We analyze the impact of news (information shocks) in economies where liquidity plays a role. While we also consider news about real factors, like productivity, one motivation is that central bank announcements evidently affect markets, as taken for granted by advocates of forward guidance policy. The dynamic effects can be complicated, with information about monetary policy or real factors aff...

Liberalisation transforms market structures through the responses of incumbent firms and entrants to freedom of choice. Market shares tend to turn more volatile, and the agility and competitiveness of small, as against large, firms determine whether markets grow more concentrated, or less. We analyse the way these processes played out in Indian manufacturing industries over the 17-year period f...

The fatty acid (FA) profile of lipids extracted from the Varroa destructor parasitic mite and its host, drone-prepupae of Apis mellifera, was determined by gas chromatography (GC). The percentages of saturated fatty acids (SFAs), monounsaturated fatty acids (MUFAs) and polyunsaturated fatty acids (PUFAs) were generally similar in parasites and their hosts. Fatty acids were arranged in the follo...

This paper provides a dynamic rational expectations equilibrium model in which investors have heterogeneous information and investment opportunities. Informed investors privately receive advance information about future earnings that is unrelated to current earnings. In response to good advance information, stock prices increase and informed investors act as trend chasers, increasing their inve...

This paper studies bank loans over the business cycles in Iran to determine the role of Iranian banks in stabilizing credit. By estimating the long-run relations using dynamic OLS and fully modified OLS estimators, the findings show that real bank lending is positively related to real GDP in the long-run providing evidences of the pro-cyclicality of bank lending in Iran. Hence, Iranian banking ...

We study the fitting of the euro yield curve with the Longstaff and Schwartz (1992) (LS) two-factor general equilibrium model and the Schaefer and Schwartz (1984) (SS) two-factor arbitrage model of the term structure of interest rates. The Cox, Ingersoll, and Ross (1985b) (CIR) one-factor model is also studied as a reference. LS use the short-term interest rate and the volatility of the short-t...

A series of 3-monohydroxylated bile acids, in unlabeled and radioactive form, of varying side chain length and configuration at C-3 has been synthesized and rigorously characterized. They include: 3 alpha- and 3 beta-hydroxy-5 beta-androstane-17 beta-carboxylic acids (C20); 3 alpha- and 3 beta-hydroxy-5 beta-pregnan-21-oic acids (C21); 3 alpha- and 3 beta-hydroxy-23,24-bisnor-5 beta-cholan-22-o...

The objective of this paper is to uncover the determinants of trading intensity in futures markets. In particular, the time between adjacent transactions (referred to as transaction duration) on the FTSE 100 index futures market is modeled using various augmentations of the basic autoregressive conditional duration (ACD) model introduced by Engle and Russell [Econometrica 66 (1998) 1127]. The d...

The paper sets up a nesting spatial regression model incorpora ting heteroskedastic shocks, and discusses hypothesis testing in both nested and nonnested cases in a quasi-likelihood framework, suggesting directions for future research effort. JEL classification: C21.