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Analyst forecasts in New Zealand
This study explores analyst annual earnings forecasts in New Zealand. The results show that forecasts of New Zealand firms do not suffer from the pessimistic biases found in studies of forecasts for United States firms. ...
The cost of funds and bank efficiency through time
A super-efficiency model within Data Envelopment Analysis (DEA) was used to study the relative efficiency of New Zealand banks for the period 1996 to 2003.
Evidence was found for improvement in efficiency, although it was ...
Indigenous Legal Traditions: Looking at ways to reconcile aboriginal law and common law. A practical and principled approach.
It is rather late in the day to say that customary law and aboriginal law does not form part of the common law system in the twenty-first century. The adoption by the United Nations of the Declaration of Indigenous Rights ...
An explanation of unbiased expectations and efficient market hypothesis using Markov switching framework
This paper uses Indian stock futures data to explore unbiased expectations and efficient market hypothesis. Having experienced voluminous transactions within a short time span after its establishment, the Indian stock ...
Improving VWAP strategies : A dynamical volume approach
In this paper, we present a new methodology for modeling intraday volume which allows for a reduction of the execution risk in VWAP (Volume Weighted Average Price) orders. The results are obtained for the all stocks included ...
The RepRap Project—Open Source meets 3D printing
Abstract: The RepRap Project is an open source hardware and software project headed by Adrian Bowyer of the University of Bath with the goal of producing a low cost ‘rapid prototyper’ or 3D printer i.e. a machine that can ...
Modeling the bid/ask spread: On the effects of hedging costs and competition
The need to understand and measure market maker bid/ask spreads is crucial in evaluating the merits of competing market structures and security designs. Prior studies of bid/ask spreads suffer from several forms of ...
Complexity and the character of stock returns: Empirical evidence and a model of asset prices based upon complex investor learning
Empirical evidence on the distributional characteristics of common stock returns indicates: 1) A power-law with exponent > 2 describes the positive tail behavior of the survivor function of returns ( pr(r > x ) – x-u ) ...
Explicit vs. implicit contracts: Evidence from CEO employment agreements
We report evidence on the choice between explicit (written) and implicit contracting for a sample of agreements between CEOs and their firms. Fewer than half of S&P 500 CEOs have explicit contracts. Evidence on the ...
Volatility prediction during prolonged crises: Evidence from Korean index options
This paper examines KOSPI200 index option prices in order to investigate whether index option implied volatilities foreshadowed the 1997 economic crisis in Korea. Results indicate the absence of strong fears of an impending ...