The growth of intermittent renewable power generation has been drawing attention to the design of balancing markets. Portugal is an interesting case study because wind generation already accounts for a high fraction of demand (23% in 2012-2016), but still there are no economic incentives for...

The Portuguese stock market provides a natural experiment to analyze theories of optimal price per share. The particular characteristics of this market suggest that prices per share should be very low. Using a sample of 20 stocks from the main Portuguese Stock Index (PSI20) in Jan/1999-Jun/2010,...