Journal of Economics and Finance

Publishes theoretical and empirical articles in the general areas of economics and finance. 

Articles from Vol. 34, No. 2, April

An Analysis of Australian Exchange Traded Options and Warrants
AbstractThis study focuses on the price discovery process in Australian option and warrant markets. Characterizing these two markets in terms of their cost structures and institutional features, we formally test competing price discovery hypotheses....
Covariance Estimation: Do New Methods Outperform Old Ones?
AbstractThis paper compares three new methods of estimating the asset returns covariance and evaluates their performances with the conventional covariance estimation methods. We find that taking a simple average of the historical sample covariance matrix...
Distribution of Income and Expenditures across Nations
AbstractThis paper outlines a premise that state social and economic planning in recent decades were the outgrowth of Marxist doctrine, even though Marxism as an economic system failed to materialize. The paper addresses the rise of the New Left with...
Do Wall Street Economists Believe in Okun's Law and the Taylor Rule?
AbstractWe use data from the Wall Street Journal's semi-annual survey of professional economists to test whether individual economists' six-month-ahead predictions of real GDP growth, unemployment, short-term interest rates and inflation reflect Okun's...
Open Interest, Volume, and Volatility: Evidence from Taiwan Futures Markets
AbstractThis paper examines the relationships amongst volatility, total trading volume (TVOL) and total open interest (TOI) for three Taiwan stock index futures markets as well as the role of the latter two variables in the dynamics of GARCH modeling...
Openness and the Speed of Adjustment in the Money Market
AbstractIn an effort to fight inflation or recession, central banks manipulate the money supply. The speed with which a change in money supply could affect price level and the level of production differs from one country to another, depending on rigidities....
Unemployment and Compensating Wages: An Analysis of Shift Work
AbstractCompensating wages have been documented for a number of job attributes including working non-standard hours. Using data that aggregates across occupations, our analysis confirms a wage premium for working night shifts. However, the compensating...