We carry out a statistical physics analysis of the flash crash of May 6, 2010 using data from the Dow Jones Industrial Average index sampled at a one-minute frequency from September 1, 2009 to May 31, 2010. We evaluate the hypothesis of a non-Gaussian Levy-stable distribution to model the data...

The paper introduces a notion of complementarity (substitutability) of two signals which requires that in all decision problems each signal becomes more (less) valuable when the other signal becomes available. We provide a general characterization which relates com- plementarity and...

The aim of this paper is to shed light on the relationship between education and growth in Morocco. Econometric tools (Granger-causality tests and cointegration) was used to evaluate the existence and direction of the relationship. The results show a significant short-term causality between...

This paper attempts to shed light on the over-investment debate by investigating listed firms in China. Firms with higher level of fixed asset holding, higher level of overhead expenses, and being covered by the tax-favor policy in China are found to be associated with a lower risk-adjusted...

The paper presents the results of a research on railway regulation and liberalisation in Italy, France, Germany and Spain. The analysed fields of regulation are the relationship between the State and the rail companies, network access conditions by operators, slot allocating and pricing schemes...

We estimate a Cobb-Douglas function using Moroccan data, over the period 1976-1995 and considering two inputs, capital (GFCF) and labor (educational attainment of the workforce). The results show that physical capital and human capital have mostly a positive impact on economic growth. Moreover,...

Though the principle of gender equality is firmly established in the Indian Constitution, translating de jure gender equality and the promise of social, economic and political justice, into de facto reality has been one of India’s major challenges over the years, given a long background of an...

We develop a framework that allows us to emulate standard results from the “agreeing to disagree" literature with generalised decision functions (e.g. Bacharach (1985)) in a manner the avoids known incoherences pointed out by Moses and Nachum (1990). We analyse the implications of the...

We develop a Roy model of social interactions in which individuals sort into peer groups based on comparative advantage. Two key results emerge: First, when comparative advantage is the guiding principle of peer group organization, the effect of moving a student into an environment with...