Since the work of George Richardson on the problem of investment coordination, the literature has focused on explaining equilibrium in investment games and neglected the problem of how investments are coordinated. This paper reports the findings of a case study of the brick industry which used...

We examine monthly seasonal returns for the UK during the period 1955 to 2003. We identify four distinct tax regimes during which both the incentive and ability to tax-loss sell varies. In support of the tax-loss selling hypothesis, we find that the relationship between past losses and both...

We find evidence of heterogeneity and irrationality among professional forecasts for three-month inter-bank rates and ten-year gilt yields at both short and long forecast horizons over the period 1989–2006. The majority of biased forecasts overestimate the future spot rate, consistent with...

Valler D. and Wood A. Conceptualizing local and regional economic development in the USA, Regional Studies. Contemporary literature on local and regional economic development (LRED) in the USA is predominantly empirical and pragmatic, focusing on the conduct and efficacy of economic development...

Previous studies suggest that momentum exists in international stock markets with the exception of Asia. Using a large data set of Taiwanese stocks, we show that momentum does exist, but it is restricted to the months following the deadline for annual statements. During the remaining months, a...

The brick industry is characterized by regional markets, lumpy capacity increments and high fixed costs. In such an industry, the coordination of rival expansions in capacity can be crucial to the profitability of those expansions. Evidence from the British brick industry suggests that excess...