Staatsmijnen en particulieren

Art. 16, 2^de lid: En cas que l'inventeur n'obtienne pas la concession d'une mine, il aura droit à une indemnité de la part du concessionnaire; elle sera réglée par l'acte de concession. Art. 46: Toutes les questions d'indemnités à payer par les proprétaires de mines, à raison des recherches ou travaux antérieurs à l'acte de concession, seront décidées conformément à l'article 4 de la loi du 28 pluviôse an VIII. (Mijnwet van 1810).     

House prices, non-fundamental components and interstate spillovers: The Australian experience

Using Australian capital city data from 1984Q3--2008Q2, this paper utilizes a dynamic present value model within a VAR framework to construct time series of house prices depicting what aggregate house prices should be given expectations of future real disposable income - the “fundamental price” - and continues by comparing capital city fundamental prices with actual prices. The extent to which revealed capital city “non-fundamental” components spillover from state to state, as well as their long-term impact is also investigated. Results provide evidence of periods of sustained deviations of house prices from values warranted by income for all state capitals with the greatest deviations arising in the NSW market and starting around 2000. In general NSW is relatively more susceptible to spillovers transmitted from other states while ACT and WA are most isolated from the rest of the country.     

Violation of the iid-normal assumption: Effects on tests of asset-pricing models using Australian data

Financial data are typically not identically, independently and normally distributed (iid-normal). Yet, standard tests of asset-pricing models are based on this assumption, and we have little information on how sensitive the tests are to violations of iid-normality. Recent evidence suggests that test outcomes may be sensitive to these violations. In this paper, we use Australian data to compare the standard test results with those that do not require iid-normality: the GMM-J test and bootstrap-based tests. We find that different tests produce differences in prob values at least as large as those in US studies but that test outcomes are generally robust.