"The Danish Economy in a Global Context provides a general introduction to economic developments, institutions and policies in Denmark. A number of topical policy issues, such as retirement, education and globalisation, are discussed in a non-technical fashion. The text takes a global...

We extend the classical "martingale-plus-noise" model for high-frequency prices by an error correction mechanism originating from prevailing mispricing. The speed of price reversal is a natural measure for informational efficiency. The strength of the price reversal relative to the...