This paper takes a close look at the quot;behavioural financequot; explanations of the equity premium puzzle, namely myopic loss aversion (Benartzi and Thaler, 1995) and disappointment aversion (Ang, Bekaert and Liu, 2000). The paper proposes a simple specification of loss and disappointment...

We construct an empirical model of corporate investment which allows for the various effects of uncertainty and credit market imperfections described in the theoretical literature. The model is estimated using cross-sectional data from the South African stock exchange. Evidence is found for some...

This paper analyses the evolution of demand for bank deposits in Cocirc;te d`Ivoire over a period including the CFA Franc devaluation in 1994. Once we have allowed for smooth transitions in the deterministic component of the demand function, the estimated relationship between deposits and income...

The countries comprising the Southern African Customs Union (SACU) are currently not very integrated into global value chains (GVCs), potentially missing out on important development opportunities. Accordingly, we explore high level options for promoting their integration. Given East Asia’s...

This paper analysis the possible demand for nature conservation within the Bavarian population. Drawing on the approach of revealed preferences and the mechanism of 'vote with their feet' of Tiebout (1956) migration patterns in Bavarian counties are examined in more detail in order to assess the...