Nonparametric measurement of productive efficiency is generalized with respect to the impact of market demand and price fluctuations.

This paper makes use of the finding that discounts of individual investment trust shares are mean reverting to their sector mean. This suggests limits to the degree to which individual shares in a sector can vary in price behaviour before competitive pressures bring individual shares back into...

We apply simple measures of convergence in per capita GDP, namely, the trends in the coefficient of variation (σ-convergence) and rank concordance (γ-convergence), for the period 1960-92 to a wide group of countries which are classified using the World Bank typology. The findings indicate...

Evidence is presented on the size and power of the lower tail Kwiatkowski-Phillips-Schmidt-Shin stationarity test for testing the null hypothesis of short memory against the alternative hypothesis of anti-persistence.

This letter examines the relationship between returns to win and place betting between the tote and bookmakers when explicit allowance is made for the degree of insider trading employing the Shin measure. The results are not readily reconcilable with market efficiency.

Conditional on the Shin (Economic Journal, 103, 1993) model, the incidence of insider trading is estimated in two different British betting markets: those for horse-racing and the 1997 general election. Formal testing confirms that insider trading is significantly lower in handicap than...

The aim of this paper is to analyse the effect of the process of progressive economic integration among the countries of Europe on their economic evolution, paying special attention to gains in efficiency and productivity. We use a nonparametric frontier technique together with the construction...

The export-led growth hypothesis is tested using quarterly time series data for the US economy using the Granger no-causality procedure, developed by Toda and Yamamoto (Journal of Economics, 66, 1995), in a six-variable vector autoregression (VAR) model. Moreover, we follow Riezman, Whiteman and...

This paper investigates the effects of cigarette advertising restrictions on the price of cigarettes in OECD countries. Using data from 1964 through 1990, we find that outright proscription of advertising does not influence the price of cigarettes. On the other hand, restrictions placed on...

Due to intervention in the foreign exchange market, any pressure on the external account of a country could be absorbed either by a change in reserves or by a change in the exchange rate. In this paper we employ Girton and Roper's EMPM model to investigate the experience of G7 countries. The...