in this paper we investigated effect of economic uncertainty on money demand function of iran during(1352-1386). at first by using a general equilibrium theory it is shown that in spite of the existence of economic uncertainties, most of agents who are risk-averse consider these uncertainties when constitute their port folio. they consider money demand is a function of income, interest rate and...

This paper investigates the use by insiders of private information in their decision to exercise executive stock options. It is the first to categorise the exercise of an executive stock option by the proportion of stock sold at exercise. Consistent with existing research, exercises overall do not yield subsequent abnormal returns. However, we find a marked and significant difference in subsequ...

Liquidity, Return, and Order Flow Dynamics Linkages Between REITs and the Stock Market This paper explores liquidity and order flow spillovers across NYSE stocks and real estate investment trusts (REITs). Impulse response functions and Granger causality tests indicate the existence of persistent liquidity spillovers running from REITs to nonREITs. Specifically, REIT liquidity indicators are for...

We consider the problem of including the costs and value of the institutions that define money and support trade, within the framework of economic optimization.We comparemonetary systemsmediated by durable commodity monies, versus pure fiat monies, in order to understand the separation and eventual independence of the institutionally-created value ofmoney from the values of underlying traded go...

This study examined the relationship between money supply and stock prices, using E-view version 10. The empirical results of Augmented Dickey Fuller (ADF) unit root test at 5 percent critical levels indicates that all variables (M2 MCAP) were not stationary levels. However, became after first differencing. Hence, are same order integration I (1). A cointegration tells us there exists a long ru...

I introduce inside money and serially correlated supply shocks to the Uncertain and Sequential Trading (UST) monetary model and test its implications using a vector auto regression impulse response analysis on post-war US data. I find that (a) The importance of money in predicting output is substantially reduced once the stock of inventories is added to the VAR system and (b) Shocks to inventor...