can the stock market success of montreal s ipos be predicted by the prospectus content in this paper we investigated if it is possible for investors to objectively estimate the probability of success of newly public companies using the information contained in offering prospectuses analysing prospectuses of small firms that went public on the montreal stock exchange revealed that the age of the firm at the time of the ipo the percentage of voting rights sold by managers the sales growth potential and the subscription price of newly quoted firms could be good predictors of long term performance on the stock market however it is relatively difficult to link any information contained in the issuing prospectus to short term performance the findings of this study should help authorities to define more stringent criteria to accept new public offerings and make the small cap market more attractive to investors and new growing companies

the theory of mixed demand functions abstract the properties of samuelson s mixed demand functions which express demand as a function of a mixed set of prices and quantities are derived by analyzing compensated or substitution effects and uncompensated effects the relationships between mixed demand functions and conditional or rationed demands are examined this provides insights on the behavioral implications of consumer theory for alternative demand specifications

limit orders and the alleged nasdaq collusion abstract different methods are used by the nyse amex and the nasdaq to accomodate limit orders received from investors this accounts for at least part of the excess of nasdaq spreads over nyse spreads adjusted for trading volume and is a factor in determining this excess that is independent of collusion on the nasdaq the spread comparison evidence given by others to support their belief that there is collusion among market makers on the nasdaq therefore overstates the probability of collusion and its significance if it exists

how much is too much an investigation of the effect of the number of choice sets context dependence and the choice of bid vectors in choice experiments in a split sample design we examine how the number of choice sets design of the first choice set context dependence and the choice of attribute levels in the cost attribute affect the precision in the elicited preferences in otherwise completely identical choice experiment surveys these issues are investigated for swedish households marginal willingness to pay to reduce power outages our results indicate that neither the number of choice sets nor the design of the first choice set has a significant impact on estimated marginal willingness to pay while the effect was significant for the additive scaling of the cost vector at the end of the article we discuss the implications of our results on future developments and applications of choice experiments

exploring additional determinants of energy saving behaviour the influence of individuals participation in cultural activities abstract consumer behaviour towards energy saving has attracted growing attention in several national policy measures and has been discussed in a large number of interdisciplinary studies in this paper we argue that cultural capital specifically individuals participation in cultural activities is significantly related to pro environmental behaviour and is therefore a relevant additional driver of electricity saving behaviours we apply a heckman two step selection strategy approach to microdata gathered from the latest sample of the annual aspects of daily life survey for the year 2014 conducted by the italian national institute of statistics our results besides confirming the role of the socio demographic determinants already investigated in the extant literature also provide evidence that individuals who participate in some cultural activities show a higher probability of adopting electricity saving behaviours at home furthermore the sign of such a relationship is differentiated depending on the characteristics of the cultural activity some policy implications are derived from the analysis

electricity curtailment behaviors in greek households different behaviors different predictors abstract this paper argues that electricity curtailment behaviors i e frequent and or low cost or free energy saving behaviors in households are distinct from one another and they thus should be analyzed and promoted we test this claim with data from telephone interviews with greek households in the capital city of athens n 285 analyzing the impact of a number of demographical structural psychological based on the theory of planned behavior and moral based on norms activation predictors though hierarchical binary logistic regression modeling we find that that each electricity curtailment behavior depends on a different mix of predictors with age gender and perceived behavioral control being statistically significant for most behaviors overall the psychological and the demographical structural clusters of variables substantially contribute to the explained variance of electricity curtailment behaviors the moral cluster s contribution is not statistically significant since moral concerns are largely interwoven in the psychological constructs

behavioral economics for environmental policy abstract the predictions of widely prescribed global and country level environmental policies at present are based mainly on mainstream economic models which treat individual actors to be unboundedly rational in their decision making in recent years however behavioral and experimental economists have found that the individual actors in many circumstances act within a bounded rationality framework suggesting that predictions based on the unbounded rationality models would be less valid while some of mainstream economists have already started adopting the bounded rationality based models in their academic discourse many environmental economists seem to be reluctant to use these alternative models of rationality in their research and policy prescriptions this paper highlights the implications of using bounded rationality models in environmental research in general and policymaking in particular

share price and mortality an empirical evaluation of newly listed nasdaq stocks abstract we examine a sample of 5896 stocks listed on nasdaq between 1974 and 1988 to see whether the price per share has significant statistical power in forecasting subsequent returns and attrition rates consistent with anecdotal evidence we document a higher mortality rate for lower priced stocks than for higher priced issues surprisingly mortality is not related to market capitalization our results also hold for subsamples partitioned by industry and issue year on average investors are not adequately compensated for this additional mortality risk earning lower risk adjusted rates of return on portfolios of lower priced shares than on portfolios of higher priced shares

the rise and fall of the amex emerging company marketplace abstract in 1992 the amex launched the emerging company marketplace ecm to trade the stocks of small but growing companies bid ask spreads decreased dramatically for listing firms and news coverage increased executives of listing firms were quite satisfied yet few firms chose to list on the ecm and it closed in 1995 what went wrong most amex stakeholders had little to gain from the success of the ecm and a series of scandals damaged the reputation of the exchange similar small firm markets have also failed largely because successful firms quickly depart for traditional markets leaving only unsuccessful firms behind

regional distribution of photovoltaic deployment in the uk and its determinants a spatial econometric approach abstract photovoltaic pv panels offer significant potential for contributing to the uk s energy policy goals relating to decarbonisation of the energy system security of supply and affordability the substantive drop in the cost of panels since 2007 coupled with the introduction of the feed in tariff fit scheme in 2010 has resulted in a rapid increase in installation of pv panels in the uk from 26 5mwp in 2009 to over 5gw by the end of 2014 yet there has been no comprehensive analysis of the determinants of pv deployment in the uk this paper addresses this gap by employing spatial econometrics methods to a recently available data set at a fine geographical detail following a traditional regression analysis a general to specific approach has been adopted where spatial variations in the relationships have been examined utilising the spatial durbin model using the cross sectional data relating to the uk nuts level 3 data empirical results indicate that demand for electricity population density pollution levels education level of households and housing types are among the factors that affect pv uptake in a region moreover lagrange multiplier test results indicate that the spatial durbin model may be properly applied to describe the pv uptake relationship in the uk as there are significant regional spillover effects

differences in perception how the experts look at energy efficiency findings from a finnish survey abstract using energy efficiently is generally considered to be essential for a continuing prosperous future as a result improving efficiency has become a focus of attention and recently a lot of time and effort has been expended to develop new energy efficiency methodologies and technologies considering the amount of focused attention the rate of improvement has not been encouraging human behaviour is an important factor of the energy efficiency challenge and research has revealed several consumer profiles with significantly different perceptions on energy issues in this study the focus is not on consumers but on energy efficiency professionals a number of finnish energy efficiency professionals from both the private and public sectors were surveyed revealing that experts have decidedly different perceptions regarding energy efficiency our analysis of survey results suggests that energy efficiency expertise comes from a variety of educational and professional backgrounds and that instead of working on common ground experts with differing perspectives are endeavouring to make progress in a complex and multifaceted arena focusing on specific areas in which players need to share a common understanding of terminology and where common and clearly stated goals can be established should result in an acceleration of efficiency improvement results

adolescents and electricity consumption investigating sociodemographic economic and behavioural influences on electricity consumption in households with respect to changes in the energy systems of many countries electricity consumption in households is an important topic extensive research has investigated the various determinants of electricity consumption however insights into how specific sociodemographic behavioural and attitudinal determinants influence residential electricity consumption are still scarce in this study we used hierarchical regression analysis to systematically investigate these determinants including household engagement in electricity saving along with a wide range of other measures in a sample of german households n 763 special attention was given to households with adolescents and children by analysing the influence of the number of adolescents on electricity consumption in a path model our results indicate that sociodemographic influences can be explained by the purchasing and use behaviours of residents our findings also suggest that the use of behavioural information provides a more detailed picture of the conditions of electricity consumption and thus allows for more appropriate policy planning

an empirical comparison of flexible demand system functional forms this paper compares the performance of eight frequently used flexible forms that are either 1 locally flexible 2 effectively globally regular or 3 asymptotically globally flexible results show that the functions with global properties generally perform better particularly those models having asymptotic properties results using us consumption data indicate substitutability among the components of consumption at most data points there is also some interesting substitution volatility around the time of recessions in the usa copyright 2001 john wiley sons ltd

do environmental benefits matter evidence from a choice experiment among house owners in germany residential buildings strongly contribute to global co2 emissions due to the high energy demand for electricity and heating particularly in industrialised countries within the eu decentralised heat generation is of particular relevance for future climate policy as its emissions are not covered by the eu ets we conducted a choice experiment concerning energy retrofits for existing houses in germany in the experiment the approximately 400 sampled house owners could either choose a modern heating system or an improved thermal insulation for their home we used standard and mixed logit specifications to analyse the choice data we found environmental benefits to have a significant impact on choices of heating systems however they played no role in terms of insulation choices based on the estimated mixed logit model we further obtained willingness to pay wtp measures for co2 savings

the rebound effect microeconomic definitions limitations and extensions abstract the rebound effect results in part from an increased consumption of energy services following an improvement in the technical efficiency of delivering those services this increased consumption offsets the energy savings that may otherwise be achieved if the rebound effect is sufficiently large it may undermine the rationale for policy measures to encourage energy efficiency the nature and magnitude of the rebound effect is the focus of long running dispute with energy economics this paper brings together previous theoretical work to provide a rigorous definition of the rebound effect to clarify key conceptual issues and to highlight the potential consequences of various assumptions for empirical estimates of the effect the focus is on the direct rebound effect for a single energy service indirect and economy wide rebound effects are not discussed beginning with khazzoom s original definition of the rebound effect we expose the limitations of three simplifying assumptions on which this definition is based first we argue that capital costs form an important part of the total cost of providing energy services and that empirical studies that estimate rebound effects from variations in energy prices are prone to bias second we argue that energy efficiency should be treated as an endogenous variable and that empirical estimates of the rebound effect may need to apply a simultaneous equation model to capture the joint determination of key variables third we explore the implications of the opportunity costs of time in the production of energy services and highlight the consequences for energy use of improved time efficiency the influence of time costs on the rebound effect and the existence of a parallel rebound effect with respect to time each of these considerations serves to highlight the difficulties in obtaining reliable estimates of the rebound effect and the different factors that need to be controlled for we discuss the implications of these findings for econometric studies and argue that several existing studies may overestimate the magnitude of the effect

the inverse almost ideal demand system abstract a new demand system related to the almost ideal demand system aids of deaton and muellbauer is developed and illustrated this inverse aids iaids retains all of the desirable theoretical properties of the aids model with the exception of consistent aggregation an empirical issue is whether a linear approximation will work as well for the iaids as it has for the aids model since quantities are not as highly correlated as prices an application to u s meat demand demonstrates that the linear approximation of the iaids is excellent which enhanced the ease and range of application

exploring domestic energy saving the role of environmental concern and background variables abstract the main purpose of this paper is to investigate whether residents environmental concern has any effect on their energy saving curtailments and efficiency investments the novelty of the present work lies in the fact that it seeks to investigate this topic in a multi country setting exploiting data from nine oecd countries australia canada czech republic france italy south korea netherlands norway and sweden and also in that it employs a latent variable model which allows us to examine the conditions necessary for the results to be comparable across different countries novel in this paper is also the focus on the role of environmental concern as a factor of several curtailments and efficiency investments our results suggest that people with higher environmental concern are on average more likely to perform energy saving curtailments and also are more likely to have some energy efficiency retrofits installed in dwellings most of the socio economic and demographic variables have mixed effects on efficiency investments and curtailments however some interesting patterns emerged with respect to the age of respondents household income education and gender of respondents and also the size of household

flexible specification of mixed demand systems common flexible functional forms are not very useful for modeling mixed demand systems because derivation of mixed demands requires closed forms for both direct and indirect utility functions in this paper we study the alternative of using a direct approximation to mixed demands we develop a new approach to slutsky relations for mixed demand functions allowing formulation of a rotterdam mixed demand model the resulting mixed demand system is illustrated with an application to meat demand in canada

do subsidies work better in low income than in high income families survey on domestic energy efficient and renewable energy equipment purchase in china abstract domestic energy efficient and renewable energy eere equipment shows a great energy saving potential in household energy consumption two rounds of large scale financial subsidy programs have been developed in china since 2010 to promote the adoption of green equipment however how these subsidies attract chinese families of different income levels is not fully explored given this knowledge gap we conducted a self completion questionnaire survey in 2012 to ask 526 respondents about their purchase of domestic eere equipment we explored the effects of subsidy incentives and family incomes on the purchase attitudes and intentions of individuals toward the seven categories of eere equipment we find that family income positively moderates the relationship between eere equipment purchase attitude and behavioral intention and subsidy incentives positively affect the moderating effect of family income in other words a higher family income and better familiarization with subsidy incentives can promote the transformation of green attitudes into eere equipment purchasing intention the results may indicate that the subsidized prices are still high in the view of the low income families this study contributes to the understanding of the effects of chinese subsidy incentives and of the economic concerns of people about the purchase of domestic eere equipment

inverse demand systems and choice of functional form abstract barten empirical economics 18 1993 129 recently advocated estimation of a synthetic demand system that mechanically nests four other popular differential demand models this paper follows a similar strategy but in the context of four inverse share equation demand systems the inverse translog demand system itlds the inverse almost ideal demand system iaids the inverse lewbel demand system ilds and the inverse non separable linear expenditure system inles each of these specifications is artificially nested in a hybrid inverse demand system hids an empirical application to three categories of quarterly u s meat demand data over the period 1961 1996 indicates the hids is a preferred specification

energy saving in italy in the late 1990s which role for non monetary motivations abstract the paper studies the relationship between energy saving behaviour monetary drivers and non monetary motivations in italy in a period the end of the 1990s when the energy industry was not yet liberalized there were no energy saving incentive schemes and the environmental sensitivity and information were lower we consider as dependent variable the frequency with which individuals switch the light off when leaving a room as monetary drivers income and perceived energy costs while non monetary motives in our model are measured by proxies of pro environmental attitudes environmental information social pressure and pro social behaviours the analysis is based on probit and logit models estimated on a sample from the multipurpose household survey dataset conducted by the italian statistical office we find that individuals who were less concerned about environmental issues were also more attentive in energy saving behaviour suggesting together with results about income and perceived energy costs that monetary motivations were primary in driving this energy saving behaviour such findings are robust to the inclusion of variables accounting for pro social behaviours altruism by individuals who claim to be more concerned about broad environmental externalities may have adversely affected their propensity to optimize energy consumption

regular flexibility of nested ces functions in this paper we define the class of regular flexible functional forms as the class of cost functions which are globally well behaved and can provide a local approximation to any globally well behaved cost function we then offer a constructive proof of flexibility for the nonseparable n stage constant elasticity of substitution functional form nnces by describing a technique through which the nnces form can be parameterized so as to locally capture any regular configuration of input demands and second order curvature conditions

polices for increasing energy efficiency thirty years of experience in oecd countries energy efficiency improvement was an important phenomenon in the global energy balance over the past 30 years without energy efficiency improvements the oecd nations would have used approximately 49 more energy than was actually consumed as of 1998 this paper first reviews energy intensity trends for the major oecd nations since 1973 considering how much of the overall reduction in e gdp was due to energy efficiency improvement and how much was due to structural change the bulk of the paper examines the energy efficiency policies and programs adopted in japan united states and western europe commenting on their effectiveness and energy savings impacts where possible the paper also reviews the energy efficiency policies and programs adopted in california this experience shows that well designed policies can result in substantial energy savings as demonstrated in the united states where nine specific policies and programs reduced primary energy use in 2002 by approximately 11 substantial energy savings also occurred in japan some european countries and in the electricity sector in california

willingness to pay for carbon offset certification and co benefits among high flying young adults in the uk voluntary carbon offsets represent a growing share of the carbon market as a whole and have the potential to contribute to meeting greenhouse gas emissions targets and reducing anthropogenic climate change certain offset project types may also deliver co benefits including safeguarding or promoting biodiversity supporting human development and poverty reduction and enabling market and technology development in low carbon sectors these co benefits might encourage consumers to participate in the voluntary offset market depending on their effects both on consumers willingness to pay wtp for offsets and on implementation costs however the offset market is not yet sufficiently developed to give a clear indication of consumer wtp for offsets with varying attributes this exploratory stated preference study therefore uses a choice experiment to estimate wtp for certified and uncertified offsets with or without these specific co benefits in an aviation context it is to the best of our knowledge the first to do so our results suggest that uptake of voluntary offsets may be encouraged by investing in projects with co benefits and by emphasising those co benefits to consumers they also suggest that certification regimes will add value to offsets helping compensate for increased costs provided that consumers are made fully aware of them

introduction to the special issue things we do and don t understand about the household and the environment environmental economics has been slow to incorporate the full and complex nature of the household into its analytical structures and to reflect empirical evidence on household decision making this paper provides an overview of some of the main unanswered questions

the semiflexible almost ideal demand system abstract the concept of a semiflexible functional form is applied to the almost ideal ai demand system this yields a demand model that is more parsimonious than standard ones while preserving a degree of flexibility that satisfies the curvature property of concavity of the underlying expenditure function at least locally and that preserves the desirable properties of the ai model aggregation across consumers and nonlinearity of the engel curves the model is illustrated with an application to a relatively large demand system emphasizing food consumption

the effect of market segmentation and illiquidity on asset prices evidence from exchange listings this article documents the effect on share value of listing on the new york stock exchange and reports the results of a joint test of merton s 1987 investor recognition factor and amihud and mendelson s 1986 liquidity factor as explanations of the change in share value we find that during the 1980s stocks earned abnormal returns of 5 percent in response to the listing announcement and that listing is associated with an increase in the number of shareholders and a reduction in bid ask spreads cross sectional regressions provide support for both investor recognition and liquidity as sources of value from exchange listing the effect on share value of listing on the new york stock exchange nyse by over the counter otc stocks has been the focus of empirical investigation by scholars and practitioners for at least 50 years the consensus conclusion is that an nyse listing is or at least has been associated with a significant increase in share price streetlore has historically attributed this increase in value to the increased investor recognition that is believed to accompany listing on a major exchange until recently this investor recognition explanation has lacked a rigorous analytical foundation merton 1987 fills this void with a model of capital market equilibrium with incomplete information to develop his model merton adopts most of the assumptions of the original sharpe lintner mossin capital asset pricing model capm but relaxes the assumption of equal information across investors he further assumes that investors invest only in the those securities of which they are aware 2 with this modification to the original capm framework merton derives a model in which expected returns increase with systematic risk firm specific risk and relative market value and decrease

implicit separability characterisation and implications for consumer demands abstract we characterize a general form of separability which we call implicit separability it is more general than all known types of separability and contains them as special cases we provide complete characterisations in terms of the direct preference ordering its dual expenditure function the demand functions and the slutsky

incorporating generalized marginal budget shares in a mixed demand system this article extends a rotterdam type of mixed demand system by replacing its constant marginal budget shares with the ones derived from originally defined and specified mixed engel curves that take a generalized functional form using the box cox transformation an empirical illustration is given for japanese demand for fresh and processed fruits and vegetables the results show that the rotterdam parameterization of marginal budget shares which corresponds to those in linear mixed engel curves is preferred by the data and that improper assumptions of the form of mixed engel curves underlying a mixed demand system can bias its elasticities

inverse demand systems and welfare measurement in quantity space most studies of welfare or cost benefit analyses are concerned with the welfare effects of price changes 11 19 27 33 50 there are however many situations in which policy options are directly related to quantity changes the welfare effects of price changes are analyzed with the traditional demand system in which commodity quantities are determined as functions of their prices the welfare effects of quantity changes on the other hand are associated with the inverse demand system in which commodity prices are dependent on their quantities in conventional welfare analysis of price change prices are taken to be exogenous or predetermined while quantities are endogenous in contrast in welfare analysis of quantity changes quantities are exogenous while prices are endogenous price based or dual welfare measures are relevant when there are well functioning competitive markets and quantities are fully adjusted to changes in prices on the other hand quantity based or primal welfare measures are useful in situations where there are constraints on commodity quantities or when transaction costs impede consumers from fully adjusting to changes in prices the choice between priceand quantity based welfare measures is empirical and proper measurement of welfare effects requires the knowledge as to which variable price or quantity is the exogenous one for individual consumers it may be reasonable to assume that the supply of commodities is perfectly elastic and therefore prices can be taken as exogenous but this assumption may not be tenable for consumers in the aggregate or if highly aggregated economy wide data are used to estimate demand relations at the aggregate level quantities are more properly viewed as exogenous than are prices although individual consumers make their consumption decisions based on given prices the quantities of commodities are predetermined by production at the market level and prices must adjust so that the available quantities are consumed 28 1 2

materialistic values impact on pro environmental behavior the case of transition country as lithuania abstract materialism is becoming a global phenomenon and is increasing exponentially lithuania which has survived a long period of occupation experienced privatization and goods famine is attributed to the transition countries in terms of materialistic values lithuania is not an exception as material wealth and image are also very important thus the main question of this paper was whether materialistic values could be reconciled with the pro environmental behavior which can be considered as one of the main aspects seeking sustainability according to the lithuanian representative survey and by applying the approach of structural equation modeling the results showed that materialistic values had an insignificant impact on the environmental concern belief and responsibility meanwhile analyzing the impact of materialistic values on conservation and princely behavior it was found that because of gain goals materialists were more linked to perform conservation behavior and because of hedonistic goals princely behavior moreover the environmental concern significantly and positively influenced princely behavior but negatively conservation behavior environmental beliefs had a positive impact only on conservation behavior these findings could be important seeking the promotion of pro environmental behavior particularly in materialistic societies

the devil is in the details household electricity saving behavior and the role of information abstract the purpose of this paper is to analyze swedish households willingness to increase their daily efforts to save electricity the analysis builds on a broad theoretical framework which embraces both economic and norm based motivations in explaining household behavior the paper pays particular attention to the role of information about the availability of different behavioral changes that can be undertaken at the household level the empirical results are based on a postal survey that was sent out to 1200 swedish households and the econometric analysis is carried out within a so called ordered probit framework our results indicate that costs environmental attitudes and social interactions are all important determinants of electricity saving activities within swedish households we tested the hypothesis that information about available savings measures that is presented in a more concrete and specific way is more likely to affect stated behavior than is more general information and the data collected support this notion the paper ends by discussing some implications of these results for the design of future informative policy measures in the energy efficiency field

valuing climate protection through willingness to pay for biomass ethanol abstract this study uses a multi part split sample contingent valuation method cvm and fair share fs survey to better understand the public s valuation of mitigating global climate change through its willingness to pay for biomass or cellulosic ethanol in addition to a basic cvm question a related scenario was developed that asked half of the survey respondents to state their fair share cost to lessen a potential food shortage in the next decade also through the expanded use of cellulosic ethanol three alternative biomass feedstocks were assessed farming residues forestry residues and paper mill wastes and municipal solid wastes overall a slightly larger proportion of respondents were wtp extra for cellulosic ethanol in the basic cvm scenario than in the fs scenario though no significant differences were found in the wtp for the different feedstocks bid curve lognormal regression results for the two models were similar supporting the idea that asking a fs rather than a conventional wtp question may be justifiable in some circumstances such as in cases of a national emergency

modelling decisions on energy efficient renovations a review the buildings sector accounts for more than 30 of global greenhouse gas emissions despite the well known economic viability of many energy efficient renovation measures which offer great potential for reducing greenhouse gas emissions and meeting climate protection targets there is a relatively low level of implementation we performed a citation network analysis in order to identify papers at the research front and intellectual base on energy efficient renovation in four areas technical options understanding decisions incentive instruments and models and simulation the literature was reviewed in order to understand what is needed to sufficiently increase the number of domestic energy efficient renovations and to identify potential research gaps our findings show that the literature on energy efficient renovation gained considerable momentum in the last decade but lacks a deep understanding of the uncertainties surrounding economic aspects and non economic factors driving renovation decisions of homeowners the analysis indicates that the socio economic energy saving potential and profitability of energy efficient renovation measures is lower than generally expected it is suggested that this can be accounted for by the failure to understand and consider the underpinning influences of energy consuming behaviour in calculations homeowners decisions to renovate are shaped by an alliance of economic and non economic goals therefore existing incentives typically targeting the economic viability of measures have brought little success a deeper understanding of the decisions of homeowners is needed and we suggest that a simulation model which maps the decision making processes of homeowners may result in refining existing instruments or developing new innovative mechanisms to tackle the situation

estimating energy conservation patterns of greek households abstract this paper develops an empirical model to investigate the main determinants of household energy conservation patterns in greece employing cross section data in the empirical analysis household energy conserving choices models are employed using a discrete and a latent trait variable respectively as a dependent variable the results show that socio economic variables such as consumers income and family size are suitable to explain differences towards energy conservation preferences in addition the results suggest that electricity expenditures and age of the respondent are negatively associated with the number of energy conserving actions that a consumer is willing to adopt finally other variables such as environmental information feedback and consciousness of energy problems are characteristics of the energy saver consumer by evaluating consumer s decision making process with regards to energy conservation measures we are able to formulate and propose an effective energy conservation framework for greece an energy policy framework is among the main prerequisites not only to achieve sustainable development but also to maintain consumers quality of life

the puzzle in post listing common stock returns prior studies indicate that common stocks tend to earn negative returns immediately following listing on the nyse the authors document the phenomenon in detail and investigate a number of possible explanations no full explanation is discovered although several are ruled out a number of studies have examined common stock returns around the time at which the stocks became listed on a major stock exchange these studies cover a variety of time periods and employ a variety of empirical methodologies but they reveal two common patterns in stock returns first stocks appear to rise in price immediately prior to listing second stock prices appear to decline immediately thereafter for example ule 26 examines a sample of twenty nine overthe counter otc stocks that listed on the new york stock exchange nyse or the curb exchange over the period 1934 through 1937 he compares monthly stock price changes with changes in an appropriate industry index over a sixmonth period prior to and following listing ule reports that the prices of the stocks in his sample increased relative to their respective industry indexes prior

the estimation of a rank 3 demand system with demographic demand shifters from quasi unit record data of household consumption abstract alternative versions of a preference consistent rank 3 complete demand system have been estimated from quasi unit record budget data of new zealand households of different demographic profiles also computed are the equivalence scales required by households of different composition to attain equivalent levels of utility and the expenditure elasticities

the use of conditional cost functions to generate estimable mixed demand systems mixed demand systems have been virtually ignored in empirical work solely because derivation of these systems requires closed forms for both direct and indirect utility functions this article proposes the alternative of using a conditional cost function to generate empirical mixed demand models this approach allows the estimation of mixed demand systems which are explicit in an unobservable variable utility but may lack a closed form representation in terms of observable variables such as prices quantities and expenditure results indicate that this approach is operationally feasible which opens up a wider range of mixed demand specifications in static analyses