationship exists among prices of different countries. The findings show that prices in industrial countries are related, as suggested by the monetary approach. Confirming the law of...

We estimate the effect of household wealth on the demand for life insurance using survey data from a broad cross-section of the USA. This procedure allows us to test the Pratt-Arrow hypothesis of decreasing absolute risk aversion (DARA). Additionally, we estimate the relative magnitude of...

In a recent short paper Dewhurst (1998) demonstrated that, from 1984-93, there was convergence in GB regional and household incomes per head during slumps and divergence during booms. This paper suggests that these findings are the result of two main influences. The first is the fact that the...

This paper explores the effect of workers' compensation benefits on the duration of workers' compensation claims from Ontario, Canada. The models estimated in this paper also investigate the robustness of the results to a nonparametric specification of the unobserved heterogeneity distribution....

This note quantifies the movements in the distribution of future short-term market interest rates in reaction to the selection of countries that were to participate in stage three of Economic and Monetary Union as of 1 January 1999. We conclude that, before the various national central banks and...

Based on our analysis of longitudinal data from the American Bar Association's National Survey of Career Satisfaction/Dissatisfaction, we report on the economic consequences of having a mentor. Specifically, we find that individuals who reported having a mentor in 1984 were more likely (in 1990)...

Earlier research by the author indicates a causal relationship from measured real output in New Zealand, to output in the real underground economy. We investigate the possibility of asymmetries in this relationship, and test to see if the response of the underground economy to downturns in real...

This paper finds that the majority of stock price movements remain unexplained after controlling for both public and private information. This suggests that economists' inability to explain asset price movements is the result of either noise or naive asset pricing models.

In this letter regional variation in the asymmetric behaviour of the cyclical element of UK unemployment is examined. Strong evidence of asymmetry in the level of the cyclical element of unemployment is found for both the UK as a whole and all of the regions considered. Strong evidence of...