This paper attempt to measure the effects of regulatory intervention by measuring the conditional variance of stock price changes in the 12 UK regional electricity companies before and after an unexpected intervention by the electricity regulator in March 1995. The analysis uses an ARCH model in...

This paper outlines the development and exposits some of the central ideas of implicit contract theory using only basic mathematics (mainly Lagrangeans) and diagrams. Copyright 1987 by Blackwell Publishing Ltd and the Board of Trustees of the Bulletin of Economic Research

This paper uses robust tests for unit roots to determine whether U.K. output and exchange rate data contain random walk components. It finds that, as for the United States, there is no evidence to reject a unit root in output for post-World War II data, but there is evidence to suggest that the...