This paper examines the impact of multinational trade accords on the degree of stock market linkage using NAFTA as a case study. Besides liberalizing trade among the U.S., Canada and Mexico, NAFTA has also sought to strengthen linkage among stock markets of these countries. If successful, this...

Using cointegration and error-correction, this paper develops and tests a money demand model for the small open economy of the United Arab Emirates. The paper takes into account the possible role of the international opportunity costs (as proxied by foreign interest rates and exchange rates) in...

Despite its intuitive appeal, empirical evidence on the consumption-based CAPM remains unclear at best. Model restrictions are often rejected, parameters are estimated imprecisely, and inferences can be highly sensitive to model specifications and choice of instruments. This paper tests the fit...

We examine how firm characteristics, particularly the degree of firm complexity and the firm's need for specialty knowledge, affect the relationship between corporate governance and the risk of bankruptcy. We find that having larger boards reduces the risk of bankruptcy only for complex firms....

Inflationäre Überraschungen und reale Wirtschaftsaktivität in Westdeutschland: Einige Tests auf der Grundlage von Erwartungen "effizienter Märkte" Diese Untersuchung behandelt die empirische Gültigkeit der Hypothese einer um Erwartungen bereinigten Angebotsfunktion (Expectations-Adjusted...