The present paper incorporates a rolling regression approach to examine the sensitivity of output responses to monetary shocks. In doing so, the paper finds that the impact of monetary shocks is highly variable. Specifically, the output responses are estimated to be significant during the 1970s...

In this paper we document and account for the non-normality of returns exhibited by the indices in our samples. Consequently we re-examine the relationship between volatility and volume while distinguishing between returns within a trading day and returns across trading days. Our results...

This paper develops a differentiated-goods duopoly model in which firms engage in Cournot-Nash quantity competition. The effects of firm size on the choice of R&D effort between process and product innovation are examined. We find that (a) as firms devote more effort to product innovation, given...

Due to the recent lackluster performance in the stock market and low yields in the bond markets, investors have been looking for alternative investment opportunities. Publicly traded real estate investment trusts (REITs) have been a large beneficiary, receiving considerable flows of funds from...