Intraday and high frequency time series are mostly defined by a non-continuous prices process. This paper introduces an integer based ARMA model found to be a better predictor for absolute intraday price changes than continuous time estimators (such as GARCH or multiplicative error models)....

Multinational and multiproduct firms often experience uncertainty in the relative return of conducting activities in different markets due to, for example, exchange rate volatility or the changing prospects of different products. We study how a multi-divisional organization should optimally...

An uneven distribution of natural resources and the Soviet legacy of artificial regional specialization expose Russia's regions to large income shocks. Using an unique regional dataset covering Russian regions between 1992 and 2003, we assess how these features influence the magnitude and...