This paper analyzes the impact of illiquidity of a stock on the pricing of derivatives. In particular, it is shown how illiquidity generates a bid-ask spread in an option on this stock, even in the absence of other imperfections, such as transaction costs and asymmetry of information. Moreover,...

In year 2000 Portugal is celebrating the 500th anniversary of the arrival to Brazil. The Portuguese overseas adventure is now five centuries old and more than one third of the Portuguese nationals are living outside their homeland; in France they are the largest foreign community. This paper uses...

We discuss how six dimensions of the authentizotic psychological climate explain stress and affective well-being at work, and how stress and affective well-being explain self-reported individual performance. The sample comprises 199 employees from 118 organizations. The findings indicate the...

The starting point is an interrogation about the non-broken character of the term structure of interest rates. Some arguments for that smooth character are presented here, all of which are based upon the assumption that market participants - arbitrageurs and speculators - always try to explore...

This paper is a direct response to a recent observation in the literature that managers appear to be short-term oriented when they assess the performance of an export venture (Madsen 1998). Based on a survey of Portuguese and British exporters, this paper presents a three-dimensional scale for...

Transitional societies are faced with particularly challenging and pressing problems. These usually involve the passage from a centralised, socialist-based society, to a decentralised, market-based economy. This paper addresses a somewhat different case: that of Cuba. According to the official...

This paper aims to trace the development of management accounting systems (MAS) in a Portuguese bank, where an activity based costing system (ABC) has been trialled for implementation over the past few years, as a means to improving the economy, efficiency and effectiveness of employee activity....

In this paper the new member problem faced by the regional fisheries management organisations is discussed for a typical highly migratory species: the northern Atlantic bluefin tuna. The analysis is based on simulation and optimisation results from a bio-economic model. The results, for both the...

We argue that it is natural to study social institutions within the framework of standard game theory (i.e., only by resorting to concepts like players, actions, strategies, information sets, payoff functions, and stochastic processes describing the moves of nature, which constitute a stochastic...