The exchange rate unification is one of the most important instruments of economic adjustment, which is used in many countries. This paper shows the effects of the exchange rate unification on price level (inflation), gross domestic production (GDP), non-oil exports, private conception, government expenditure and stock of money. The data, is used related to the period 1959-2000. To analyze the ...

We study how the approach grounded on non-extensive statistical physics can be applied to describe and distinguish different stages of the stock and money market development. A particular attention is given to asymmetric behavior of fat tailed distributions of positive and negative returns. A new method to measure this asymmetry is proposed. It is based on the value of the non-extensive Tsallis...

market factors. A multistage model to explain the stock returns of a measures such as profitability and market share. For example, representative set of U.S. companies is developed. Monthly returns data for the strategy literature has primarily been concerned with how individual securities are obtained and the cross-sectional interdependencies organizations perceive the markets they operate in ...

Numerous empirical studies have examined the relationship between macroeconomic variables and stock returns across different stock markets and time horizons by either outlining the influence of only domestic variables or a few global factors. The aim of this paper is to combine both global and domestic factors and extend this presumed relationship between stock returns and macroeconomic variabl...

Repricing of an employee stock option refers to the practice of lowering the strike price and /or extending the maturity date of a previously granted employee stock option. Normally, firms reprice after a period of significant stock price decline that renders the employee stock options deeply out-of-the-money. By modeling various repricing mechanisms based on some form of Brownian functional of...

In the stock market, investors can invest in stocks to obtain profit. But there are many individual persons without professional investment knowledge about the stock market. It is difficult for them to choose stocks with high returns. After they have chosen the good stocks, it is also difficult for them to choose the time for selling or buying the stock. So, most of investors would lose money i...

People tend to describe their interpersonal encounters in terms of emotions and attitudes. After a party, we may remark: “It was an interesting evening,” “I felt very much at home,” “It was a drag,” or “I felt left out.” These statements do not describe what happened at the party; rather, they refer to the effect the party had on us. Expressions of mood, important in themselves, encourage us to...

The interest is to model the value loss suffered by assets in the global crisis by considering both the cross section and the time variation. The volatility of assets is given by the variations at risk premium levels. The generalized model is inspired from the common framework for stock, bonds, exchange rates (Cocharane, 1999, Gabaix, 2008) and is equipped with two kinds of shocks, one real for...

This paper develops an analytically tractable Bewley model of money demand to shed light on some important questions in monetary theory, such as the welfare cost of inflation. It is shown that when money is a vital form of liquidity to meet uncertain consumption needs, the welfare costs of inflation can be extremely large. With log utility and parameter values that best match both the aggregate...