Many developing countries are characterized by a large share of home production. Households allocate their time on both market and non-market activities. The introduction of a tax on labor or capital income induces people to divert from market production to home production. Furthermore, children...

The effects of option trading at the DTB on the variance of the underlying stocks are examined. We use a new distribution free test being based on the empirical distribution functions. The evidence indicates that stock return variance increased after the introduction of the DTB. This effect can...

Many developing countries are characterised by a large share of home production. Households allocate their time on both market and non-market activities. The introduction of a tax on labour or capital income induces people to divert from market production to home production. Furthermore,...

This paper develops a technique for estimating age-profiles of earnings mobility using conditional kernel density estimation and establishes their statistical properties. Both pointwise and simultaneous confidence intervals are derived. The paper then examines the age-profile of short-run...

This paper develops a technique for estimating age- profiles of earnings mobility using conditional kernel density estimation and establishes their statistical inference. Both pointwise and simultaneous confidence intervals are derived. The paper then examines the age- profile of earnings...

This paper reviews various mobility measures and establishes their asymptotic sampling distribution. The paper then examines the development of earnings mobility for both sexes in Germany between 1983 and 1991 using the Socio-Economic Panel. --

New and old products differ in two respects: quality and newness. Whereas a higher quality of a new product always benefits consumers, the newness itself benefits some consumers, but not others, and for some, it is even a disadvantage. We capture these features in a Hotelling model of Over-...

In case of herding, investors follow each other, prices move together more than they normally do, and the cross-sectional dispersion of returns decreases. Chang, Cheng, and Khorana (2000) suggest to test for herding by regressing the cross-sectional absolute deviation on the absolute and squared...