The paper describes experimental results from a simulated stock market with manipulation of asymmetric information and communication, including conditions intended to promote imitative behaviour and rumour. Price discovery was inefficient when the presence of insiders was disguised, compared to...

The Handbook on International Trade Policy is an insightful and comprehensive reference tool focusing on trade policy issues in the era of globalization. Each specially commissioned chapter deals with important international trade issues, discusses the current literature on the subject, and...

Changes in the risk structure of stock returns may sometimes be very revealing. We examine economic variables that help explain principal components in UK stock returns, 01/1985 to 12/2001. The loading pattern on explanatory variables for the first component in a 'bubble' period is distinctive...

The stability of risk factors in the UK stock market is examined over time and across stock samples. Risk factors were identified by principal components analysis (PCA) on 22 small samples of stocks, over short time horizons. Stability across samples was investigated by a second-stage PCA, to...

Should investors diversify across emerging stock markets or across industries to achieve improvements in their risk–return tradeoffs especially during financial crisis periods? We examine the issue using individual firm data from a selection of emerging markets and including the period of the...

Both labour groups and the national press frequently justify demands for protection against industrial adjustment on the grounds that it leads to the destruction of communities and traditional ways of life, with a devastating effect on welfare. To justify this claim in the context of a Ricardian...