For gold, moving from clandestine to official trading does not significantly change informational efficiency. Both markets are inefficient suggesting that efficiency is linked more to the type of asset than to the legal status of the market.

[eng] The Actual Return on Stock Market Investments from 1950 to 1992 . The actual return on equity investments over the forty-three year period from 1950 to 1992 is evaluated by transforming the stock market indices into portfolios. The study presented here uses a new methodology for bond...

For gold, moving from clandestine to official trading does not significantly change informational efficiency. Both markets are inefficient suggesting that efficiency is linked more to the type of asset than to the legal status of the market.

The authors focus on the effect of state versus private ownership on the rates of firm-specific productivity growth and cost decline by developing a model of endogenous, firm-specific productivity growth and testing its implications against panel data on twenty-three international airlines of...