Sata Envelopment Analysis (DEA) of efficiency is highly sensitive to the level of aggregation. Generally as the number of inputs and outputs increase, differences in measured relative efficiency across firms decrease. This paper advocates using the EKS index number formula to aggreagte inputs...

The exchange rate is the most important price in any economy, since it affects all other prices. Exchange rates are set, either directly or indirectly, by government policy. Exchange rates are also central to the global economy, for they profoundly influence all international economic activity....

High-frequency trading is an algorithm-based computerized trading practice that allows firms to trade stocks in milliseconds. Over the last fifteen years, the use of statistical and econometric methods for analyzing high-frequency financial data has grown exponentially. This growth has been...