It is shown that the individual fixed-odds betting market on UK football exhibits the same favourite-longshot bias as that found in horse-racing. The bias appears both in betting on results (home win, away win or draw) and in betting on specific scores, and there are certain trading rules which...

Despite displaying a statistically significant optimism bias, analysts' earnings forecasts are an important input to investors' valuation models. Understanding the possible reasons for any bias is important if information is to be extracted from earnings forecasts and used optimally by...

This paper exploits the result that in the case of I(2) processes the precise dating of variables is crucial when empirically testing for cointegration. The data for the latter part of the German hyperinflation episode exhibit I(2) behaviour. We utilize these data to discriminate between...

[fre] Ajustement non linéaire vers le taux de change d'équilibre à long terme. Le modèle monétaire revisité. . Nous réexaminons la famille des modèles monétaires à travers l'examen d'un ajustement non linéaire vers un modèle monétaire d'équilibre à long terme. En uti­lisant des...

This paper considers optimal monetary policy in the context of the central bank adopting an asymmetric objective function. Our results show that under asymmetric preferences, many of the extant results on the time consistency problem need no longer hold. Copyright 2003 Royal Economic Society.