Actual investment performance reflects the underlying strategy of the portfolio manager and the execution costs incurred in realizing those objectives. Execution costs, especially in illiquid markets, can dramatically reduce the notional return to an investment strategy. This paper examines the...

Abstract The micro-economic behaviour of economic agents in the crisis-affected Asian economies, together with the private sector’s expanding role in developing countries in general have focused attention on issues of competition, corporate governance and finance. The paper explores the...

Abstract This paper reports on a large empirical study of corporate rates of return in emerging markets during the 1980's and 1990's. It focuses on the nature and intensity of competition and how it should be measured. The data on corporate rates of return, profit margins and output:capital...

Feed represents the largest cost input in intensive catfish Ictalurus punctatus production. Daily feed rations are generally related to stocking densities, up to a point at which high feeding rates begin to affect water quality. There has been no prior research to analyze the economic...

This study examines and compares the market price of risk of the S&P 500, FTSE 100, All Ordinaries, and Nikkei 225 markets from 1984 to 2009 in the framework of Intertemporal Capital Asset Pricing Model (ICAPM). We follow the Vector Autoregressive instrumental variable approach in identifying...

This paper examines the empirical evidence on the impact of reforms in the financial sector in Romania in the period 1993-1995. The methodological framework of the paper is based on a theoretical model of intertemporal bank lending in a transition country with uncertain prospects for...

When do foreign banks have an advantage operating abroad and when not? Studying the performance of foreign banks in a large number of countries between 1999 and 2006, we find that this crucially depends on a number of factors. Specifically, foreign banks tend to perform better compared to...

Do foreign banks have an advantage operating abroad? The existing literature has come up with different answers. Studying the performance of foreign banks relative to domestic banks in a large number of countries between 1999 and 2006, we find that the answer importantly depends on a number of...

We document the operational performance of (former and current) state enterprises over the 1992-1995 period for seven countries in Central and Eastern Europe (Bulgaria, the Czech Republic, Hungary, Poland, Romania, Slovakia, and Slovenia) using large samples of firm level data and a consistent...