ELECTIONS AND ASSET PRICING: THE POLITICALLY SENSITIVE EQUITY OF US MILITARY CONTRACTORS by

In contrast with the classical models of frictionless financial markets, market models with proportional transaction costs, even satisfying usual no-arbitrage properties, may admit arbitrage opportunities of the second kind. This means that there are self-financing portfolios with initial endowments laying outside the solvency region but ending inside. Such a phenomenon was discovered by M. Rás...

Focus is here on coalitional games among economic agents plagued by aggregate pollutions of diverse sorts. Defecting players presumably pollute more than others. Then, granted convex preferences and technologies, the core is proven nonempty. In fact, under natural assumptions, a specific, computable core solution comes in terms of shadow prices on the said aggregates. Such prices may, in large ...

For portfolio choice problems with proportional transaction costs, we discuss whether or not there exists a shadow price, i.e., a least favorable frictionless market extension leading to the same optimal strategy and utility. By means of an explicit counter-example, we show that shadow prices may fail to exist even in seemingly perfectly benign situations, i.e., for a log-investor trading in an...

This paper attempts to identify consumers’ preferences toward red wine quality cues and willingness pay (WTP) for with health-beneficial effects, thus clarifying the complex process of purchasing habits patterns. The data were analyzed using structural equation modeling. findings from a case study conducted in Serbia show that consumer health-effect consciousness household income are significan...

conclusions bis-guided management may not be superior to routine monitoring protocols to prevent awareness as well as hemodynamic changes during general anesthesia in patients undergoing abdominal surgeries. results the overall incidence of awareness in the bis and routine monitoring groups were 5.5% and 4.1%, which was not significantly different. there were no significant differences in hemod...

The price dispersion means different prices for same goods. In the Internet economy, many economists reckon that the price dispersion in the e-commerce markets should descend along with the dropping of search cost. However, the correlative empirical studies reach a contrary opinion: there not only exist price dispersion in the e-commerce market, but also has larger dispersion degree than the tr...