Insider Trading and the Allocation of Risks
A common argument in recent debates on the prosecution of insider trading has been that outsider stay away from markets with inside activity because...
Trading Systems in European Stock Exchanges
The deregulation of financial markets and the liberalization of international capital flows raises a number of challenging issues. Market participants...
Bertrand Edgeworth Competition with Non-Linear Prices
The paper studies the existence of equilibrium in price setting oligopoly. In particular, the question is addressed whether the non-existence of pure...
Intermediation in Search Markets
In markets, in which exchange requires costly search for trading partners, intermediaries can help to reduce the trading frictions. This intuition is...
A Variance Decomposition for Stock Returns
This paper shows that unexpected stock returns must be associated with changes in expected future dividends or expected future returns. A vector...
The Effects of Inflation and Interest Rates on Stock Returns: Evidence From Three Centuries of UK Data
Using data since 1700, this paper finds that:- (i) The oft-cited negative correlation between expected inflation and stock returns is confined to the...
Public Debt in Italy and the European Community: Some Thoughts on the Monetary Consequences
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The Hard Ecu and Alternative Paths to EMU
This year members of the European Community (EC) are holding technical discussions on monetary union. The debate is to encompass the ultimate form of...
