Financial liberalisation, which is aimed at removing regulations on financial market activity, has become a central part of the financial globalisation process. The paper econometrically estimates by means of a seemingly unrelated regression (SUR) technique the impact of a comprehensive...

This paper specifies and estimates an option price model using non-linear, Seemingly Unrelated Regression (SUR) technique that allows for the incorporation of cross equation correlations and other generalisations. Our results do suggest that this generalisation improves the efficiency of the...