Surveys the development of employee stock ownership plans (ESOPs) in the USA, Canada, Japan and the EU. Suggests that ESOPs are driven by management in the USA but are culturally approved by both sides of industry in Japan. Describes the European system as emphasizing profit sharing instead...

The conventional wisdom regarding the rationale for employee stock ownership plans (ESOPS) holds that such plans provide incentives for improved worker productivity. This view minimizes the employees' portfolio problem inherent in ESOP participation — employment risk for ESOP participants is...

Purpose - This paper seeks to test the hypothesis that stock returns in the Athens Stock Exchange (ASE) adjust asymmetrically to past information due to differential adjustment costs. Design/methodology/approach -The methodological approach is based on the asymmetric price adjustment model...

Purpose - This study sets out to examine the evolution of competitive conditions in the banking industries of 14 Central and Eastern European (CEE) transition economies for the period 1993-2000. Design/methodology/approach -The basis for the evaluation of competitive conditions is the extant...

Purpose – This study sets out to examine the evolution of competitive conditions in the banking industries of 14 Central and Eastern European (CEE) transition economies for the period 1993‐2000. Design/methodology/approach – The basis for the evaluation of competitive conditions is the...

Purpose – This paper seeks to test the hypothesis that stock returns in the Athens Stock Exchange (ASE) adjust asymmetrically to past information due to differential adjustment costs. Design/methodology/approach – The methodological approach is based on the asymmetric price adjustment model...

This study explores the nature of the spot foreign exchange risk premium. Employing Ross's Arbitrage Pricing Theory (APT) as a vehicle, it tests the hypothesis that cross‐sectional differences in pure currency returns depend on measures of systematic (covariance) risk. These tests have greater...

This paper demonstrates an application of the Arbitrage Pricing Theory using canonical analysis as an alternative to the conventional factor analysis. Following the traditional view that asset prices are influenced by unanticipated economic events, the systematic effects of the major composite...

In this paper chaos is viewed as an alternative approach to modeling complex and random appearing behavior. The spatial (static) characteristics of weekly returns and price levels for eleven International Indices are quantified. We find evidence that all countries exhibit similar static...

The Black‐Scholes (B‐S) model in its various formulations has been the mainstay paradigm on option pricing since its basic formulation in 1973. The model has generally been proven empirically robust, despite the well documented empirical evidence of mispricing deep‐in‐the‐money, deep...