Off-highway vehicle (OHV) use is a rapidly growing outdoor activity that results in a host of environmental and management problems. Federal agencies have been directed to develop travel management plans to improve recreation experiences, reduce social conflicts, and diminish environmental...

We construct a dynamic general equilibrium model of pollution and study in a holistic way the environmental policies, whereby government sets up emission caps and sells emission permits at a competitive price which can be viewed as an emission tax. Then, it uses the collected tax revenues to...

This paper uses a dynamic panel-data gravity model to explain the correlations between 40 markets from 1996 to 2010 using four types of market linkages: information capacity, financial integration, economic integration, and similarity in industrial structure. The mechanism of interdependence of...

We employ spatial econometrics techniques to investigate to what extent countries’ economic and geographical relations affect their stock market co-movements. Among the relations that we analyze, bilateral trade proves to be best suited to capture co-variations in returns. We find a strong...

We employ spatial econometrics techniques to investigate to what extentcountries’ economic and geographical relations affect their stock market comovements.We propose an econometric model that is particularly suitable for financial data, where common time trends prevail. In general, among the...

Off highway vehicle (OHV) use is a rapidly growing outdoor activity that results in a host of environmental and management problems. Federal agencies have been directed to develop travel management plans to improve recreation experiences, reduce social conflicts and diminish environmental...

We explore the relation between institutional quality, trust and stock-market participation. In our theoretical model, agents update their beliefs in a Bayesian manner based on observations on frauds and choose whether to invest in the stock market. The corresponding empirical model shows that...

This paper proposes a binary response model approach to measure and forecast extreme downside risks in Asia-Pacific markets given information on extreme downside risks in the U.S. and Japanese markets. The extreme downside risk of a market is measured as the occurrence of extreme downside...