The aim of this article is to analyse the major sources of transaction costs in financial markets, in particular to find the amounts of such costs on the Warsaw Stock Exchange (WSE). Sources of transaction costs are considered: commissions, bid-ask spread and market impact. The commissions are...

In this paper we investigate sources and characteristics of value, size and momentum profits on the Polish stock market. The research aims to broaden the academic knowledge in a few ways. First, we deliver fresh out-of-sample evidence on value, momentum, and size premiums. Second, we analyzemthe...

We consider Bayesian incentive-compatible mechanisms with independent types and either private values or interdependent values that satisfy a form of "congruence." We show that in these settings, interim participation constraints are satisfied when the status quo is the randomized allocation...

Agricultural production is spread all over Turkey and the considerably different climatic and topographical conditions among the provinces lead to highly diversified agricultural production. Therefore, is it reasonable to assume an integrated market all over Turkey? The authors analyze spatial...

Economic literature reveals a lack of a general theory on trade credit. This paper reviews the main theoretical and empirical contributions providing a simple but complete guide to researchers. Likewise, future research is encouraged by showing the puzzled and less explored features of trade...

The aim of this arti cle is to show that the New Insti tuti onal Economics is an interdisciplinary stream combining economics, law, organizati on theory, politi cal sciences, sociology, and anthropology. The main theories which are part of the New Insti tuti onal Economics are: Agency Theory,...

The development over time of market integration between Chinese provinces is analyzed by estimating threshold vector error correction models for rolling windows during 1998-2003. Transaction costs clearly decrease during this period characterized by liberalization of external trade and domestic...

Transaction-cost models in continuous-time markets are considered. Given that investors decide to buy or sell at certain time instants, we study the existence of trading strategies that reach a certain final wealth level in continuous-time markets, under the assumption that transaction costs,...

For pension-savers, a low payoff is a financial disaster. Such investors will most likely prefer left-skewed payoff distributions over right-skewed payoff distributions. We explore how such distributions can be delivered. Cautious-relaxed utility measures are cautious in ensuring that payoffs...

In contemporary economic literature, we can find plenty of theoretical and empirical approaches which seek to highlight the most appropriate factorial variables that are associated with the institutional quality of the business environment. This study presents, in a summarised version, the...