Market efficiency has influence on the investment strategy of investors because if a market is inefficient there is always chances for some to gain from information advantage to pickup the winners.In this paper a number of statistical tests have been employed to assess the weak-form efficiency...

This paper aims to evaluate the spillover effect of the COVID-19 shock on major global stock markets, including Shanghai, Hong Kong, Japan’s Nikkei, Korea, and Nasdaq stock markets, using daily data of stock prices during the COVID-19 pandemic period. Our findings indicate while shocks on some...

Introduction. Despite the start of the outbreak of the virus (COVID-19) was in December 2019, stock markets did not respond immediately as there was little information about the expected duration of the crisis and whether China would be able to contain it within a short period of time, and the...

This paper investigates sensitivity of US natural gas price with crude oil price changes, using time varying coefficient models. Identification of the range of variation of the sensitivity of natural gas price to oil price change allows more accurate assessment of upper and minimum risk levels...

Using a model of a small open economy operating under dual foreign exchange markets, free exchange rate for financial transactions and quasi-fixed exchange rate for commercial transactions, this paper analyses the dynamic adjustment of the foreign exchange rates, when terms of trade, and...

In explaining economic phenomena, economic analysis concentrates on selected influences and fixes the host of other factors under a ceteris paribus clause. This view, which goes back to Alfred Marshall (1842-1924), is developed in the first part of the book. Aggregation is viewed as a particular...

Life annuities provide a guaranteed income for the remainder of the recipient’s lifetime, and therefore, annuitization presents an important option when choosing an adequate investment strategy for the retirement ages. While there are numerous research articles studying annuities from a...

Even 50 years after Modigliani/Miller’s irrelevance theorem, the basic question of how firms choose their capital structure remains unclear. This survey paper aims at summarizing and discussing corresponding recent developments in empirical capital structure research, which, in our view, are...

There has been a wide-spread misconception based on the imprecise wording of Art. 52 of the European Patent Convention (EPC) that the protection of business methods by patents is prohibited in Europe. This paper investigates the legal framework set by patent laws with respect to the...

Ein Großteil der Neugründungen in Deutschland ist auf staatliche Förderung von Existenzgründern zurückzuführen. Dieser Anteil hat sich nach Einführung des als „Ich-AG“ bekannten Existenzgründungszuschusses Anfang 2003 stark erhöht. Die Erfolgsfaktorenforschung hat diese Form von...