We test the effects of uncertainty on market liquidity using Hurricane Sandy as a natural experiment. Given the unprecedented strength, scale and nature of the storm, the potential damages of a landfall near the Greater New York area were unpredictable and therefore uncertain. Using a...

This paper conducts tests of the random walk hypothesis and market efficiency for 14 national public real estate markets. Random walk properties of equity prices influence the return dynamics and determine the trading strategies of investors. To examine the stochastic properties of local real...

Since 1974, the year of the first Multi-fiber Agreement (MFA), a considerable number of studies has analyzed the economic impact of quotas such as those of the MFA on industrialized countries. Examples are the studies by Hamilton (1980), Morkre and Tarr (1980), Wolf et al. (1984), and GATT...

Gegenstand dieses Beitrages ist die empirische Analyse des Anlageverhaltens der privaten Haushalte in der Bundesrepublik Deutschland mit Hilfe eines vollständigen Nachfragesystems. In Anlehnung an die Arbeit von Taylor und Clements [1983] wird dazu auf das von Deaton und Muellbauer [1980]...

The paper presents estimates of a dynamic demand system of the AIDS type for financial assets. The results suggest that dynamic behavior plays a major role in determining asset demand. Estimates on the basis of the equivalent static equilibrium models prove to be clearly inferior statistically....

The paper begins with a brief overview of the developments leading up to the MFA and the role played by the European Economic Community (EEC), the largest market in the world for textiles and clothing. Next, the EEC is used as a reference point for an overview of protectionistic measures taken...

The present Multi-Fibre Arrangement expires on July 31st. What are the arguments voiced by the proponents of a further extention? What would be the effects of a reduction in protectionism on the textile and clothing industries?