The rationality of investment managers' expectations is tested using quantified survey data. The variables examined include expectations of the annual percentage chan ge in the U.K. FTA All Share and U.S. Standard and Poor's composite s tock market indices, and the expected rates of U.K. price...

Profitable deviations from covered interest parity (CIP) represent riskless arbitrage opportunities and so indicate market ineffic iency. Previous empirical work on CIP uses noncontemporaneously sampl ed data and reports mixed results. This paper uses high-frequency (te n-minute), high-quality...

Liquidity constraints can prohibit potential entrepreneurs from starting up in business, can restrict the growth of existing entrepreneurial activities and, in the extreme, can result in small business failure. This paper uses British panel data to investigate the effects of relaxing liquidity...