resulting volatility can induce risk-averse transactors who face transaction costs to desert these markets altogether. Thus … thinness and the consequent price volatility may become joint self-perpetuating features of an equity market, whatever the … volatility of asset fundamentals. If, however, appropriate incentive schemes are adopted to encourage entry of additional …

, and 20th), we estimate a robust and significant time-varying, non-monotonic effect of climatic temperature upon current … incomes for a cross-section of 167 countries. We find a large, positive effect of 18th century climatic temperature and an … even larger, negative effect of 19th century climatic temperature upon current incomes. When historic, climatic temperature …

We estimate a time series model of weather shocks on English wheat yields for the early nineteenth century and use it … to predict weather effects on yield levels from 1697 to 1871. This reveals that yields in the 1690s were depressed by … unusually poor weather; and those in the late 1850s were inflated by unusually good weather. This has led researchers to …

higher quality banking system decreases the volatility of stock returns. It also contributes to a greater synchronization in …