Only a few years ago the widely shared view was that low food prices were a curse to developing countries and the poor. The dramatic increase of food prices in 2006-2008 appears to have fundamentally altered this view. The vast majority of analyses and reports in 2008 and 2009 state that high food

Recent empirical research in finance has uncovered two families of pervasive regularities: underreaction of stock prices to news such as earnings announcements, and overreaction of stock prices to a series of good or bad news. In this paper, we present a parsimonious model of investor sentiment

views on why firms price discriminate

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this paper is built. First, although raw returns are clearly leptokurtic, returns standardized by realized volatilities are approximately Gaussian. Second, although the distributions of realized volatilities are clearly right-skewed, the distributions of the logarithms of realized volatilities

Shareholder rights vary across �rms. Using the incidence of 24 governance rules, we construct a “Governance Index ” to proxy for the level of shareholder rights at about 1500 large �rms during the 1990s. An investment strategy that bought �rms in the lowest decile of the index (strongest rights

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business cycle properties. The paper also applies a solution technique that combines loglinear methods with lognormal asset pricing formulae. 1998 Elsevier Science B.V. All rights reserved. JEL classification: G12; C63; E22

Many practitioners currently use rules of thumb to price tasks on online labor markets. Incorrect pricing leads to task starvation or inefficient use of capital. Formal pricing policies can address these challenges. In this paper we argue that a pricing policy can be based on the trade-off between

Abstract not found