Stimulus-response (SR) and belief-based learning (BBL) models are estimated with experimental data from sender-receiver games and compared using the Davidson and MacKinnon P-test for non-nested hypotheses. Depending on a certain adjustment parameter, the P-test favors the SR model, the BBL model...

Learning and communication play important roles in coordinating activities. Game theory and experiments have made a significant contribution to our understanding and appreciation for the issues surrounding learning and communication in coordination. However, the results of past experimental...

We employ the Barberis et al. (2005) methodology to investigate the impact of changes to the FTSE 100 index on return comovement 1992-2002. For FTSE entries, the average weekly increase in the beta coefficient is 0.38 in univariate regressions and 0.60 in bivariate regressions that control for...

Purpose -This paper aims to compare the cost efficiencies across bank-and market-based EU countries for the different groups of commercial, savings and co-operative banks; and between listed and non-listed banking institutions. In addition, it attempts to determine any potential implications for...

The problem addressed in this paper is to test the null hypothesis that a time series process is uncorrelated up to lag K in the presence of statistical dependence. We propose a robust test that is asymptotically distributed as chi-square when the null is true. The test is based on a consistent...

This paper investigates the impact of alternative financial and banking structures on banks' overall efficiency. The effect of size on the estimated banking efficiency is also examined. These issues are addressed by first measuring the cost efficiencies over 1998?2003 for a sample of commercial,...