Securities are increasingly traded through multiple venues. Chowdhry and Nanda (1991) show that sophisticated investors benefit by splitting orders across markets at the cast of local investors who only trade through one venue. If trading hours do not perfectly overlap, we can test for...

The paper deals with the expected consequences of deregulation and liberalisation in the European airspace, in particular the effects on the policies of European airlines. The paper gives an overview of the US deregulation policy and the effects on the American aviation sector. Particular...