We investigate the impact of the introduction and exit of EnronOnline on the efficiency of the U.S. natural gas market. In particular, we examine the natural gas market informational efficiencies by investigating the time-series properties of natural gas prices: changes in natural gas price...

We studied the market performance at selected, representative natural gas trading hubs in the U.S. and documented different price behaviors among various hubs. With NYMEX prices as the competitive benchmark, we found empirically that the spot price responses at some trading hubs were...

The fragmentation of production across countries has become an important feature of the globalization in recent decades and is often conceptualized by the term, global value chains (GVCs). When empirically investigating the GVCs, previous studies are mainly interested in knowing how global the...

In response to increasing environmental concerns, to improve energy security and to conserve energy use, the US government has proposed a new round of Corporate Average Fuel Economy (CAFE) standards. Many studies have focused on how the CAFE standard can be met by various automakers that have...

This paper investigates the relationship between stock prices and the real exchange rate suggested by some structural macroeconomic models such as Gavin[1989]. Adding stock prices to a conventional macroeconomic model allows us to examine the stock price-exchange rate relationship, and...

It seems that the random-walk property of stock prices is well established. However, some studies argue that the mean reversion of the stock prices has its theoretical and empirical support and the conventional unit-root tests have weak power against stationary alternatives. This paper uses...

Whether term limits would increase or decrease federal spending depends on the reason for the causal relationship between tenure and spending. We investigate this subject by empirically studying congressional spending and tenure for all United States House and Senate members who entered Congress...

Most studies on the correlations in stock returns and volatilities focus on the contemporaneous relationships and spillover effects in major stock markets such as the US and Japan. This paper adds to the literature by focusing on the dynamic relationship in the volatilities of the returns in the...

This study empirically tests the "Culture of Spending" hypothesis (Payne, 199la). According to this hypothesis, the longer congressmen stay in office, the more likely they are to support federal spending. Spending behavior in this study is measured by the National Taxpayers Union (NTU)...