This paper develops an analytical framework to integrate static and dynamic effects of theoretically relevant and practically applied investment-decision criteria on the marginal rate of substitution between investment and labour. The new propositions are related to the ranking of relative...

A common finding for developed stock markets is that negative shocks entering the market lead to a larger return volatility than positive shocks of a similar magnitude. The following paper considers two emerging Eastern European Markets where the first point of investigation is whether an...

This paper investigates the content of the information set used by the agents in the Warsaw Stock Exchange--WSE. Three "candidate variables" are examined--consumers' prices, the zloty/US$ exchange rate and the refinancing rate of the National Bank of Poland--with respect to three WSE stocks,...

The transformation process of East European (EE) countries led to the disappearance of the Council for Mutual Economic Assistance, the former Soviet-bloc economic integration scheme, as well as other changes in the foreign trade sector of those economies. This study seeks to identify the...

China experienced a number of economic, political and social upheavals in the pre-reform period, together with a gradual transformation from a centrally-planned to a market oriented economy in the post-reform period. Given this background of extensive change, a time varying parameter (TVP)...

It can be proved theoretically that, because of the previously existing price and structural distortion, a welfare paradox is possible in the former command economies during the transition period. This paradox refers to a situation in which a welfare gain is accompanied by a fall in the reported...