Continuous Versus Discrete Time in Dynamic Common Pool Resource Game Experiments

Environmental and Resource Economics - We study the impact of discrete versus continuous time on the behavior of agents in the context of a dynamic common pool resource game. To this purpose, we...     

Double Dutch Finally Fixed? A Large-Scale Investigation into the Readability of Mandatory Financial Product Information

Journal of Consumer Policy - With the introduction of short-form disclosure documents, financial regulation in the EU emphasizes the use of plain language to facilitate comprehensibility....     

A generalization of environmental productivity analysis

Journal of Productivity Analysis - This paper aims to analyze environmental Total Factor Productivity (TFP) change. Indeed, innovative environmental TFP measures are introduced through convex and...     

On the Rationality of the Post-Announcement Drift

This paper demonstrates that a post-announcement earnings drift, which is often advanced as an example of market irrationality, can arise even if traders act rationally on their information. Specifically, we show that in the presence of share supply variations which are unrelated to information, there is a positive correlation between the unexpected component of current public signals and future price changes. Such a correlation arises from the fact that while prices reveal private information that cannot be found in public signals, non-information based trading distorts the information content of prices relative to the implications of both private and public information. Under these circumstances, markets may appear semi-strong inefficient and slow to respond to earnings announcements even though information is processed in a timely and efficient manner. Our findings correspond well with previously documented empirical evidence and suggest that the robustness of earnings-based anomalies may be rational outcomes of varying uncertain share supply.     

AGRICULTURAL POLICY ISSUE OF EUROPEAN INTEGRATION: THE FUTURE OF DIRECT PAYMENTS IN THE CONTEXT OF EASTERN ENLARGEMENT AND THE WTO

MOCT-MOST: Economic Policy in Transitional Economies -     

Some properties of the distribution of an operational ridge estimator

Metrika - The present paper investigates the properties of the sampling distribution of an operational general ridge estimator. Exact expression are given for the moments and their approximations...     

Book reviews

Quality & Quantity -