This paper tests the portfolio-balance approach to exchange rate determination in a new way. Past work on portfolio balance in foreign exchange falls into two groups: (1) tests using measures of asset supply and (2) tests using measures of central-bank asset demand. We address the demand side,...

Theoretical and empirical studies have treated excess returns as processes with time-varying but temporary disturbances. By contrast, empirical evidence indicates that the behavior of asset price levels can be well-approximated by processes with some permanent disturbances. These two...

Purpose: Built environment organisations face global challenges between business units, especially since the coronavirus pandemic (COVID-19) has profoundly disrupted the construction industry worldwide, including the management of construction megaprojects (CMPs). This research aims to develop...

Purpose: The construction industry encounters substantial challenges in its evolution towards sustainable development and in the adoption of building information modelling (BIM) technology and lean construction (LC) practices on construction mega-projects. This research aims to investigate the...

We address whether transaction flows in foreign exchange markets convey fundamental information. Our GE model includes fundamental information that first manifests at the micro level and is not symmetrically observed by all agents. This produces foreign exchange transactions that play a central...

Most studies of the expectations theory of the term structure reject the model. However, the significance of the rejections depend strongly upon the form of the test. In this paper, we use the pattern of rejection across maturities to back out the implied behavior of time-varying risk premia...