INFORMED TRADING RISK AND BID-ASK SPREAD CHANGES AROUND OPEN MARKET STOCK REPURCHASES IN THE NASDAQ MARKET

Microstructure theory contends that dealers' bid-ask spreads should vary intertemporally with changes in the asymmetric information component of the spread. Corporate theory suggests that stock repurchase announcements signal management's private information to the securities markets. An examination of dealers' spread behavior around firms' open market repurchases in the NASDAQ market reveals a decline in spreads adjusted for dealers' inventory-holding and order-processing costs. This decline is attributed to a reduction in informed trading risk associated with the open market repurchase announcements.     

On optimal growth when there are many goods and factors

This paper summarizes some findings with respect to optimal growth when saving and the state of the arts are endogenous, natural resources shrink, and the numbers of goods and basic factors are possibly large. Outcomes of some numerical experiments are reported. The dynamic-programming algorithm is used for time-optimization and linear programming for instantaneous optimization. Progress can plausibly balance out depletion, without the help of capital accumulation. Many goods can produce a multiplicity of maximal extreme points in solution space, from which the productioin-possibility frontier becomes a multiple-dimensional hyperplane, moving outward over time.Presidential Address presented at the Forty-Third International Atlantic Economic Conference, London, England, March 11–18, 1997.     

MRSA – Angemessen reagieren

Nosokomiale Infektionen - Multiresistente Mikroorganismen haben sich weltweit zu einem gro?en Problem entwickelt. Neben den Methicillin-resistenten Staphylokokken (MRSA) steigen auch die Resistenzzahlen anderer Mikrobenarten dramatisch. Insbesondere kritisch kranke Patienten sind durch sie gef?hrdet. Doch wie sieht ein angemessener Umgang mit Problemkeimen aus? Franz Sitzmann diskutiert übliche Strategien und zeigt Alternativen auf.     

Die Zusammenhänge zwischen den Veränderungen der Nachfragestruktur und dem wirtschaftlichen Wachstum

Ohne Zusammenfassung     

Representation in UK Employment Tribunals: Analysis of the 2003 and 2008 Survey of Employment Tribunal Applications (SETA)

The perception is that formal representation is increasingly common in UK Employment Tribunals (ETs), as case volumes and complexity increase. We investigate the nature of representation in UK ETs using the 2003 and 2008 Survey of Employment Tribunal Applications (SETA). The results suggest that between 2003 and 2008, the extent of formal claimant representation declined. The majority of employers and claimants are either heavily represented or have little/no representation, and there is little evidence that claimant representation is a response to employer representation at least at the level of individual claims. Overall, however, it would seem that some of the ‘accessible, informal and inexpensive’ characteristics envisaged by Donovan continue to apply only to cases within certain jurisdictions.     

Nachfragesysteme für österreich

Summary This paper gives an empirical reexamination of the Linear-Expenditure-hypothesis for Austria. It starts with a brief theoretical discussion of the principal properties and restrictions of the Linear-Expenditure-System (LES). To obtain empirical estimates of the parameters of the LES two different estimation procedures are applied, i.e. the original method used byStone and a simplified version of the Systems-Least-Squares-approach (following theMarquardt-algorithm). There are no essential differences between these estimates. They all seem plausible and satisfy the theoretical restrictions.Usually the stability (i.e. time-invariance) of the parameters is accepted without proof. Using the Moving-Window-Regression-technique, however, most of the estimates vary significantly in time. To obtain a direct proof of the time-dependence of the parameters the LES is reestimated now including trend-factors. Especially results considering time-dependent marginal-budget-shares are considerably better than the static-model results.The conclusion of this paper is that the static version of the LES does not explain the consumer behaviour in Austria and that much more effort should be spent on the estimation of dynamic demand systems.     

The sky is the limit? The determinants and constraints of European airports commercial revenues

This study investigates the determinants of commercial and retail airport revenues from real estate operations. Aviation revenues per passenger are mainly determined by the national income per capita in the area where the airport is located, the percentage of leisure travelers and the size of the airport. Main drivers of commercial revenues per passenger include the number of passengers passing through the airport, the ratio of commercial to total revenues, national income, the share of domestic and leisure travelers and the number of flights. These results are in line with previous findings of a negative influence of business travelers on commercial revenues per passenger. We also find that a large amount of retail space per passenger is generally associated with lower commercial revenues per square meter confirming decreasing marginal revenue effects. Real estate revenues per passenger are positively associated with national income per capita at airport location, share of intra-EU passengers and percent delayed flights.