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Assuming the time series of random returns to be jointly elliptical, we derive a relationship between its conditional variance and the probability density function of the conditioning set. In the case that such a relationship is linear in a quadratic form for of the conditioning variables, we...
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Economic arguments in support of increases or decreases in accounting and auditing regulation have generally not been supported by empirical evidence as to the magnitude of the costs and benefits. The step-change in the scale of such regulation at Lloyd's between 1982 and 1985 provides evidence...
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How are state-owned entreprises to be reformed? Privatisation seems to be the obvious solution. This essay argues that entreprises reform in the transition should focus on enhancing managerial.
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In the evolutionary setting for a financial market developed by Blume and Easley (1992) the author considers an infinitely repeated version of a model B la Grossman and Stiglitz (1980) with asymmetrically informed traders. Informed traders observe the realisation of a payoff relevant signal...
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