Purpose – The purpose of this paper is to apply Maslow's hierarchy of needs to extend the expectation‐confirmation model of information systems continuance (ECM‐IS) to analyze users' continuance intention of social networking services (SNSs). Design/methodology/approach – A survey is...

The economic power of Brazil, Russia, India and China (BRICs) is rapidly increasing, changing the landscape of global economics and politics. Top scholars of international business address in this vital volume the markets, strategy implications, challenges and possibilities of this new economic...

This article offers a tractable monetary asset pricing model. In monetary economies, the price level, inflation, asset prices, and the real and nominal interest rates have to be determined simultaneously and in relation to each other. This link allows us to relate in closed form each of the...

We develop a measurement theory of market integration, based on two notions of "integrated markets. " First, two markets cannot be perfectly integrated in any sense if one can construct two portfolios, one from each market, that have identical payoffs but different prices. In that case, the law...

This article studies the equilibrium valuation of foreign exchange contingent claims. Within a continuous-time Lucas (1982) two-country model, exchange rates, interest rates, and, in particular, factor risk prices are all endogenously and jointly determined. This guarantees the internal...

Substantial progress has been made in developing more realistic option pricing models. Empirically, however, it is not known whether and by how much each generalization improves option pricing and hedging. The authors fill this gap by first deriving an option model that allows volatility,...

This article tests how demographic changes affect capital markets. The life-cycle investment hypothesis states that at an early stage an investor allocates more wealth in housing and then switches to financial assets at a later stage. Consequently, the stock market should rise but the housing...

Any admissible portfolio performance measure should satisfy four minimal conditions: it assigns zero performance to each reference portfolio and it is linear, continuous, and nontrivial. Such an admissible measure exists if and only if the securities market obeys the law of one price. A positive...