This paper traces the contribution of small firms after the Industrial Revolution and the reasons for the changing role of small firms. The first three sections outline perceptions of the role of small firms in the literature, summarise data quantifying their actual contribution to the UK...

An interesting literature in management science and operations research has dealt with the link between expected utility, risk and preference switches over gambles due to changes in wealth. However, no attention is paid to the specific nature of the gambles. All gambles are essentially assumed...

This paper investigates the apparent co-movement of equity prices in the Czech Republic, Hungary and Poland. The main underlying force moving stock prices in these countries is argued to be the inflow and outflow of foreign capital. Since the inflow of foreign investment to these markets is an...

The authors investigate the effect of introducing costs of complexity in the n- person unanimity bargaining game. In particular, the paper provides a justification for stationary equilibrium strategies in the class of games where complexity costs matter. As is well-known, every individually...

This paper establishes a link between the problem of solving multivariate linear rational expectations models and the problem of solving large sparse linear systems with a block-tridiagonal matrix coefficient structure. Such large linear systems arise in a wide variety of scientific problems,...

Building on Koop, Pesaran and Potter (1996), the authors propose the `generalised' impulse response analysis for unrestricted vector autoregressive (VAR) and cointegrated VAR models. Unlike the traditional impulse response analysis, this approach does not require orthogonalisation of shocks and...

In this paper the integrated risk measure of Damant and Satchell (1996) is used to formulate an investor's utility function and the properties of this function are investigated. The authors calibrate their utility function for a typical UK investor who would hold different proportions of equity....

This paper reports on the recent evolution of the distribution of income and income poverty in five European countries: Belgium, France, Ireland, Italy and the UK. The aim is to demonstrate the value of a unified perspective by asking the same questions of evidence from a range of sources. The...

This paper presents two generalisations of the existing cointegration analysis literature. Firstly, the problem of efficient estimation of vector error correction models containing I(1) exogenous variables is considered and the asymptotic distributions of the log-likelihood ratio statistics for...

In this paper the comparability of two household budget surveys, the 1993 Hungarian Household Budget Survey and the 1993 UK Family Expenditure Survey. Using these data the authors derive measures of total household income and expenditure, and calculate poverty headcounts assuming seven different...