The <Emphasis Type="Italic">n</Emphasis>-person Kalai-Smorodinsky bargaining solution under pre-donations

This study examines the behavior of simple n-person bargaining problems under pre-donations where the Kalai-Smorodinsky (KS) solution is operant. Pre- donations are a unilateral commitment to transfer a portion of one’s utility to someone else, and are used to distort the bargaining set and thereby influence the bargaining solution. In equilibrium, these pre-donations are Pareto-improving over the undistorted solution; moreover, when the agents’ preferences are sufficiently distinct, the equilibrium solution coincides with the concessionary division rule.     

<Emphasis Type="BoldItalic">» Emerging markets are becoming core business for multinationals «</Emphasis>

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? Emerging markets are becoming core business for multinationals ?     

Market Efficiency, Thin Trading and Non-linear Behaviour: Evidence from an Emerging Market

Emerging markets efficiency has been widely investigated, with mixed results. However such evidence is only reliable if the methodology adopted accounts for the institutional features of the market. Unlike previous studies this paper corrects for thin trading and incorporates possible non-linear behaviour and regulatory changes. Using Istanbul Stock Exchange data we show that in its early years the exchange was characterised by non-linear behaviour and inefficient pricing. However, regulatory changes encouraged participation, improved information quality and led to prices impounding information more rapidly, suggesting markets become efficient with high trading volume, reliable information and an appropriate institutional framework.     

Investment Analysis,Price Formation and Neglected Firms: Does Real Estate Make a Difference?

This paper examines the relation between information-gathering activities and price formation when the gatherers are small in number. Two measures of information asymmetry are estimated to test the cross-sectional effect of investment-analyst attention on price formation. The analysis contrasts firms that invest predominately in real estate assets to those that do not. Unlike most studies of the competition among information gatherers, the results in this paper indicate that liquidity worsens with increasing investment-analyst attention. These findings provide further evidence that information deficiency is an important economic trait, although real estate securities may suffer less from neglect than from asset-specific information asymmetry.     

The weak form market efficiency investigation of American,European and Asian stock markets

This paper investigates the empirical validity of the Weak Form Efficient Market Hypothesis for American, European and Asian stock markets. Random Walk Hypothesis is used to prove weak form efficiency in American, European and Asian stock indices. ADF and PP Unit Root Tests have been used to test unit root in time series of daily data of American, European and Asian stock indices. Results show that sample of stock markets are weak-form efficient in terms of the Random Walk Hypothesis.     

Comparison of indicators of women’s labour between Turkey and EU member states by employing multidimensional scaling analysis and clustering analysis

At present, because of social, cultural and economic changes, women support the economies of their countries by their status as workers. In this research, we aim at comparing the status of Turkey in terms of indicators of women in the labour force with that of EU countries, thereby revealing the similarities and differences. The variables indicating women in the labour forces of the 28 EU countries and Turkey were analysed utilizing multidimensional scaling analysis (MDSA) and clustering analysis (CA).

According to the MDSA, the countries form three different groups in two-dimensional space. The clusters formed by the CA are congruent with the groups formed according to the MDSA. When compared with EU members, Turkey has very low values, particularly in terms of the ratio of working women, the ratio of jobless females who are primary or secondary school graduates and the ratio of women who are senior high school graduates.     

Running out of time: Limited unemployment benefits and reservation wages

We study unemployment insurance (UI) in an equilibrium environment in which unemployed workers only receive benefits for a finite length of time. Although all workers have identical productivity and leisure value, the random arrival of job offers creates ex-post differences with respect to their time remaining until benefit expiration. Firms, which are also homogeneous, can exploit these differences, leading to an endogenous wage distribution.This allows us to examine the equilibrium effect of policy changes in both the size and length of UI benefits. Surprisingly, an increase in benefits can actually cause wages to fall, which is contrary to the predictions of on-the-job-search models. Moreover, we explain well-documented patterns of how the hazard rate of exiting unemployment responds to these policy changes. Our theory also explains why this hazard rate jumps at the time of benefit exhaustion.