Purpose – Turvey (2007, Physica A) introduced a scaled variance ratio procedure for testing the random walk hypothesis (RWH) for financial time series by estimating Hurst coefficients for a fractional Brownian motion model of asset prices. The purpose of this paper is to extend his work by...

Purpose – This paper seeks to characterize the behavior of the naira/dollar foreign exchange rate series over the period 1999 through 2006 to determine if the process generating the series has long memory which is a special case of fractional Brownian motion. The existence of long memory...

Abstract Many governments, political economists and terrorist experts consider the use of military and police forces as the ultimate way to effectively deter terrorism. The most effective negative sanctions are considered to be military strikes, aggressive actions (including crackdowns, search...

Purpose – The purpose of this paper is to explore direct and indirect effects of pre-venture managerial experience (PVME) on new venture innovation. Using opportunity-costs framework, the following questions are explored: does the entrepreneur's PVME directly affect the extent of innovation in...

Purpose – The main objective of this paper is to analyze the relationship between employees' propensity to innovate and cultivate entrepreneurial aspirations whilst working within an organization. This paper aims to contribute to a better understanding of this interrelation, reflecting from a...

This paper presents a novel explanation of the decision by a firm to make an input within the firm rather than to out-source the production to another firm. Due to the limited attention of the manager/entrepreneur, time spent overseeing production in-house has an opportunity cost: the neglect of...

Larry Lessig flagellates himself about losing the Eldred case, which upheld the legality of copyright extensions. He shouldn’t: Eldred was unwinnable. (The Court’s 7-2 vote is one clue). Besides, the worst of the Sonny Bono Copyright Term Extension Act’s effects can still be made to...

Standard economic intuition of revealed preference implies that when two parties freely enter into a contract then neither should be worse off. In this study, we develop a simple model showing that introducing the opportunity to contract can lower welfare for some, and perhaps all, contracting...

The paper is based on the New Institutional Economic Theory, which emphasizes institutions as a vital component in the creation of wealth and economic growth. It is widely accepted that formal institutions change rapidly through political and legislative decisions. Informal institutions are...