Purpose The study aims to examine the appropriateness of the coefficient of elasticity of trading (CET) as a measure of liquidity using Nigerian stock market data. Given that liquidity is multidimensional, the CET is complemented with the popular measure of liquidity, turnover ratio to explore...

We study adverse selection on annuity markets in a general-equilibrium model of the closed economy. Agents differ in their health type and invest their assets on the annuity market. Without informational asymmetries themodel features a separating equilibrium in which each agent obtains an...

We study a closed economy featuring heterogeneous agents and exhibiting endogenous economic growth due to interfirm external effects. Individual agents differ in terms of their mortality profile. At birth, nature assigns a health status to each agent. Health type is private information and...