Journal Article The Horizontal Integration of the Banking Firm, Credit Rationing and Monetary Policy Get access Alex Cukierman Alex Cukierman Tel Aviv University Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 45, Issue 1, February 1978, Pages 165–178, https://doi.org/10.2307/2297092 Published: 01 February 1978

Divisional management, Central economy, Soviet union, Performance indicators

Cost control, Cost variance, Cost process, Markovian control transition matrix

This paper is a pioneering effort in the examination of the workings of rationality and efficiency in capital markets. The central theme of the paper is the notion of informational efficiency in markets for durable assets. In its broadest terms this imposes a behavioral constraint on the intertemporal development of the asset markets; in a perfect market the development of the equilibrium over time must not be self-contradictory. Individual agents' anticipations of future developments determine their current actions and these, in turn, determine equilibrium prices. But, tomorrow the process will be repeated and it is at this second step that the possibility of conflict enters. The future development need not fulfill precisely people's previous anticipations, but in a perfectly functioning market it would be difficult to accept a blatant contradiction. To believe that prices are lognormally distributed, for example, and to have that belief generate the same equilibrium price period after period is such a contradiction.

Opportunity Costs, Investment choice, Managerial decision making

Journal Article The Role of Relative Wages and Excess Demand in the Sectoral Flow of Labour Get access Christopher A. Pissarides Christopher A. Pissarides London School of Economics Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 45, Issue 3, October 1978, Pages 453–467, https://doi.org/10.2307/2297248 Published: 01 October 1978 Article history Received: 01 February 1977 Accepted: 01 October 1977 Published: 01 October 1978

A. Rashad Abdel-Khalik, James C. McKeown, [Discussion of Disclosure of Estimates of Holding Gains and the Assessment of Systematic Risk]: A Reply, Journal of Accounting Research, Vol. 16, Studies on Changes in General and Specific Prices: Empirical Research and Public Policy Issues (1978), pp. 106-110

A. Rashad Abdel-Khalik, James C. Mckeown, Disclosure of Estimates of Holding Gains and the Assessment of Systematic Risk, Journal of Accounting Research, Vol. 16, Studies on Changes in General and Specific Prices: Empirical Research and Public Policy Issues (1978), pp. 46-77