We investigate the connection between equilibrium existence and its attainability through simple market mechanisms in exchange economies with indivisibilities and complementarities. The analysis suggests that attaining efficient outcomes through simple non-combinatorial auctions may be problematic even when market clearing prices exist. JEL classification code: C62, D44, D51

This paper examines whether the different types of block shareholdings will have a different impact on the extent of Web voluntary disclosure during the differential privatization stages. Prior literature suggests that block ownership may have a substitutive or complementary monitoring effect on corporate disclosure. However, for economies transferring from state endowment to being privately he...

We estimate the exposure of emerging-market companies to fluctuations in their domestic exchange rates. We use an instrumental-variable approach that identifies the total exposure of a company to exchange-rate movements, yet abstracts from the influence of confounding macroeconomic shocks. We find the impact of depreciations on emerging-market stock returns is overwhelmingly negative. Since we ...

The purpose of this paper is to try and identify some of the factors behind the comparatively poor R&D performance of the UK in the 1990s, a decade when R&D intensity in the business sector declined consistently. We estimate an econometric model of R&D expenditure using a panel of UK manufacturing industries. Our results highlight the importance of industry characteristics such as sales and pro...

selecting a set of features and price for new product is one of the most important and difficult decisions for any firm. for its implementation firms require information by demand of consumers about product features,the cost of providing these features and reaction of existing competitors to new product entry. in this research, with the help of game theory, the various positions of new product ...

the emphasis of this paper is the role of volatility indices on improvement artificial neural networks (anns) forecasting models for the daily usd/eur and usd/gbp exchange rates two volatility indices are used. first; the realized volatility, which is based on intra-daily data, and second the garch volatility. they are applied into the model in two ways. firstly, the lagged volatility index is ...

We examine the relationship between real and financial integration. Real integration is measured by productivities of capital and labor from trade data for 1982 to 1997. Financial integration is measured by the black market exchange rate. We find more evidence of convergence to equality for returns to capital than for returns to labor. There is some support for associating the convergence of bl...

We simulate a multiagent market with production, consumption, and exchange mediated by a sealed-bid double auction. Marked price bubbles and subsequent crashes occur when valuebased (fundamentals-driven) and trend-based traders are both present, and the market equilibrium price is ramped up exogenously. Similarly, negative price bubbles and recoveries occur when the equilibrium price is ramped ...

this paper examines the impact of 2005 presidential election of iran on the tehran stock exchange volatility as a political shock. it uses garch family (fiegarch, egarch, and garch) and markov regime switching (mrs) models as the analytical frameworks for the main the stock daily prices index. our findings confirm statistical validity of arima – fiegarch-x and ar(1) mrs as appropriate specifica...

In a market with one safe and one risky asset, an investor with a long horizon, constant investment opportunities, and constant relative risk aversion trades with small proportional transaction costs. We derive explicit formulas for the optimal investment policy, its implied welfare, liquidity premium, and trading volume. At the first order, the liquidity premium equals the spread, times share ...