Purpose – The purpose of this paper is to investigate the changes in initial public offering (IPO) underpricing and short-run performance following a regulatory reform (No. 54 [2002] China Securities Regulatory Commission (CSRC)) of the method of allocating IPO shares in China....

Stock prices should respond only to unpredictable components of economic news (‘innovations’) in efficient markets. While innovations used in empirical investigations of the economic underpinnings of stock market risk should at least satisfy this basic requirement this may not guarantee...

Changes in the risk structure of stock returns may sometimes be very revealing. We examine economic variables that help explain principal components in UK stock returns, 01/1985 to 12/2001. The loading pattern on explanatory variables for the first component in a ‘bubble’ period is...

We use mean-variance analysis with short selling constraints to diagnose the effects of the recent global financial crisis by evaluating the potential benefits of international diversification in the search for ‘safe havens’. We use stock index data for a sample of developed,...

This book investigates key issues in regard to liberalization of agricultural trade in the Western Hemisphere, including potential scenarios for liberalization at the regional and multilateral levels, the effects of U.S. and European Union agricultural policies on trade, and how a Free Trade...

The expanding membership of the EU means significant changes for accession countries’ international trade relations, affecting imports, exports, tax revenues, government expenditures and domestic regulatory regimes. There are also significant ramifications for the EU budget. This book is a...

Economic Analysis for International Trade Negotiations provides an analytical framework in which to examine the complex economic issues which arise in international trade negotiations. This framework is developed using examples arising from current contentious issues in the international trade...

This article examines alternative trade policy responses available to an importing country with concerns over innovations in biotechnology. Regardless of the policy response, the importing country may be worse off after a new genetically modified food (GMF) is introduced. While an import embargo...

While almost all of the investment in agricultural biotechnology to date has been in temperate crops suitable for developed countries, developing countries are the greatest potential beneficiaries of this major technological advance. To realise this potential requires investment in crops...