Using a nonlinear structural Vector Autoregression model based on the general no-arbitrage condition, we examine the empirical relation between macroeconomic shocks and the foreign exchange risk premiums. We find that when the predictable excess returns from currency speculation are interpreted as time-varying risk premiums, more than 80% of its volatility can be accounted for by the same funda...

The "concept of the co-operative identity" (consisting from the definition, aims and functions of cooperatives and the so-termed co-operative principles) serves as a general theoretical background for the economic analysis of agricultural co-operation. The development of Dutch dairy co-operatives is used as a case study example, which suitably illustrates and represents the processes taking pla...

This paper examines the stock price effect in New Zealand of announcements of increases in dividends and of share repurchases from 1993 to 2009. The results are related to the soft substitution hypothesis on Australian data. Dividend-increase announcements provoke a greater positive effect on the stock price than buyback announcements. The preference of the marginal investor is also examined wh...

The most common heuristic used in economics is not coincidentally entitled the 'prisoner's dilemma'. Several classical economists saw in the social phenomena of crime and punishment an obvious demonstration of the principles of economics. Through changes in the criminal justice system society could deter criminals, thus ridding itself of the baneful costs of crime. Adam Smith (1762) explained t...

In this paper, we investigate the scaling properties of foreign exchange volatility. Our methodology is based on a wavelet multi-scaling approach which decomposes the variance of a time series and the covariance between two time series on a scale by scale basis through the application of a discrete wavelet transformation. It is shown that foreign exchange rate volatilities follow different scal...

The economics of search study the implications of frictions for individual behavior and market performance, due usually to imperfect information about exchange possibilities. This article reviews labor-market research in this area. Individuals search for a job offer by choosing a reservation wage and accepting jobs that pay above that wage. Firms create jobs to maximize profit. The probability ...

Most transplanted kidneys are from cadavers, but there are also substantial numbers of transplants from live donors. Recently, there have started to be kidney exchanges involving two donor-patient pairs such that each donor cannot give a kidney to the intended recipient because of immunological incompatibility, but each patient can receive a kidney from the other donor. Exchanges are also made ...

We explore whether the pattern of international equity returns, equity portfolio flows, and exchange rate returns are consistent with the hypothesis that (unhedged) global investors rebalance their portfolio in order to limit their exchange rate exposure when there are (1) relative equity return and (2) exchange rate shocks. We also explore whether (3) equity flow shocks influence the exchange ...

Most exchange rates are volatile and mainly rely on the principle of supply and demand. Millions of people around the world are influenced, one way or another, by the variation in exchange rates. In this research we demonstrate that the Artificial Intelligence, specifically Artificial Neural Networks (ANN), can improve the accuracy of forecasting exchange rates compared to statistical technique...