Which of the two forces, past history or future expectations, plays a more dominant role in economic growth? This hypothesis is econometrically tested here for Japan over the period 1965-90 and the evidence suggests a more dominant role for the forward looking expectations.

Two characteristics of R&D inputs, learning by doing and knowledge diffusion, are explored here for generalizing the nonparametric methods of efficiency measurement known as data envelopment analysis

Diffusion of knowledge capital and its impact on economic growth are discussed empirically for the case of South Korea (1971-1994).

A model of convergence to steady-stage growth is specified here in terms of deviations from a steady-state demand for inputs and estimated for Japan for the period 1965-90. The estimated results show a dominant role of capital in the convergence process and also the forward looking view of input...

An allocative efficiency model based on data envelopment analysis is empirically tested here for evaluating the operational performance of international airlines for the period 1988-90. Results show some robustness of these efficiency measures in terms of stochastic dominance criteria.

Volatility in real exchange rates is empirically estimated here over monthly data for the period February 1988 through August 1995. Tests show the persistence of an oscillatory behaviour, where random walk prevails. Chaotic instability also cannot be ruled out in general.

Which of the two forces, past trends or future expectations plays a more dominant role in exchange market volatility? This hypothesis is econometrically tested here for four advised industrial countries, France, UK, Japan and Germany over the period 1985-95.

Three aspects of efficiency measurement by data envelopment analysis are discussed here analytically. These aspects comprise output-specific input allocations by each firm, flexibility in the production process and the role of learning by doing in efficiency improvement.

The conditional returns series for mutual funds and the S&P 500 are analysed to test whether there is persistence in skewness. Three groups of statistical models of market volatility are estimated over the period September 1988 to April 1993 and the empirical evidence provides valuable insights...

A set of nonparametric tests which includes the convex hull method and the stochastic dominance criteria is developed here for evaluating the performance of mutual fund portfolios. The empirical results support the hypothesis that some groups of funds based on new technology tend to outperform...