This paper studies price discovery in Nikkei 225 markets through the nonlinear smooth transition price adjustments between spot and future prices and across all three futures markets. We test for smooth transition nonlinearity and employ an exponential smooth transition error correction model...

Social and economic infrastructure are essential for economic development. However, over the last three decades, many infrastructure projects in developing countries have failed. These failures raise the question as to the role of governments in the provision, and longevity, of much needed...