We extend the paper of Hinloopen and van Marrewijk (2005), who introduce the harmonic mass index to test whether two samples come from the same distribution, in the following directions. Firstly, we derive the Harmonic Weighted Mass (HWM) index for any number of samples. Secondly, this paper...

Funds of Hedge Funds (FoHFs) are often thought to have excess skewness relative to the S&P 500. We illustrate by means of novel econometric methods that this arises because of a buy-and-hold strategy with respect to underlying hedge funds, which exhibit excess skewness with respect to the...

This exploratory paper is among the first to examine the impact of stock exchange mergers on informational market efficiency. We focus on the merger of Bolsa de Valores de Lisboa e Porto Portuguese Stock Exchange) with Euronext in 2002 (that created Euronext Lisbon). To investigate this question...

Since the 1970s the characteristics of international business cycles have changed and deeper economic integration has modified the features of cross-country comovement. We formally test for correlation shifts in measures of real economic activity and economic/financial integration. In Europe we...

This paper studies the relationship between lobbying, free emission allowance allocation and firm outcomes in the European Union Emissions Trading System (ETS). I draw on administrative data from the EU Transpareny Register (TR) and the European Union Transaction Log (EUTL), and construct a...

We provide a ranking of economics departments in Europe and we discuss the methods used to obtain it. The JEL CD-ROM serves as a database for a period covering 10 years. Journals are ranked using a combination of expert opinions and citation data to produce a scale from 1 to 10. The publication...

Monetary aggregates continue to play an important role in the ECB's policy strategy. This paper revisits the case for money, surveying the ongoing theoretical and empirical debate. The key conclusion is that an exclusive focus on non-monetary factors alone may leave the ECB with an incomplete...

Our paper studies the relationship between money growth and consumer price inflation in the euro area using wavelet analysis. Wavelet analysis allows to account for variations in the money growth-inflation relationship both across the frequency spectrum and across time. We find evidence of...

This paper analyses the level of relative specialisation in terms of gross fixed capital formation in EU regions for the period between 1985 and 1994. Controlling for heteroscedasticity and potential endogeneity problems, we get consistent econometric results. Larger market and regional sizes...