This paper gives empirical evidence for the superior performance of foreign direct investment in Romania in the presence of highly labor-intensive production and large market shares. Performance is measured in terms of investment volume and net profits. Partial state-ownership in joint ventures...

In this paper we analyze annual trade data for Austria and Central and Eastern Europe (CEE) on a disaggregate level. Permanent structural changes in East-West trade turn out to be an important feature in the transition process. The considerable contribution of intra-industry trade to overall...

In this paper we design a simple trading strategy to exploit the hypothesized distinct informational content of the arithmetic and geometric mean. The rejection of cointegration between the two stock market indicators supports this conjecture. The profits generated by this cheaply replicable...

In this paper we apply cointegration and Granger-causality analyses to construct linear and neural network error-correction models for an Austrian Initial Public Offerings IndeX (IPOXATX). We use the significant relationship between the IPOXATX and the Austrian Stock Market Index ATX to forecast...

In this paper we investigate the success of recent privatization in Austria from a capital market perspective. The empirical analysis draws upon the concept of initial public offerings indexes to document the medium-run aftermarket performance of initial public offerings (IPOs). Due to certain...

In this article we construct an Index of Austrian Initial Public Offerings (IPOX) which is isomorph to the Austrian Traded Index (ATX). Conjecturing that the ATX qualifies as an explaining variable for the IPOX, we investigate the time trend properties of and the comovement between the two...

In most of the empirical research on capital markets, stock market indexes are used as proxies for the aggregate market development. In previous work we found that a particular market segment might be less efficient than the whole market and hence easier to forecast. In this paper we extend the...