The curse of natural resources detected in numerous cross-country growth regressions is questioned. Although natural resource dependence is associated with slow economic growth, there is no evidence that natural resource abundance per se is negatively related to growth. Thus, the supposed link...

We characterize the price discovery in three emerging EU stock markets — the Czech Republic, Hungary, and Poland — by employing high-frequency five-minute intraday data on stock market index returns and four classes of EU and U.S. macroeconomic announcements during 2004–2007. We account...

We estimate the impact of macroeconomic news on composite stock returns in three emerging European Union financial markets (the Budapest BUX, Prague PX-50, and Warsaw WIG-20), using intraday data and macroeconomic announcements. Our contribution is twofold. We employ a larger set of...

This paper investigates the question of whether there exists evidence in support of convergence in market returns within the South American capital markets and whether these markets are becoming efficient. Both questions are analyzed using time series as well as panel data. A non-parametric...

The aim of this paper is to test the permanent income hypothesis on Czech voucher privatization. This form of privatization moved state assets to households and represented an unexpected windfall gain for participants of the privatization scheme. Whether the windfall was consumed or saved is...