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This article provides a theory of foreign equity investment restrictions. We consider a model where the demand function for domestic shares differs between domestic and foreign investors because of deadweight costs in holding domestic and foreign securities that depend on the country of...

Two major empirical results are reported. First, it is shown that time series measuring real activity in major industrialized countries contain nonstationarities of the random walk type. Second, it turns out that the estimated influence of unexpected changes in inflation and monetary growth...

The pricing of newly issued bonds on the Swiss capital market is investigated over the years 1980-82. The results reveal a slight underpricing of new bonds at the issue date that is roughly equal to the difference in transactions costs between the markets for new and seasoned bonds. Underpricing...