This paper studies price trends in a sequential first-price common-value auction with resale. It differs from the previous research in that it considers sequential auctions with multi-unit demand. In the two-stage case, we propose a condition that guarantees the existence of a symmetric...

This paper asks what motivates Western donors to provide foreign aid to Nepal. Results reveal existence of both donor interest and recipient need considerations in the disbursement of aid to this country over the period 1981 to 2005. Donors’ desire for promotion of commercial...

We present evidence that consumer sentiment has a direct effect on excess aggregate stock returns. We also trace the source of this positive effect and find that public perception over the next year’s economic condition is the most important determinant for the stock market. Our findings...

This paper develops a model for demand-system estimations, whose coefficients are own-price Marshallian elasticities and elasticities of substitution between goods. The model satisfies the homogeneity, symmetry and, eventually, adding-up restrictions implied by consumer theory. It is primarily...

This paper examines how income inequality varied as new countries joined the European Union. We consider a convergence test of contributions to international income inequality of 32 European countries over the period 1989-2002. The results indicate a weak convergence of contributions to...

Using the Taiwan Stock Exchange Weighted Index from the first trading day in 1975 to the last trading day in 2007, we investigate the predictability of two popular technical rules (variable-length moving average and trading range breakout) in the Taiwan stock market and assess its bearing on...

The central purpose of this work is to test the Sharpe-Lintner-Black Capital Asset Pricing Model in the Brazilian equity market. We have concluded that the CAPM is dead in the Brazilian equity market because, besides using the market premiums to explain the panel equity premiums, there are also...

In this study we investigate the impact of various socioeconomic, health and behavioural conditions on the prevalence of obesity in nine EU countries using the “European Community Household Panel†Dataset. The effect of those factors on obesity is estimated separately for males and...

The purpose of this paper is to compare four major exchange rate models. Based on the value of adjusted R2, the uncovered interest parity model performs best, followed by the purchasing power parity model using the relative PPI, the Mundell-Fleming model, and the monetary model. The unexpected...

This paper develops a gravity model to explain different components of imports. It is shown that specific variables from competing trade theories affect each component differently: As economic sizes or relative factor endowments become similar, the volume of intra-industry imports, especially...