We propose and develop mean-variance-ratio (MVR) statistics for comparing the performance of prospects (e.g., investment portfolios, assets, etc.) after the effect of the background risk has been mitigated. We investigate the performance of the statistics in large and small samples and show that...

This study investigates the internationalization of corporate boards, using a sample of 346 non-financial listed Nordic firms during 2001–2008. Given a high level of international activity, these firms have surprisingly few foreign directors. The picture of international expertise changes...

This paper investigates stock market reaction to debt arrangements in Russia. The analysis of the valuation of debt arrangements by stock markets provides information about the use of debt by Russian companies. We apply the event study methodology to check whether debt announcements lead to...

Many studies find a strong negative association between crime and education. This raises the question whether crime reduces investment in human capital or whether education reduces criminal activity. This article investigates posed question by using fixed-effect estimation on data of Australian...

<heading format="display" id="h1" implicit="yes" level="1">Abstract</heading> Firm productivity and export decisions are closely related to innovation activity. Innovation may play a more important role in the decision to start exporting, and successful exporting may drive process innovation. This suggests that the causality between innovation and exporting may...

An increasing variety of data frequencies available in economics, finance, etc. gives rise to a question how to build and estimate a regression model with variables observed at different frequencies. In a unifying framework of ("m,d")-aggregation we consider various approaches by discussing some...

The World Trade Organization ('WTO') is the principal international institution for the management and regulation of the process of economic globalization. Its effectiveness in fulfilling this important task, however, leaves much to be desired. On 4 and 5 February 2005, the Faculty of Law of...

We consider classification of the realization of a multivariate spatial-temporal Gaussian random field into one of two populations with different regression mean models and factorized covariance matrices. Unknown means and common feature vector covariance matrix are estimated from training...