We analyze extreme movements of the main stocks market indexes in the European Union. We find that the Sweden and UK markets are the preferred ones for risk averse investors since they present the best risk-return performance. Moreover, the UK market is found to have a very low dependence with...

This article studies the monetary transfers system that was created by the short-term inland bill of exchange markets. For decades this system was the most practical way of channeling the growing volume of transfers which were taking place as a consequence of the growth of the Spanish economy....

Newey and Smith [Newey, W.K., Smith, R.J., 2004. Higher order properties of GMM and empirical likelihood estimators. Econometrica 72, 219-255] analyzed the second order biases of GMM and GEL estimators under independence. Anatolyev [Anatolyev, S., 2005. GMM, GEL, serial correlation, and...

We propose two simple bias reduction procedures that apply to estimators in a general static simultaneous equation model and which are valid under reatively weak distributional assumptions for the errors. Standard jackknife estimators, as applied to 2SLS, may not reduce the bias of the exogenous...

This article analyses the extreme movements of exchange rates of the seven main currencies traded in the Foreign Exchange market against the US dollar: Euro, British pound, Canadian dollar, Japanese Yen, Swiss franc, Australian dollar and New Zealand dollar by using tail index indicators....