Algorithmic trading and artificial stock markets have generated huge interest not only among brokers and traders in the financial markets but also across various disciplines in the academia. The emergence of algorithmic trading has created a new environment where the classic way of trading...

There is growing interest in the United States and elsewhere in the use of a points-based system for selecting immigrants on the basis of their observed human capital. This paper explores the design of an optimal skills-based immigrant selection system based on two basic elements: a...

There is growing international interest in a Canadian-style points system for selecting economic immigrants. Although existing points systems are influenced by the human capital literature, the findings have traditionally been incorporated in an ad hoc way. This paper explores a formal method...

This paper studies the redistribution effect of personal income tax in Pakistan. We decompose the overall tax system in order to evaluate the contribution of rate, allowances, deductions, exemptions and credits. The structure given in Income Tax Ordinance 2001 is applied to gross household...

This work investigates whether traders’ state dependant expectations biases can account for anomalous country fund price movements for a seven year period spanning the 2007-08 banking crises. We provide a multiple agent asset-pricing model that includes both rational traders and traders who...

The year 2009 marks the 70th anniversery of the publication of Samuelson’s Multiplier-Accelerator model, which laid out a rigorous mathematical formulation of the theory of Business Cycles. It is interesting to note that today’s economic climate is reminiscent of the historical context of...

his paper is motivated by empirical evidence illustrating the non-Gaussian nature of financial returns, (Jondeau et al 2007) and analyses extreme value theory, (EVT) as a proposed improvement (Embrechts et al., 2005) for risk estimation techniques.Credit default swaps, (CDS’s) are analysed due...

This study examines how Canadian exports to a specific trading partner are influenced by outward and inward direct investment flows to/from that country. A gravity-type empirical model guides a dynamic panel analysis which utilizes OECD country-level data from 1989-2007. Besides refuting the...

The global financial crisis has witnessed a dramatic slowdown in FDI flows, yet concerns over its possible impacts on investment and employment in home and host economies have actually intensified. Although weakened national economies may be a source of many such concerns, research has yet to...