We consider a two-date model of a financial exchange economy with finitely many agents having financial restricted participation, i.e., each agent’s portfolio choice is restricted to a closed convex set containing zero, as in Siconolfi. There is a market for physical commodities at any state today or tomorrow and financial transfers across time and across states are allowed by means of finitely...

In this paper, we consider a two-period consumption model with many financial assets. In the spirit of Hart [5], consumers purchase financial assets in period 0 and consume in period 1. We differ from Hart by considering that each agent is a country. We provide conditions for the existence of an equilibrium in both international financial assets and goods markets. First, we introduce a weaker n...

Every year billions of dollars are spent on research grants to produce new knowledge in universities. However, as grants may also affect other research funding the effects of financial resources on knowledge production remains unclear. To uncover how financial resources affect knowledge production we study the effects of research spending itself. Utilizing the legal constraints on university sp...

We consider a two-date model of a financial exchange economy with finitely many agents having financial restricted participation, i.e., each agent’s portfolio choice is restricted to a closed convex set containing zero, as in Siconolfi. There is a market for physical commodities at any state today or tomorrow and financial transfers across time and across states are allowed by means of finitely...

This study determined the value relevance of assets and liabilities after the adoption of IFRS among listed Nigerian firms. Ohlson Model (1995) model of stock price regressions tested the relationship between assets and liabilities with the stock price, which has been widely adopted by accounting researchers. A sample of 126 firms listed in Nigeria stock market is used for the study. Data is co...

In a stochastic financial exchange economy, two financial structures are equivalent if, for each given state price, regardless the associated arbitrage free price, the marketable payoffs are identical. The key property of two equivalent financial structures is that, when associated with any standard exchange economy, they lead to the same financial equilibrium. We exhibit a sufficient condition...

In this paper we propose a heuristic strategy aimed at selecting and analyzing a set of financial assets, focusing attention on their multivariate tail dependence structure. The selection, obtained through an algorithmic procedure based on data mining tools, assumes the existence of a reference asset we are specifically interested to. The procedure allows to opt for two alternatives: to prefer ...

We consider a stochastic financial exchange economy with a finite dateevent tree representing time and uncertainty and a financial structure with possibly long-term assets. We exhibit a sufficient condition under which the set of marketable payoffs depends continuously on the arbitrage free asset prices. This generalizes previous results of Angeloni-Cornet and Magill-Quinzii involving only shor...