Stimulus-response (SR) and belief-based learning (BBL) models are estimated with experimental data from sender-receiver games and compared using the Davidson and MacKinnon P-test for non-nested hypotheses. Depending on a certain adjustment parameter, the P-test favors the SR model, the BBL model...

Learning and communication play important roles in coordinating activities. Game theory and experiments have made a significant contribution to our understanding and appreciation for the issues surrounding learning and communication in coordination. However, the results of past experimental...

This paper evaluates the ability of dividend ratios to predict the equity premium. We conduct an in and out-of-sample comparative study and apply the Goyal and Welch (2003) graphical method to equity premia derived from the UK FTSE All-Share and the S&P 500 indices. Preliminary in-sample...

Contextual factors usually assume an important role in determining firms' productive efficiencies. Nevertheless, identifying them in a regression framework might be complicated. The problem arises from the efficiencies being correlated with each other when estimated by Data Envelopment Analysis...

This paper focuses on forecasting volatility of high frequency Euro exchange rates. Four 15 minute frequency Euro exchange rate series, including Euro/CHF, Euro/GBP, Euro/JPY and Euro/USD, are used to test the forecast performance of six models, including both traditional time series volatility...

This paper evaluates the ability of dividend ratios to predict the equity premium. We conduct an out-of-sample comparative study and apply the Goyal and Welch (2003) methodology to equity premia derived from the UK FTSE All-Share and the Samp;P 500 indices. Preliminary in-sample univariate...