Testing the assertion that emerging stock markets are becoming more efficient over time has received increasing attention in the empirical literature in recent years. However, the statistical tests adopted in extant literature are designed to detect linear predictability, and hence disregard the...

This paper estimates the value of superstitions by studying the auctions of vehicle license plates. We show that the value of superstitions is economically significant, which in turn justifies their persistence in human civilization. We also show that such a value, though based inherently on...

Groenewold et al (2004a) documented that the Chinese stock market is inefficient. In this paper, we revisit the efficiency problem of the Chinese stock market using time-series model based trading rules. Our paper distinguishes itself from previous studies in several aspects. First, while...

The following sections are included:IntroductionA Colonial Space: From Exclusivity to Inclusiveness… and ContestationA Ritualised Space: Festivals and Community-BuildingAn Authentic and Transcendental SpaceA Local Space Gone GlobalA Space of Urban Planning and Policy RelevanceA Disputed Space:...

Groenewold et al (2004a) documented that the Chinese stock market is inefficient. In this paper, we revisit the efficiency problem of the Chinese stock market using time-series model based trading rules. Our paper distinguishes itself from previous studies in several aspects. First, while...

Diebold and Rudebusch (1991) and Haubrich (1993) argue that, when income follows a fractionally differenced process, the Deaton's excessive smoothness paradox can be resolved. A key to the success of their result relies on a valid test for fractional integration. However, most of the tests in...

This paper estimates the value of superstitions by studying the auctions of vehicle license plates. We show that the value of superstitions is economically significant, which in turn justifies their persistence in human civilization. We also show that such a value, though based inherently on...

This paper estimates the value of superstitions by studying the auctions of vehicle license plates. We show that the value of superstitions is economically significant, which justifies their persistence in human civilization. We also document the changes of the value of superstitions across...

A new early-warning system for international currency crises is developed in this paper. The existing crisis indicators in the literature are essentially static. We examine the relationship between the dynamics of foreign reserves and currency crises. It is shown that rapid reserve depletion is...