Using a comprehensive data set of almost 300 UK closed-end equity funds over the period 1990 to 2013, we use the false discovery rate to assess the alpha-performance of individual funds with both domestic and other mandates, using self-declared benchmarks and additional risk factors. We find...

Using a number of long-term maturities and monthly data, 1989-97, we provide a number of tests of the expectations hypothesis (EH) of the term structure. The main insight in this paper is the use of the excess holding period return to provide a proxy for a possible time-varying term premium....

Using Irish money market rates (spot rates) with a term to maturity of 1, 3, and 6 months and monthly data, 1984-1997, we provide a number of tests of the expectations hypothesis (EH) of the term structure. The paper draws on co-integration techniques and the methodological approach of Campbell...

Since the break up of the Czech-Slovak Federation on 31 December 1992, the Czech Republic has been at the forefront of the transition to a market economy. Key aims of the Czech Republic, and many other former centrally planned economies, are low inflation and a stable exchange rate, particularly...

Since the break up of the Czech-Slovak Federation on 31 December 1992, the Czech Republic has been at the forefront of the transition to a market economy. Key aims of the Czech Republic, and many other former centrally planned economies (FCPE), is low inflation and a stable exchange rate,...

Using a number of short-term maturities and monthly data, 1984-1997, we provide a number of tests of the expectations hypothesis (EH) of the term structure. The paper draws on cointegration techniques and the methodological approach of Campbell and Shiller (1987,1991). On balance our results...

Using a number of long-term maturities and monthly data, 1989-1997, we provide a number of tests of the expectations hypothesis (EH) of the term structure. The main insight in this paper is the use of the excess holding period return to provide a proxy for a possible time varying term premium....

An aggregate consumption function for the Czech Republic since its transition to market status is estimated. Economic theory and the 'general to specific' methodology are used to guide the choice of dynamic equation. Previous empirical evidence on the consumption function in Eastern Europe...

We analyse the demand for money since the “break up” of the Czech-Slovak Republics at the beginning of 1993 and for the aggregates M0, Ml, and M2 using monthly data. Due to the widespread use of foreign currency in formally centrally planned economies, we also investigate the issue of...