Three essays comprise this dissertation. The first essay uses panel data to show that labor income risk alone cannot explain limited stock market participation. However, transaction costs and household demographics, considered jointly, can determine both the discrete choice of whether to hold...

In this paper the dynamic responses of labor markets to macroeconomic shocks in eight CEE countries are empirically analyzed in panel SVECM. Identification of shocks, interpreted as real wage, productivity, labor demand and supply shocks, is based on DSGE model with labor market explicitly...

Strong more than doubled crude oil price rise from 2002 to 2007 brought significant profits to oil companies worldwide. Rising revenues, profits and increasing shareholders wealth are consequence of this favorable situation. Being non renewable resource, unequally distributed, responsible for...

We derive a canonical representation for the no-arbitrage discrete-time term structure models with both observable and unobservable state variables, popularized by Ang and Piazzesi (2003). We conduct a specification analysis based on this canonical representation. We show that some of the...

This meta-analysis is a critical comparison of three of quantitative synthesis. It applies some propositions of the Potsdam international consultation on meta-analysis, in the field of management control. Study design. After a traditional narrative review, three meta-analysis methodologies for...

In the framework of Black-Scholes-Merton option pricing models, by employing exotic options instead of plain options or warrants, this paper presents an equivalent decomposition method for usual Callable Convertible Bonds (CCB). Furthermore, the analytic valuation formulae for CCB are worked out...

This study was conducted to explore the varying volatility of world rice price for the period 1961 to 2008 using monthly data. The paper provides estimates of two GARCH models, namely, GARCH and EGARCH which were used to capture the stochastic variation and asymmetries in the world rice price....

The goal of this paper is to explore how the connection between political ideology and voters’ preferences is able to generate different equilibria in a yardstick competition game, where good incumbents are forced to create a bad reputation or, in other words, to mimic the bad incumbents’...

The yuan-dollar returns prior to the 2005 revaluation show a Sierpinski triangle in an iterated function system clumpiness test. Yet the fractal vanishes after the revaluation. The Sierpinski commonly emerges in the chaos game, where randomness coexists with deterministic rules [2, 3]. Here it...

The concept of international tradable carbon permits has been discussed in scientific circles for over ten years. Since mid 1996, however, it has become a subject of more than just academic interest. The main reason for this change is to be found in the U.S. Draft Protocol to the Framework...