Drilling expenses has increased sharply in recent years. The productivity of drilling operations - in terms of meters drilled per day - significantly influences exploration costs. This study analyzes the effect of different types of learning on offshore drilling productivity. The econometric...

The size effect and distress risk have both presented puzzles in modern finance. In thispaper, we build on the methodology of Campbell et al (2008) and Shumway (2001) toconsider potential time variation in pricing behavior of size and distress. We adjustthis methodology in two ways. First, we...

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In recent years, a number of electronic limit order have reintroduced market makers for some securities (Designated Market Makers). This trend has mainly been initiated by financial intermediaries and listed firms themselves, without any regulatory pressure. In this paper we ask why firms are...

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In this study the forecast performance of model averaged forecasts is compared to that of alternative single models. Following Eklund and Karlsson (2007) we form posterior model probabilities - the weights for the combined forecast - based on the predictive likelihood. Extending the work of...