In this paper, we investigate the presence of rational herding on asset price dynamics during the intra-day trading with heterogeneous interacting agents, whose infonnation set is not complete. In the model, individual ...

Are expansions and recessions more likely to end as their magnitude increases? In this paper we apply parametric hazard models to investigate this issue in a sample of 16 countries from 1881 to 2000. For the total sample ...