We describe a simple microdrive device appropriate for chronic microelectrode recording in rats. No precision machining is required; all parts are stock or cut from standard stock material with hand tools and assembled with epoxy. The device together with its electrodes can be discarded at the completion of the experiment.

This is the first paper that examines economies of scale in stock exchanges. The data employed in the study include cost and output statistics for 37 stock exchanges in four continents around the world for the year 1997. I estimate two traditional cost functions and find that ray (overall) scale economies exist only in the very large stock exchanges but that there are significant scale economie...

This paper investigates empirically the effect of volatility of the exchange rate of the U.S. dollar vis-à-vis the euro on U.S. stock market volatility while controlling for a number of drivers of stock return volatility. Using a GARCH(1, 1) model and using weekly data covering the period from the week of January 1, 1999 through the week of January 25, 2010, it is found that the 9/11 terrorist ...

Faceless trading in a secondary stock market not only redistributes wealth among investors but also generates information that guides subsequent real decisions. We provide a disclosure model that reflects both functions of the secondary market. By partially preempting traders’information advantage established from information acquisition, disclosure reduces incentives for privately acquiring in...

In industries characterized by heavy utilization of equipment and machinery, such as mining, oil & gas, utilities, transportation, adequate stockholding of critical spare parts becomes essential. Insufficient stocks affect overall performance of physical assets, as lack of spares may result in gross penalties, lower availability or increased operational risks. On the other hand, oversized inven...

The classical Economic Order Quantity (EPQ) models consider that the production rate is fixed and constant. But in many manufacturing and production processes the production rate is a function of stock on hand. For this sort of situations we develop and analyze an EPQ model with the assumption that the production rate is a function of the on-hand inventory and demand is a function of selling pr...

In this paper we investigate whether stock market overpricing leads to aggregate (real) inefficiencies. We first investigate a standard dynamic contracting model of investment subject to financing constraints. We show that stock market mispricing will have two robust effects on welfare: on the one hand it will distort investment decisions and lead to inefficiencies. On the other hand it will al...

During technological revolutions, stock prices of innovative firms tend to exhibit high volatility and bubble-like patterns, which are often attributed to investor irrationality. We develop a general equilibrium model that rationalizes the observed price patterns. The high volatility results from high uncertainty about the average productivity of a new technology. Investors learn about this pro...

Although an understanding of radiometric dating is central to the preparation of every geologist, many students struggle with the concepts and mathematics of radioactive decay. Physical demonstrations and hands-on experiments can be used to good effect in addressing this teaching conundrum. Water, heat, and electrons all move or flow in response to generalized forces (gradients in pressure, tem...