https://www.um.edu.mt/library/oar/handle/123456789/28458 2026-07-14T02:14:21Z https://www.um.edu.mt/library/oar/handle/123456789/30343 Title: Cash limits and the control of public expenditure in the United Kingdom Authors: Deadman, Derek F.; Mealli, Fabrizia; Pyle, David J. Abstract: This paper uses a generalisation of intervention analysis to examine quarterly data on UK public expenditure from 1963:1 to 1992:4. The aim is to test whether government policy, and particularly the introduction of cash limits, had any significant effect upon the level of real public expenditure. Four series are examined. These are for (i) central government consumption, (ii) local authority consumption, (iii) general government capital formation and (iv) transfer payments. No evidence is found of intervention effects that can be attributed to cash limits. 1998-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/30342 Title: Output expectations productivity trends and employment : the case of Greek manufacturing Authors: Droucopoulos, Vassilis; Stavrinos, Vasilios G. Abstract: Recent contributions in dynamic analysis of labor demand suggest that employment in manufacturing can be regarded as being dependent on firms output expectations, factor prices, the level of fixed factors, technical progress and the business conditions at large. 1998-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/30341 Title: Trading volume and volatility : intraday evidence from the Athens stock exchange Authors: Agorastos, Constantinos; Chionis, Dionysios Abstract: With the present paper we document some standard statistical properties and 'stylized' facts of volume and volatility of nine common shares traded in the Athens Stock Exchange (ASE) * * *. Using econometrical tools we investigate the relationship between volume and volatility attempting to find support for the Mixture of Distribution Hypothesis (MDH). Although the Granger-causality results can support a trading volume equation the well documented property of volatility clustering cannot be supported by the data. Furthermore, the trading volume seems to convey no information for the stock exchange participants. So we could cast doubt in the hypothesis proposed by Lamoureux and Lastrapes (1990). 1998-03-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/30340 Title: Creative accounting in Eastern Europe : the case of the Polish port companies Authors: Bernacki, Dariusz; Reyns, Carl Abstract: During 1991, a large number of small companies was created to run the operational activity of the Polish seaports, which was until then monopolised by state-owned enterprises. The major part of the shares is held by the employees. Leasing-techniques are used to solve the problem of financing the infrastructure. Although the profit-margins are relatively modest, the return on total assets is rather important because the infrastructure does not appear on the assets-side of the privatised companies. As a consequence of what we call leasing-leverage, the return on equity reaches almost astronomic heights. In the conclusion we indicate the potential dangers of this situation; the financial construction does not solve the ownership-problem of the assets, can lead to only very short-term based decisions and does not guarantee continuity when the assets have to be replaced. 1998-01-01T00:00:00Z