This study examines the relationship between above-market price (or overpricing), along with various housing attributes, and time on the market (TOM). The study covers nearly 4,000 transactions of marketed domestic units of different living tenures, flat sizes, price ranges, and other physical characteristics in the Hong Kong residential property market. The results show that factors such as th...

This paper examines the determinants of stock returns in a small open economy using an APT framework. The analysis is conducted for the Swiss stock market which has the particularity of including a large proportion of firms that are exposed to foreign economic conditions. Both a statistical and a macroeconomic implementation of the model are performed for the period 1986-2002 with monthly retur...

We describe a dynamic model of financial intermediation in which fundamental characteristics of the economy imply a unique equilibrium path of bank and financial market lending. Yet we also show that economies whose fundamental characteristics have converged may continue to have very different financial structures. Because setting up financial markets is costly in our model, economies that emph...

Indian organisations have transformed organisational learning to face multiple challenges posed by external market conditions, legal and regulatory considerations and internal factors. The way Indian organisations have developed their learning platforms and learning delivery has been instrumental in equipping a global workforce with the required knowledge and skills. This has, in turn, reduced ...

Most of the research on transaction costs in the market microstructure literature focuses on implicit transaction costs. Research on the design of price schedules for explicit transaction fees is rare. This paper analyzes and classifies different price schedules and discusses their application to the market transaction business. The discussion highlights design issues and the need for a structu...

A fundamental assumption in this article is that not only the public administration but also semiprivate and private agencies provide electronic intermediaries between public services and citizens in a quasi-market situation. The theoretical framework of this study views markets as constructed in contrast to natural phenomena. In these processes of construction the role of technologies such as ...

This paper analyzes how a firm should adjust its marketing expenditures and its price to defend its position in an existing market from attack by a competitive new product. Our focus is to provide usable managerial recommendations on the strategy of response. In particular we show that if products can be represented by their position in a multiattribute space, consumers are heterogeneous and ma...

This paper examines the implications of on-the-job search for both short-run dynamics of in‡ation and long-run welfare costs of in‡ation in a sticky price model with labour market search frictions. Both unemployed workers and workers with bad jobs can search. Firms can adjust labour at both intensive and extensive margins. On-the-job search gives rise a strong propagation of monetary policy sho...