The efficient market hypothesis states that an efficient market rapidly incorporates all available information into the price of the asset. It has been well established that no market, particularly the stock market, is truly efficient as there are too many traders with differing strategies, and...

This paper examines stochastic pairwise dependence structures in binary time series obtained from discretised versions of standard chaotic logistic maps. It is motivated by applications in communications modelling which make use of so-called chaotic binary sequences. The strength of non-linear...

Simple kernel-type estimators of integrals of general powers of general derivatives of probability densities are proposed. They are based on two simple properties, and in many circumstances enjoy optimal convergence rate.

Starting a firm with expansive potential is an option for educated and high-skilled workers. If there are labor market frictions, this additional option can be seen as reducing the chances of ending up in a low-wage job and hence as increasing the incentives for education. In a matching model,...

Statistical scientists have recently focused sharp attention on properties of iterated chaotic maps, with a view to employing such processes to model naturally occurring phenomena. In the present paper we treat the logistic map, which has earlier been studied in the context of modelling...

The total market containing all assets is in equilibrium where all investors have the same utility functions and hold the same fully diversifed total market portfolio. This is not an equilibrium, however, where they have different utility functions, even if they are all risk averse. Then...

This paper examines the output and productivity performance of the Transport and Communication sector in Hong Kong and Singapore, from 1990 to 2005. The aim of the paper is two-fold. First, the paper introduces a method for derivation of appropriate currency converters or purchasing power...

This paper is concerned with some corporate governance issues related to newly listed firms in China based on a sample of 329 firms commencing listing on Shanghai Stock Exchange (SHSE) and Shenzhen Stock exchange (SZSE) during the period from 1998 to 2000. We first investigate the impact of...

In this study, productivity growth in thirty-five Australian universities is investigated using nonparametric frontier techniques over the period 1998 to 2003. The inputs included in the analysis are full-time equivalent academic and non-academic staff, non-labour expenditure and undergraduate...

In the business cycle literature researchers often want to determine the extent to which models of the business cycle reproduce broad characteristics of the real world business cycle they purport to represent. Of considerable interest is whether a model’s implied cycle chronology is consistent...