This paper examines the UK FT30 stock index during the Second World War period 1939-1945 for weak form efficiency, showing that there is substantial structure in the data, albeit in two distinct subsets. Fitting a GARCH (p, q) model to each data subset yields R -2 values of around 19%; clear...

The validity of the weak form of the efficient markets hypothesis (EMH) is tested for the FTSE 30 share index during a period when government economic policy towards the financial markets was relatively unchanging. The EMH would suggest random walk behaviour but this does not occur; instead the...

The optimal rules for the allocation of advertising expenditure when that expenditure affects the demand function facing the firm have been derived for a variety of processes and are relatively well known. The purpose of this paper is to extend the analysis of advertising to include recruitment...

The behaviour of the sterling-Deutschmark exchange rate is examined over a period from November 1988 to May 1994. At the beginning of this time period sterling did not belong to the ERM, it entered in October 1990 and was withdrawn in September 1992. In this study the effect of operating within...

This paper estimates the demand for money (M2) in Ghana for the period 1960 to 1996. The hypothesis is that the different macroeconomic adjustment policies (privatization, removal of foreign exchange controls etc.) which began in the mid 1980s would alter the demand for money function. The...

The purpose of this short note is to demonstrate that for those probality distributions for which it exists, an exact expression for E(U-1) may be derived without great difficulty.

Models Canada's Pacific halibut fishery as a non-zero-sun non-co-operative differential game. Optimal harvesting level are derived under the criterion of profit maximization. Show that optimal aggregate steady-state fishing effort and yield increase with the number of fishermen harvesting the...

The standardised residuals from GARCH models fitted to three stock indices of the Athens Stock Exchange are examined for evidence of chaotic behaviour. In each case the correlation dimension is calculated for a range of embedding dimensions. The results do not support the hypothesis of chaotic...