This paper develops an analogy between a financial call option and a child born within wedlock. Outside marriage an unemancipated child represents a real call option to the parent who gains custody. Present value of court ordered monthly child support payment is the market price of the...

Here, Kaldor's technical function is re-examined and a model that can be used to test the shape of the function is introduced and tested. The results obtained conclusively refute the hypothesis that suggests the technical progress function is linear and confirm Kaldor's original hypothesis that...

The hypothesis that inflation has reduced the rate of growth in the United States is tested using time series data for multifactor productivity. The negative effects of inflation on growth are significant and substantial.

We analyse the ex-dividend day behaviour of two classes of shares whose trading is potentially dominated by investors under different tax regimes because of foreign ownership restrictions. Our results provide evidence in favour of the hypothesis that long-term investors are the marginal...

The primary objective is to investigate day of the week effects in an emerging stock market of a developing country, namely Turkey. Empirical results verify that although day of the week effects are present in Istanbul Securities Exchange Composite Index (ISECI) return data for the period...

Event studies are increasingly found in the applied finance literature. They are employed to analyse the market reaction to events and thus to investigate market efficiency. The paper is concerned with misspecification testing of the single-index market model which is conventionally employed to...

This paper presents some evidence on the uncovered interest parity (UIP) hypothesis using an alternative model specification and quarterly data on three-month treasury bill rates denominated in eleven currencies vis-a-vis the dollar. Results of cointegration and coefficient restriction tests are...

This paper tests the expectations-augmented Phillips-curve hypothesis for the 50 states in the US. Unlike previous work both adaptive and rational expectations are incorporated in the modeling of the Phillips-curve relationship. Second, the role of relative regional wages are taken into account....

Carmichael and Thomas (1993) recently examined the transfer market for association football within a Nash bargaining framework, and explored empirically some of the determinants of association football transfer prices for the 1990-91 English league season. The purpose of this paper is to examine...

The assumption thaturban workers economize on commuting is implicit in urban economic theory. Yet it has been challenged by some recent studies. This study estimates commute flows implied by three urban density functions: monocentric, polycentric, and dispersive. A polycentric density function...