This study examines the link between economic freedom (a measure of government intervention) and the penetration of three durable goods (televisions, radios and automobiles) across countries. After controlling for the influence of income, there is a significant relationship between greater...

This paper investigates the comparative long term diversification benefits of Czech Republican, Hungarian, Polish and Turkish stock markets in the EU portfolio during the accession. The contribution is explored within the Mean- Variance framework using Jobson and Korkie’s asset set spanning...

This article presents new evidence about the time-series behavior of stock prices. Daily return series exhibit significant levels of second-order dependence, and they cannot be modeled as linear white-noise processes. A reasonable return-generating process is empirically shown to be a...