In this paper we seek to add to the understanding of the cost characteristics of Atlantic Canadian manufacturing. We examine the effects of public infrastructure on provincial manufacturing costs. The modelling technique employed is that of the CES-TL variable system.

Why do societies impose legal restrictions that limit the disposable property rights of some individuals? The explanation proposed here is that these constraints arise as an institutional response against financial markets that, in a sense, work 'too well'. That is, we demonstrate how a...

A copula approach is adopted to examine the extreme return-volume relationship in six emerging East-Asian equity markets. The empirical results indicate that the return-volume dependence is significant and asymmetric at extremes for all six East-Asian markets. In particular extremely high...

This paper compares two well-known approaches for valuing a risky investment using real options theory: contingent claims (CC) with risk neutral valuation and dynamic programming (DP) using a constant risk adjusted discount rate. Both approaches have been used in valuing forest assets. A proof...

This paper examines the effect of the proportion of females in the establishment on the male/female wage gap and the effectiveness of an affirmative action program in reducing this gap. A unique data set makes this paper possible since it has information on both individuals and the...

In this study we examine the persistence of a firm's ability to differentiate itself from its peers and stand out in a crowd of competitors through IT innovation. By using cross-sectional data set of large US firms from 1997-2004, our empirical evidence shows that prior IT innovation experience...

This paper provides a selected review of the recent developments and applications of mixtures of normal (MN) distribution models in empirical finance. Once attractive property of the MN model is that it is flexible enough to accommodate various shapes of continuous distributions, and able to...

This paper proposes a definition of uncertainty aversion for nonprobabilistic decision models and characterizes the decision rules that are uncertainty averses in that sense. Dual results are obtained for uncertainty appeal and it is shown that imposing an uncertainty neutrality condition leads...