Public announcement logic is an extension of multi-agent epistemic logic with dynamic operators to model the informational consequences of announcements to the entire group of agents. We propose a labelled tableau-calculus for this logic. We also present an extension of the calculus for a logic of arbitrary announcements.

We examine international linkages between daily time series of US and Australian 3 month Treasury Bills and 10 year Government Bonds from 1987-95, paying particular attention to the effects of macroeconomic announcements in both countries. The 2 country’s interest rate data are modeled by a bivariate EGARCH formulation. The results suggest that market participants believed the Reserve Bank of A...

The dividend policy is one of the most debated topics in the finance literature. According to the dividend signalling hypothesis, which has motivated a significant amount of theoretical and empirical research, dividend change announcements trigger share returns because they convey information about management’s assessment on firms’ future prospects. Consequently, a dividend increase (decrease) ...