Disclosure can negatively affect stock market efficiency and real investment performance in markets populated with uninformed noise traders whose trading is affected by disclosure. We formalize this idea by analyzing a model where disclosure attracts noise traders and where firms infer information from stock prices to guide real investment decisions. The model predicts that disclosure can reduc...

This research uses multivariate cointegration analysis to assess the degree . of competition in the U.S. natural gas industry following the move to open access pipeline transportation. The testing methodology allows multiple nodes in the pipeline network to be analyzed simultaneously and is based on recent advances by Johansen (1988, 1991) and Johansen and Juselius (1990) on estimation and hypo...

In the context of the Doha Development Round, the vast majority of computable general equilibrium studies examine agricultural trade led gains to developing countries, whilst European Union based studies are scarce and only one assessment exists in the case of Spain. This study also focuses on Spain, whilst developing the literature in two ways. Firstly, a more realistic representation of the a...

This paper develops a tractable theoretical framework for analyzing the substitutability between different advertising media, the extent of marketing spillovers in the market, the allocative efficiency of advertising spending, and the sources of total advertising productivity and sales growth. Maintaining the separability assumption between sales and production technology, the proposed methodol...

Taxes are usually called distortionary if they are not lump-sum (Ballard and Fullerton 1992). It is well known that if distortionary taxes are introduced in a formerly Pareto efficient perfectly competitive economy they induce an excess burden on the economy. But suppose, the economy is subject to pollution that renders the competitive allocation inefficient in the absence of any taxes. Then it...