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.     

Accounting for Varying Setting Preferences Among Moose Hunters

Recreation planners and managers realize the importance of different tastes and preferences among recreationists. This fact is explicit in recreational planning efforts and in the theories developed to understand recreational behaviors. While market segmentation approaches steeped in behavioral theory provide a rich source of information to planners and managers, we argue that such exogenous market segmentation approaches alone are insufficient to understand the degree of variability in tastes and preferences among recreationists. In this paper we employ a random parameters logit model to account for both the extent and sources of heterogeneity in preferences among recreationists. We illustrate the random parameters logit choice model with an application to the stated choices for hunting sites by moose hunters from northwestern Ontario. The application shows that the random parameters logit represents a considerable improvement over multinomial logit models based on market segmentation approaches.     

在办公室工作中应用精益

当看到诸如“服务业生产率落后于制造业一大截”的表述时，我看到了改进的机会。     

Overcoming Information Asymmetries in Low-Income Lending: Lessons from the “Working Wheels” Program

Without access to transportation, the welfare-to-work transition is nearly impossible, yet little is known about the effectiveness of programs designed to improve credit access. Since 1998, Vermont's TANF funds have provided automobile loans through the “Working Wheels” program. We use microlevel data from this program to explore how to cost-effectively provide loans to clients who cannot obtain affordable loans elsewhere. Our results verify the importance of relationship lending, particularly among those without documented credit histories. In the presence of information asymmetries about credit history, our results justify the increased trust placed in clients with whom the bank has a stronger relationship; such clients, ceteris paribus, are less likely to default. We conclude that in the current climate of welfare reform, policymakers should consider programs that encourage welfare recipients to establish and maintain relationships with financial institutions in order to facilitate access to credit and minimize the risk of default.     

STOCK INDEX FUTURES HEDGING: HEDGE RATIO ESTIMATION, DURATION EFFECTS, EXPIRATION EFFECTS AND HEDGE RATIO STABILITY

This paper examines hedging effectiveness for the FTSE-100 Stock Index futures contract from 1984 to 1992. It investigates the appropriate econometric technique to use in estimating minimum variance hedge ratios by undertaking estimations using OLS, an ECM and GARCH. Simple OLS outperforms more complex econometric techniques. Additionally, the paper examines the impact ofhedge duration and time to expiration on estimated hedge ratios and hedge ratio stability over time. It is shown that hedge ratios and hedging effectiveness increase with hedge duration, hedge ratios approach unity as expiration approaches and while hedge ratios vary over time they are stationary.     

Personnel scheduling in public systems: a survey

In many public systems efficiencies may be realized by improved personnel scheduling. This paper surveys the literature on personnel scheduling in the public domain. Two general problems are considered: the daily scheduling problem where hourly employee work day patterns are determined and the weekly scheduling problem where day off and day on work week patterns are constructed. The daily problem is discussed in terms of scheduling with and without simultaneous work assignment; and the weekly problem is dichotomized into those schedules based on cyclical personnel requirements and those that are not.     

Quasi-hyperbolic preferences and retirement: A comment

Diamond and Koszegi [Diamond, P. and Koszegi, B. (2003), “Quasi-Hyperbolic Preferences and Retirement,” Journal of Public Economics, 87: 1839–1972] have argued that quasi-hyperbolic discounting can cause dynamic inconsistency in planning when to retire as well as in consumption plans. This comment shows that in a simple model with such preferences, retirement plans are never time-inconsistent, as these same preferences keep savings too low for individuals to ever be able to afford unplanned early retirement. Although only a simple example is presented here to demonstrate the point, this insight suggests the application of ordiamond03's framework should be reconsidered. The model presented needs to be extended to find robust general conclusions.