The paper analyses the impact of the suspension of opening and closing call auctions by the National Stock Exchange of India in 1999. We compare volatility, efficiency and liquidity (VEL) of securities before and after suspension, and estimate the value of the auctions using an event study....

This paper studies the relationship between private sector portfolios and asset returns in the United Kingdom. Utilizing a comprehensive monthly dataset covering 1972-85, the authors test the Sharpe-Lintner-Black capital asset pricing model and investigate the role of market imperfections in...

Limited liability has been seen as crucial for the development of capital markets. In this paper I use the CAPM to analyze how a company is priced differently under different liability regimes. I reach the conclusion that as far as the pricing and liquidity of shares is concerned, the positive...

Negotiations toward international environmental agreements take place under uncertainty. The authors address the process of coalition formation in this context. Coalitions are more likely to form among countries that are similar. Since countries are more likely to be facing similar conditions ex...