Looks at the response of local authorities to the 1987 Town & Country Planning Use Classes Order. Reviews the response of the Department of the Environment (DoE) to planning appeals. Concludes that the DoE have upheld most appeals where local authorities have attempted to restrict the effects of...

Even though volatility spillover effects in global equity markets have been documented extensively, the transmission of illiquidity across national borders has not. In this paper, we propose a multiplicative error model (MEM) for the dynamics of illiquidity. We empirically study the illiquidity...