Buyers in commercial real estate markets often pay different prices for comparable properties. We document that distant commercial real estate buyers pay, on average, a premium relative to local buyers, controlling for individual property characteristics as well as time fixed-effects. We test the extent to which the sources of these observed premiums are a product of higher search costs/informa...

This paper describes a comparative empirical study of the effect of information and communication technology (ICT) capital, human capital and new organizational practices on labour productivity in Greek and Swiss firms. We use firm-level data collected in 2005 through a common questionnaire administered to samples of similar composition (e.g. similar firm sizes, similar sectors), from which we ...

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In this paper, we examine the statistical forecast accuracy of econometric models, surveys and futures rates in predicting the LIBOR-Federal Funds Rate (LIBOR-FF) spread during and after the financial crisis. We provide evidence that the futures market forecast outperforms all competing forecasts during and after the financial crisis. Our results also suggest that the predictive accuracy of the...

Increasing evidence from the empirical economic and psychological literature suggests that positive and negative well-being are more than opposite ends of the same phenomenon. Two separate measures of the dependent variable may be needed when analyzing the determinants of subjective well-being. We argue that this conclusion reflects in part the use of too restrictive econometric models. A flexi...

This research is an event study that deals with shareholder reaction to the announcement of the merger of two bank holding companies (BHC). The work spans the time period 1980-1987. The period was chosen because of its correspondence with significant deregulation of the industry and significant swings in economic activity. The changing economic activity during the period allowed the study of th...

In this lecture I want to briefly describe some techniques for evaluating dynamic econometric models like the models for gasoline demand you have been estimating. Until now, we have implicitly assumed that these models satisfied the classical assumptions of the Gaussian linear model. In particular, we have assumed that the error sequences {ut} were iid and approximately Gaussian, thus justifyin...

The forecasts accuracy evaluation became a constant preoccupation of specialists in forecasting, because of the failure of predictions that caused the actual economic crisis. The objective of this research is to model and predict some economic variables corresponding too few macroeconomic blocks for Romanian economy. The forecast method is represented by econometric models. Moreover, the accura...

Due to the mispricing of options, no-arbitrage condition put-call parity (PCP) violations lead to inefficiency in the currency options market. Through transaction costs, the effects of these violations are reduced to negligible levels, indicating that PCP is not a sufficient condition for an options market efficiency test. Thus, this study developed a transaction cost-adjusted put-call parity (...