This paper analyzes the relation between stock market valuations of firms and the optimal choice of capital stock when markets are incomplete and firms act in the interests of a majority shareholders. No spanning assumptions are made. The standard unanimity results emerge as a special case when...

The paper introduces taxes on income and profit into a model of a stock market economy. The optimal choice of capital stock is then analyzed under assumptions that guarantee unanimous shareholders' preferences and a formula for the cost of capital is deduced. There then follows a discussion of...

This paper investigates whether stock-price indices of seventeen emerging markets can be characterized as random walk (unit root) or mean reversion processes.

The fundamental question addressed in this paper is this: does the rise of free market orthodoxy indicate the triumph of 'efficiency' at the expense of 'equity'? Or does it also, and possibly even primarily, reflect an attempt to capitalise on the distributive opportunities that have been...

A mixed-effets residential demand model for potable water id developed using longitudinal data set constructed for the analysis.