This paper studies the relationship between private sector portfolios and asset returns in the United Kingdom. Utilizing a comprehensive monthly dataset covering 1972-85, the authors test the Sharpe-Lintner-Black capital asset pricing model and investigate the role of market imperfections in...

Limited liability has been seen as crucial for the development of capital markets. In this paper I use the CAPM to analyze how a company is priced differently under different liability regimes. I reach the conclusion that as far as the pricing and liquidity of shares is concerned, the positive...

In this paper I have analysed the development of company law from 1720 through to 1857. During this long period of time, company law assumed the characteristics it has now. At the starting point, company law stood with incorporation granted by the Crown or Parliament on one side and partnership...

Negotiations toward international environmental agreements take place under uncertainty. The authors address the process of coalition formation in this context. Coalitions are more likely to form among countries that are similar. Since countries are more likely to be facing similar conditions ex...

Applied literature has largely neglected the asset decision of other financial institutions (OFIs), though it may possess important policy implications. In this paper, portfolio behaviour of OFIs in India is modelled by using the annual flow of funds data for 1951/52 to 1993/94. The long-run...

We estimate a flow of funds model for the household sector in India, within the Almost Ideal Demand System (AIDS) framework, and examine the demand for money and the substitution effects between money and other financial assets. The restricted long-run model, obtained using cointegration...