Recent theoretical work by Cooley and Quadrini (2001) highlight the role of financial frictions in models of firm dynamics. This paper investigates empirically the implications of the Cooley and Quadrini (2001) model for the determinants of firm size dynamics with special emphasis on financial...

This paper investigates the impact of financial development on property valuation in a rational expectations framework by modeling the agency theoretic perspective of risk averse investors (property owners) and financiers (banks/ capital markets). In contrast to previous research, we consider a...

It’s conceptually attractive to look for connection between performance, HRM and economic situation. How measure epiphenomenon’s impact when we can’t isolate that from global strategy? If casual relations maybe established, event can be interpreted in several ways (e.g. its...

This paper analyzes some asymptotic results for a new estimator of integrated volatility in a continuous-time diffusion process of high frequency data (used in asset pricing finance). The estimator, which is computationally efficient, is based on the quadratic variation of the second order...

In this paper we examine the connection of microscopic network properties of trading and macroscopic properties of prices. Using intraday trading data from the London Stock Exchange, we are able to track which institutions traded with which and reconstruct the network of exchanged stocks. We...