Financial analysts assume that the reliability of predictions derived from regression analysis improves with sample size. This is generally true because larger samples tend to produce less noisy results than smaller samples. But this is not always the case. Some observations are more relevant...

The paper introduces a notion of complementarity (substitutability) of two signals which requires that in all decision problems each signal becomes more (less) valuable when the other signal becomes available. We provide a general characterization which relates complementarity and...

We develop a model of equilibrium entry, trade, and price formation in over-the-counter (OTC) markets. Banks trade derivatives to share an aggregate risk subject to two trading frictions: they must pay a fixed entry cost, and they must limit the size of the positions taken by their traders...

We extend Kyle's (1985) model of insider trading to the case where liquidity provided by noise traders follows a general stochastic process. Even though the level of noise trading volatility is observable, in equilibrium, measured price impact is stochastic. If noise trading volatility is...

The Markowitz mean-variance optimizing framework has served as the basis for modern portfolio theory for more than 50 years. However, efforts to translate this theoretical foundation into a viable portfolio construction algorithm have been plagued by technical difficulties stemming from the...

Shuttleworth I. G. and Lloyd C. D. (2005) Analysing average travel-to-work distances in Northern Ireland using the 1991 Census of Population: the effects of locality, social composition, and religion, Regional Studies 39 , 909-921. Travel-to-work patterns have important implications for national...

This article investigates the importance of capital assets in moving out of poverty by reviewing the Samurdhi (Prosperity) Development Programme (SDP) implemented to eradicate poverty of Sri Lanka in 1995. One hundred and seventy beneficiaries from a randomly selected sample of the Ratnapura...

The ASEAN–India Free Trade Agreement (FTA) has brought opportunities as well as challenges to the Indian industry since it came into force on 1 January 2010. There is no clear-cut estimates about the gains which will come to India especially in the sectors of agriculture, plantation and...

Statistical measures of spatial interaction between multiple types of entities are commonly assessed against a null model of either toroidal shift (TS), which controls for spatial structure of individual subpopulations, or random labeling (RL), which controls for spatial structure of the joint...

Empirical researchers interested in the causal effect of the endogenous regressor often use instrumental variables. When few valid instruments are available, they typically estimate restricted specifications that impose uniform per unit treatment effects, even when these effects are likely to...