We use transfer entropy to quantify information flows between financial markets and propose a suitable bootstrap procedure for statistical inference. Transfer entropy is a model-free measure designed as the Kullback-Leibler distance of transition probabilities. Our approach allows to determine, measure and test for information transfer without being restricted to linear dynamics. In our empiric...

We introduce a new measure for the capital market efficiency. The measure takes into consideration the correlation structure of the returns (long-term and short-term memory) and local herding behavior (fractal dimension). The efficiency measure is taken as a distance from an ideal efficient market situation. Methodology is applied to a portfolio of 41 stock indices. We find that the Japanese NI...

We investigate technological change with regard to CO2 emissions by passenger cars, using a Free Disposal Hull methodology to estimate technological frontiers. We have a sample of cars available in the UK market in the period 2000 – 2007. Our results show that the rates of technological change (frontier movement) and diffusion (distance to frontier at the car brand level) differ substantial bet...

Since the early 1990s, with changing market conditions and the opening up of its borders and markets to global tourism, commerce and trade, South Africa has become an attractive market for long-distance drug trafficking and has seen an increase in the activities of international drug syndicates. In general, the Southern African region became exposed to drugs previously rarely available on the m...

Several theories of nonprofit hospital behavior predict that nonprofit hospitals behave in the consumer interest and thus do not exercise market power. If these theories are correct, then antitrust enforcement of hospital mergers should be restricted only to those markets in which a nonprofit hospital cannot offset anticompetitive behavior by for-profit hospitals. In this paper, we measure a ho...

We present a mobile phone based virtual market system to facilitate socioeconomic activities in developing regions. The system is built upon SMS (Short Message Service) platform. Our system, enhanced with novel integration of NLP (Natural Language Processing) technologies, provides an intuitive and reasonable means of exchanging market information across long distance and has a potential of ben...

In this paper, the question of the location of exporters of manufactured goods within a country is investigated. Based on insights from new trade theory, the new economic geography (NEG) and gravity-equation modelling, an empirical model is specified with agglomeration and increasing returns (the home market effect) and transport costs (proxied by distance) as major determinants of the location...

This is an academic dissertation submitted in partial fulfilment of the requirements for the degree of Doctor of Technology. The dissertation consists of a short summary and discussion of seven enclosed essays. All seven papers are devoted to central issues within real estate appraisal and valuation, with emphasis on the market for income property. Essay I analyses the market prices for mixed-u...

10.2217/17460751.2.1.75 © 20 The globalization of stem cell science is increasingly being shaped by the emerging economies of the Asia/Pacific region. Undaunted and unhampered by the more established views of the commercialization of science, countries such as India are constructing models of innovation, policies and patterns of investment that challenge such orthodoxies. This report examines t...

The efficient market hypothesis has been widely tested and, with few exceptions, found consistent with the data in a wide variety of markets: the New York and American Stock Exchanges, the Australian, English, and German stock markets, various commodity futures markets, the Over-theCounter markets, the corporate and government bond markets, the option market, and the market for seats on the New...