This paper is the first to present a two-stage peer group benchmarking approach to evaluate the performance of hedge funds. We present different ways of orthogonalizing the peer group benchark and discuss their propperties in general. We propose to orthogonalize the benchmark against all other...

Investors wishing to achieve a particular level of diversification may be misled on how many stocks to hold in a portfolio by assessing the portfolio risk at different data frequencies. High frequency intradaily data provide better estimates of volatility, which translate to more accurate...

In this study of five developed markets we analyse the sizes of portfolios required for achieving most diversication benefits. Using daily data, we trace the year-to-year dynamic of these sizes between 1975 and 2011. We compute several widely-accepted measures of risk and use an extreme risk...

This paper describes how a monopolist manipulates the balance of quantity and quality in order to increase revenue when its customers treat quantity and quality as substitutes. This "skewing" of quality depends on the characteristics of customers' demand for quality. Customers differ in demand...

An unusual feature of the management of wilderness and other natural areas is that price is rarely used to ration recreational access. This often leads to queuing for access. At the same time there is often a relatively poor level of infrastructure provided for recreation. This paper argues that...

Consumption choices and behaviour of households influence well-being and demand for food products. For healthy eating and well-being households make choices such that the recommended daily calories are met. Such household choices are generally informed by a Food Guide (FG). Evidence suggests...

This paper proposes a market-based reform that would introduce competition into the provision of urban water. This proposal calls for a decoupling of infrastructure control and ownership of water whereby the property rights to water would be transferred to private hands. The proposal involves...

This paper analyses the e¤ectiveness of the spread between short and long term interest rates for predicting GDP growth in Australia, and whether the predictive relation deteriorates, as theory suggests, with the adoption of a credible ination-targeting regime. We test whether predic- tive...

This paper examines the institutional arrangements that develop when the risks of opportunism and other contributors to transaction costs are high but transactions are nevertheless necessary for economic efficiency. Williamson's famous distinction between markets and hierarchies is inadequate...

This study examines changes in Indonesian food consumption during 1996-2002 which included the period of the Asian financial crisis in late 1997/98. This paper analyses the nutritional implications of the changes in terms of the level and composition of calorie intake and the prevalence of...