Additional evidence on the importance of independent board directors is provided. A positive and statistically significant link between the shareholder wealth effects of acquisition decisions and the percentage of outside board directors is found. This result is controlled for the possible...

In this paper we construct a set of infrastructure and health-need synthetic indices for the Spanish Autonomous Communities out of a wide range of representative variables by means of the statistical technique of principal components. The combination of both infrastructure and need indices...

Using cross-section data in regression analysis, this paper examines the relationship between per capita real GDP and the human development index in high, medium and low human development countries. The sensitivity of the human development index to changes in per capita GDP is found to be...

It is shown that a one-time variance change in the US long-run interest rate spuriously suggests that it can be described with an IGARCH(1,1) process. The variance change is detected using a simple statistical test, and it corresponds to a change in monetary policy.

We use the BDS statistic to test for unmodelled structure in the linearly filtered industrial production figures for Canada, France, Japan and the USA between 1919 and 1930. The i.i.d. null is rejected for France and Japan though there is other evidence for nonlinearity in the remaining series....

Turn-of-the-year effect has been observed in many markets throughout the world and various explanations have been suggested for this anomaly in the markets. The 'tax-loss selling' hypothesis is one such explanation that has received some support. The present study examines the validity of this...

In this paper we use cointegration techniques to test the long-run Purchasing Power Parity (PPP) hypothesis for nine Drachma exchange rates within the European currency area. The results support the long-run PPP hypothesis only in the cases of Portugal, Spain and the UK, as these countries were...

The purpose of this note is to use the 1990 FES to update Jones and Posnett's analysis of the determinants of household giving to charity in the 1984 survey. Our analysis extends the earlier work by analysing the interaction between the level of giving and the method of payment.

We study the consistency property in the exchange rate expectation formation process, which all rational forecasts have, but which itself does not require rationality. An alternative test procedure recommended by Pesaran (1989) is applied. Survey data helps avoid the risk premium issue...

An investigation of UK rent movements and adjustment mechanisms shows London as unique in contrast with other regions in the country and distinguishes retail from office and industrial property markets. Two kinds of Granger causality of long run equilibrium and short term dynamics have been...