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Discussion Papers

CRIEFF Discussion Papers have been assigned ISSN number: 1364-453X

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The following is a list of CRIEFF Discussion Papers. The first two digits of the number refer to the year in which the paper was published. Abstracts are given for some of the papers. Downloadable papers are marked with a (!)

2013 2012 2011 2010
2009 2008 2007 2006 2005 2004 2003 2002 2001 2000
1999 1998 1997 1996 1995 1994 1993 1992


  • 1320: ! Non-linearity in the dividend yield: A comparison of the US and Japan Andreas Humpe, Research Affiliate, CRIEFF
  • 1301: ! Minimal Capital Requirements and Domestic Credit Extension as Determinants of IPO underpricing: Robustness and Policy Implications in a World-wide Cross Section Model Morten Dyrmose and  Gavin C Reid (University of St Andrews)


  • 1204: ! What’s it worth to keep a secret? IP protection under the Economic Espionage Act Gavin C Reid (University of St Andrews) and Nicola Searle (University of Abertay Dundee)
  • 1203: ! Firm size and trade secret intensity: evidence from the Economic Espionage Act Nicola Searle (University of Abertay Dundee) and Gavin C Reid (University of St Andrews)
  • 1202: ! Saving and Re-building lives: an analysis of the determinants of disaster relief Geethanjali Selvaretnam (University of St Andrews); Kannika Thampanishvong (Thailand Development Research Institute); David Ulph (University of St Andrews)
  • 1201: ! Horizontal Agreements and R&D Complementarities: Merger versus RJV Ben Ferrett (School of Business and Economics, Loughborough University; GEP, University of Nottingham) and Joanna Poyago-Theotoky (Research Affiliate CRIEFF, University of St. Andrews; School of Economics, La Trobe University; Rimini Centre for Economic Analysis (RCEA); SIERC, Massey University


  • 1103: ! World Wine Exports: What Determined the Success of the ‘New World’ Wine Producers? Osiris Jorge Parcero (Research Affiliate CRIEFF, University of St. Andrews), Emiliano Villanueva (Research Affiliate AUIV, International Organization of Vine and Wine).
  • 1101: ! On Measuring the Efficiency of Monetary Policy Walter Briec (Universite de Perpignan), Emmanuelle Gabillon (Universite Montesquieu), Laurence Lasselle (University of St. Andrews) and Hermann Ratsimbanierana (Universite de Perpignan).


  • 1009: ! Using Effluent Charges in Promoting Investment in Water Pollution Control Technology: A Model of Coordination Failure among Firms Geethanjali Selvaretnam (University of St. Andrews) and Kannika Thampanishvong (University of St. Andrews)
  • 1008: ! R&D Subsidies, Spillovers and Privatization in Mixed Markets Maria José Gil-Moltó (University of Leicester), Joanna Poyago-Theotoky (Loughborough University) and Vasileios Zikos (University of Surrey)
  • 1007: ! Optimal contracting with private information on cost expectation and variability Daniel Danau (University of St. Andrews) Annalisa Vinella (University of Bari)
  • 1006: ! Enhancing Interns’ Aspirations towards the Labour Market through Skill-Acquisition: The Second Chance Schools Experience Fabio Aricò (University of St. Andrews) and Laurence Lasselle (University of St. Andrews)
  • 1005: ! Improving Students’ Learning Aspirations Beyond Post-Primary Education: A First Account of Two Non-Formal Education Programmes in Middle-Income Countries Fabio Aricò (University of St. Andrews), Laurence Lasselle (University of St. Andrews) and Kannika Thampanishvong (University of St. Andrews)
  • 1003: Endogenous R&D Spillovers and Locational Choice Claudio Piga (University of Nottingham), Joanna Poyago-Theotoky (University of St. Andrews)
  • 1002: ! Moody choice Paola Manzini (University of St. Andrews) and Marco Mariotti (University of St. Andrews)
  • 1001: ! Financial Distress in Chinese Industry: Microeconomic, Macroeconomic and Institutional Influences Arnab Bhattacharjee (University of St. Andrews) and Jie Han (University of St. Andrews)


  • 0913: ! Growth and Survival Determinants of Chinese Private Firms: Fieldwork evidence and econometric estimates Gavin C Reid (Universityof St. Andrews) and Zhibin Xu
  • 0911: ! Multi-agent contracting with countervailing incentives and limited liability Daniel Danau (University of St. Andrews) and Annalisa Vinella (University of Bari)
  • 0910: ! Pricing and Hedging of Asian Options: Quasi-Explicit Solutions via Malliavin Calculus Zhaojun Yang (University of Hunan), Christian-Oliver Ewald (University of Sydney) and Olaf Menkens (Dublin CityUniversity)
  • 0908: ! Avoidance Policies – A New Conceptual Framework David Ulph (University of St Andrews)
  • 0907: ! Entrepreneurial Orientation, Intangible Assets and Firm Growth: the impact of ‘Spirit and Material’ on the growth of Chinese private firms Gavin C Reid (CRIEFF, University of St Andrews) and Zhibin Xu (Standard Chartered Bank, China)
  • 0906: ! The Estimation of Technical Efficiency Effects Models with an Example Applied to the Thai Manufacturing Sector Suwanee Arunsawadiwong (Ministry of Foreign Affairs, Bangkok) and Gavin C Reid (CRIEFF, University of St Andrews)
  • 0905: ! Are Two Tax Rates Better Than One? Felix R. FitzRoy (University of St. Andrews) and Jim Y. Jin (University of St. Andrews)
  • 0903: ! The Age Effect in Entrepreneurship: Founder’s Tenure, Firm Performance, and the Economic Environment Marco Cucculelli (Faculty of Economics “Giorgio Fuà” -Marche P. University) and Giacinto Micucci (Bank of Italy – Ancona)
  • 0902: ! Social welfare versus inequality aversion in an incomplete contract experiment Marco Faravelli (University of St. Andrews), Oliver Kirchkamp (University of Jena), Helmut Rainer (University of St. Andrews)
  • 0901: ! Unintended Consequences of Welfare Reform: The Case of Divorced Parents Marco Francesconi (University of Essex), Helmut Rainer (University of St. Andrews) Wilbert van der Klaauw (Federal Reserve Bank of New York)


  • 0811: ! Social Networks in Determining Migration and Labor Market Outcomes: Evidence from the German Reunification Helmut Rainer, (University of St.Andrews), Thomas Siedler (DIWBerlin andUniversity ofEssex)
  • 0810: ! Value Ambiguity and Gains fro Acquisitions of Unlisted Targets Leonidas Barbopoulos, (University ofSt.Andrews), Krishna Paudyal (DurhamBusinessSchool), Gioia Pescetto (University ofDurham)
  • 0806: ! Why is it so Hard to Value Intangibles? Evidence from Investments in High-Technology Start-Ups Gavin C Reid (University ofSt Andrews) and Julia A Smith (University ofStrathclydeBusiness School)
  • 0805: ! Financial centres in peripheral regions: the effect of the financial services industry on regional economy – the case of the Scottish Financial cluster Mikel Larreina (Universidad Comercial de Deusto)
  • 0804: ! Firms in Scottish High Technology Clusters: software, life sciences, microelectronics, optoelectronics and digital media – preliminary evidence and analysis on firm size, growth and optimality. Gavin C Reid (University ofSt. Andrews), Vandana Ujjual (SPRU,University ofSussex)
  • 0803: ! On the Qualitative Effect of Volatility and Duration on Prices of Asian Options. Peter Carr (New YorkUniversity), Christian-Oliver Ewald (University ofSt. Andrews), Yajun Xiao (University ofFrankfurt)
  • 0802: ! The Important Thing Is not (Always) Winning but Taking Part: Funding Public Goods with Contests. Marco Faravelli (University ofSt. Andrews)


  • 0716: ! Analysis into IPO Underpricing and Clustering in Hong Kong Equity Market. Yongyuan Qiao (University ofSt. Andrews)
  • 0714: ! A Prize to Give for: An Experiment on Public Good Funding Mechanisms. Luca Corazzini (University ofEast Anglia), Marco Faravelli (University ofSt. Andrews), Luca Stanca (University ofMilanBicocca)
  • 0713: ! Option Pricing When the Regime-Switching Risk is Priced. Tak Kuen Siu (Heriot-WattUniversity), Hailiang Yang Unim (Hong KongUniversity), and John W Lau (BristolUniversity)
  • 0711: ! The Equity Premium: 100 Years of Empirical Evidence from the UK. Andrew Vivian (University ofSt. Andrews)
  • 0710: ! A closed-form solution to the continuous-time consumption model with endogenous labor income. Aihua Zhang (Department of Financial Mathematics, Fraunhofer Institut Techno- und Wirtschaftsmathematik)
  • 0709: ! The Effects of In-Work Benefit Reform in Britain on Couples: Theory and Evidence Marco Francesconi (University of Essex), Helmut Rainer (University of St. Andrews) Wilbert van der Klaauw (Federal Reserve Bank of New York)
  • 0706: ! Detecting a cluster in a region without complete statistical data, using Input-Output analysis: The case of the Rioja wine cluster Mikel Larreina (Universidad Comercial de Deusto)
  • 0703: ! Banks, depositors and liquidity shocks: long term vs. short term interest rates in a model of adverse selection Geethanjali Selvaretnam (University ofSt. Andrews)
  • 0702: ! The Equity Premium: UK Industry Evidence Andrew Vivian (University ofSt. Andrews)
  • 0701: ! Practitioner Views on Financial Reporting for Smaller Entities Gavin C Reid (University ofSt Andrews) and Julia A Smith (University ofStrathclyde Business School)


  • 0613: ! Competitiveness and Conjectural Variation in Duopoly Markets Jim Jin (University ofSt Andrews) and Osiris J. Parcero (University ofSt Andrews)
  • 0612: ! Explaining International Soccer Rankings Peter Macmillan (University ofSt Andrews) and Ian Smith (University ofSt Andrews)
  • 0610: ! The Hidden Surplus From Research Joint Ventures: An Application Of Systems Reliability Theory Manfredi M.A. La Manna (University ofSt. Andrews),
  • 0609: ! Expectations in first-price auctions Oliver Kirchkamp (University ofSt. Andrews), Philipp Reiß (University ofMagdeburg, Faculty of Economics and Management)
  • 0608: ! Do fiscal variables affect fiscal expectations? Experiments with real world and lab data Michele Bernasconi,(University ofInsubria), Oliver Kirchkamp (University ofSt. Andrews), Paolo Paruolo (University ofInsubria).
  • 0607: ! Less fighting than expected — experiments with wars of attrition and all-pay auctions Oliver Kirchkamp (University ofSt. Andrews)
  • 0606: ! Another explanation for overbidding and another bias for underbidding in first-price auctions Oliver Kirchkamp (University ofSt. Andrews), Philipp Reiß (University ofMagdeburg, Faculty of Economics and Management)
  • 0605: ! Outside options: Another reason to choose the first-price auction Oliver Kirchkamp (University ofSt. Andrews), Eva Poen (University ofNottingham), Philipp Reiß (University ofMagdeburg, Faculty of Economics and Management)
  • 0601: ! Inter-jurisdiction Subsidy Competition for a New Production Plant: What is the Central Government Optimal Policy? Osiris J. Parcero (University ofSt. Andrews)


  • 0519: ! Estimation of Spatial Weights Matrix in a Spatial Error Model, with an Application to Diffusion in Housing Demand. Arnab Bhattacharjee (University ofSt. Andrews) and Chris Jensen-Butler (University ofSt. Andrews)
  • 0516: ! Price and Output Comparison under Alternative Duopoly Structures. Jim Jin (University ofSt Andrews), Tatiana Damjanovic (University ofSt Andrews) and Osiris J. Parcero (University ofSt Andrews)
  • 0513: ! O Brother, Where Art Thou? The Effects of Having a Sibling on Geographic Mobility and Labor Market Outcomes. Helmut Rainer (University ofSt. Andrews) and Thomas Siedler (University ofEssex)
  • 0512: ! Gender Discrimination and Efficiency in Marriage: the Bargaining Family under Scrutiny. Helmut Rainer (University ofSt. Andrews)
  • 0511: ! Can macroeconomic variables explain long term stock market movements? A comparison of the US and Japan. Andreas Humpe (CRIEFF,University ofSt Andrews) and Peter D. Macmillan (University ofSt Andrews)
  • 0510: ! Venture Capital Investor Behaviour in the Backing of UK High Technology Firms: Financial Reporting and the Level of Investment Gavin C. Reid (University ofSt. Andrews) and Julia A. Smith (CardiffBusinessSchool)
  • 0509: ! A Test of Real Options Logic Bernadette Power (UniversityCollegeCork) and Gavin C. Reid (University ofSt. Andrews)
  • 0508: ! A Model of Regional Housing Markets in England and Wales Arnab Bhattacharjee (University ofSt. Andrews), Chris Jensen-Butler (University of St. Andrews)
  • 0507: ! Independents Abroad: the pursuit of expansion by independent oil companies into non-traditional petroleum countries Gavin C. Reid (University ofSt. Andrews), Torcail M. Stewart (University of St. Andrews)
  • 0506: ! Does More Progressive Tax Make Tax Discipline Weaker? Tatiana Damjanovic (University ofSt. Andrews)
  • 0505: ! A Simple Proof of Lorenz Dominance Criterion Tatiana Damjanovic (University of St. Andrews)
  • 0504: ! On the Possibility of Pareto-improving Pension ReformTatiana Damjanovic (University ofSt. Andrews)
  • 0503: ! Realities of Long-Term Post Investment Performance for Venture-Backed Enterprises Gavin C. Reid (University of St. Andrews) and Julia A. Smith (CardiffUniversity)
  • 0502: ! Models of Firm Dynamics and the Hazard Rate of Exits: Reconciling Theory and Evidence using Hazard Regression Models Arnab Bhattacharjee (University of St. Andrews)


  • 0411: ! South Sea Company Subscription Shares and Warrant Values in 1720 Gary S. Shea (University of St. Andrews)
  • 0410: ! Rational Pricing of Options during the South Sea Bubble: Valuing the 22 August 1720 Options Gary S. Shea (University ofSt. Andrews)
  • 0409: ! Do Foreign Firms Really Pay Higher Wages? : Evidence from Different Estimators Pedro S. Martins (University of St Andrews) & (University ofWarwick)
  • 0404: ! Firm-Level Social Returns to Education Pedro S. Martins (University of St. Andrews) & (University ofWarwick)
  • 0402: ! A Coevolutionary Analysis of Organisational Systems and Processes: Quantitative applications to information system dynamics for small entrepreneurial firms in Scotland Gavin C. Reid (University of St. Andrews) and Julia A. Smith (Cardiff University)


  • 0311: !Endogenous R&D Spillovers and Locational Choicewith discriminatory pricing Claudio Piga (University of Nottingham), Joanna Poyago-Theotoky (University of St. Andrews)
  • 0310: ! Endogenous R&D Spillovers and Locational Choice Claudio Piga (University of Nottingham), Joanna Poyago-Theotoky (University of St. Andrews)
  • 0307: ! Performance, Firm Size and the Heterogeneity of Competetive Strategy for Long-lived Small Firms: A Simultaneous Equations Approach Bernadette Power (UniversityCollegeCork) and Gavin C. Reid (University ofSt. Andrews)
  • 0306: ! Co-evolution of Information Systems in Fast-Growing Small Firms Gavin C. Reid (University ofSt. Andrews) and Julia A. Smith (CardiffUniversity)
  • 0303: ! Production and Hedging Decisions in the Presence of Basic Risk: Note
    Moavia Alghalith (University of St. Andrews)
  • 0302: ! Estimation and Econometric Tests Under Simultaneous Price and Output Uncertainty Moavia Alghalith (University ofSt. Andrews)
  • 0301: ! Empirical Analysis under Additive/Multiplicative Output Uncertainty Moavia Alghalith (University of St. Andrews)


  • 0214 : ! Unique Equilibrium in a Currency Crisis Model with Heterogeneous Agents Gerald Pech (University of St. Andrews)
  • 0213: ! The Role of Beliefs for the Sustainability of the Fiscal Constitution Bernhard Neumaerker (Ruhr-UniversityBochum) and Gerald Pech (University of St. Andrews)
  • 0210: ! The Derived Demand with Hedging Cost Uncertainty in the Futures Markets:
    Note and Extensions
    Moavia Alghalith (University of St. Andrews)
  • 0209: ! The Choice Between Multiplicative and Additive Output Uncertainty
    Aredishir J. Dalal (Northern Illinois Univerisity) and Moavia Alghalith (University ofSt. Andrews)
  • 0208: ! Competitive Firm Behaviour With Simultaneous Price and Output Uncertainty Aredishir J. Dalal (Northern Illinois Univerisity) and Moavia Alghalith (University ofSt. Andrews)
  • 0207: ! Turbulence, Flexibility and Performance of the Long-lived Small Firm Bernadette Power (University College Cork) and Gavin C. Reid (University of St. Andrews)
  • 0206: ! Investor Conduct Towards New High Technology Firms: UK Evidence on How Risk is Managed Gavin C. Reid (University ofSt. Andrews)
  • 0205: ! Investor and Investee Conduct in the Risk Appraisal of High Technology New Ventures in the UK Gavin C. Reid (University ofSt. Andrews) and Julia A. Smith (CardiffBusinessSchool)
  • 0203: ! Basic Wages and Firm Characteristics: Rent-sharing in French Manufacturing Fathi Fakhfakh (Universite de Paris II) and Felix FitzRoy (University ofSt. Andrews)


  • 0115:! Government Formation, Budget Negotiations and Re-election Uncertainty: The Cases of Minority and Majority Coalition Governments Gerald Pech (University of St. Andrews)
  • 0113: ! Why Does the Government Obey the Constitution? Theory and Application to Tax Evasion K.J. Bernhard Neumaerker (Ruhr-UniversityBochum) and Gerald Pech (University of St. Andrews)
  • 0107: ! How do Venture Capitalists Handle Risk in High-Technology Ventures? – some preliminary results Gavin C. Reid (University ofSt. Andrews) and Julia A. Smith (CardiffBusinessSchool)
  • 0106:Incentives, Cooperation and Multiple Equilibria in The Firm Felix FitzRoy (University ofSt. Andrews)
  • 0105: ! Flexibility in the Small Firm: the dynamics of market re-positioning and scale adjustment in the early stages of the life cycle Gavin C Reid (Director, CRIEFF)
  • 0104: Cointegrating Relationships between Stock Market Indices and Economic Activity: Evidence from US Data David G. McMillan (University ofSt. Andrews)
  • 0103: Non-Linear Error Correction in Spot and Forward Exchange Rates David G. McMillan (University of St. Andrews) and Angela J. Black (University ofAberdeen)


  • 0025: ! How Well Does the Market Allocate Entrepreneurs? Baochun Peng (University ofSt. Andrews)
  • 0024: ! Is Entrepreneurship Always Good for Growth? Baochun Peng (University ofSt. Andrews)
  • 0023: ! Deficits, Coalition Effects and the Timing of DecisionsGerald Pech (May Wong Smith Fellow, CRIEFF)
  • 0022: ! The Course of the Exchange: Measuring and Interpreting Returns Process in 18th and Early 19th Century BritainGary S. Shea (CRIEFF)
  • 0018: Reversing the Keynesian Asymmetry: In a Quasi-Competitive Industry with Menu Costs Nominal Prices are More Flexible Downward than Upward John Bennet (BrunelUniversity) and Manfredi M.A. La Manna (CRIEFF)
  • 0012: On The Existence of A Cournot Equilibrium With Endogenous IncomeLaurence Lasselle (CRIEFF)and Serge Svizzero (CERESUR, Université de la Réunion)
  • 0011: Imperfectly Competitive Business Cycles With UnderemploymentLaurence Lasselle (CRIEFF)and Serge Svizzero (CERESUR, Université de la Réunion)
  • 0009: ! Free Trade, Business Strategy and Globalization Gavin C. Reid (Director, CRIEFF)
  • 0008: Involuntary Unemployment in Imperfectly Competitive General Equilibrium ModelsLaurence Lasselle (CRIEFF) and Serge Svizzero (CERESUR, Université de la Réunion)
  • 0006: Self-Employment Wealth and Job Creation: The Roles of Gender, Non-Pecuniary Motivation and Entrepreneurial Ability Andrew E. Burke (University ofEdinburgh), Felix R. FitzRoy (CRIEFF) and Michael A. Nolan (University ofSt. Andrews)
  • 0003: Employment and Wage Adjustment: Insider and Outsider Control in a Polish Privatization Panel Study Atanas Christev (KansasStateUniversity) and Felix FitzRoy (CRIEFF)
  • 0002: ! Information System Development in the Small Firm Gavin C. Reid (Director, CRIEFF)


  • 9921: Monopsony, Efficiency Wages and Minimum Wages Felix R. FitzRoy (CRIEFF)
  • 9920: High-Technology Employment and R&D in Cities: Heterogeneity vs Specialization Zoltan J. Acs (University ofBaltimore), Felix FitzRoy (CRIEFF) and Ian Smith (University ofSt. Andrews)
  • 9918: ! The Impact of Contingencies on Information System Development Gavin C. Reid (Director, CRIEFF) and Julia A. Smith (University ofCardiff)
  • 9917: Interlocked Contracts Susanna Sällström (CRIEFF)
  • 9916: Return-Volume Dynamics in UK Futures David McMillan (St. Andrews) and Alan Speight (University ofWales,Swansea)
  • 9915: ! Accounting for Risk: developing a new research agenda for risk appraisal in high technology ventures Gavin C Reid (Director, CRIEFF) and Julia A. Smith (University ofOxford)
  • 9913: The Production Franchise: An Unstable Organizational Choice Bruno Versaevel (Academic Visitor, CRIEFF, Ecole de Management de Lyon)
  • 9912: Management Accounting in Activity Networks James S. Jordan (Visiting Professor, CRIEFF, ThePennsylvaniaStateUniversity)
  • 9911: !Information and the Small Firm Gavin C. Reid (Director, CRIEFF)
  • 9910: Loyalty, Price Seeking and Protective Consumer Legislation Susanna Sällström (CRIEFF)
  • 9908: A Framework for Addressing Hypotheses Concerning Information System Development in Small FirmsGavin C. Reid (Director, CRIEFF), Falconer Mitchell (University of Edinburgh) and Julia A. Smith (University of Oxford)
  • 9907: Measures of Job Flow Dynamics in the U.S. Economy Zoltan J. Acs (Visiting Professor, CRIEFF, University of Baltimore, U.S. Bureau of the Census), Catherine Armington (U.S. Bureau of the Census) and Alicia Robb (U.S. Small Business Administration, University of North Carolina at Chapel Hill)
  • 9906: Product Variety and Economic Growth-Empirical Evidence for the OECD Countries. Michael Funke (HamburgUniversity, Visiting Professor, CRIEFF) and Ralf Ruhwedel (HamburgUniversity)
  • 9905: ! Information System Development in the Small Firm: tests of contingency, agency and markets & hierarchies approaches. Gavin C Reid (CRIEFF) and Julia A Smith (University ofOxford)
  • 9904: Entry and Unemployment in a Union-Oligopoly Model.Laurence Lasselle (CRIEFF)and Serge Svizzero (CERESUR, Université de la Réunion)
  • 9903: Regional Economic Inequality, Growth Theory and Technological Change. Eduardo Anselmo de Castro (Universidade de Aveiro, Portugal) and Chris Jensen-Butler (St. Andrews)


  • 9824: A Note on the Dynamic Study of an OG Model with Competition à la Cournot.Laurence Lasselle (CRIEFF)
  • 9823: Involuntary Unemployment and Income Feedback Effects.Laurence Lasselle (CRIEFF) and Serge Svizzero (CERESUR, Université de la Réunion)
  • 9822: Underemployment and Feedback Effects in an Overlapping Generations Model.Laurence Lasselle (CRIEFF) and Serge Svizzero (CERESUR, Université de la Réunion)
  • 9821: Flexible Technology and Informative Experiments.Susanna Sällström (CRIEFF)
  • 9820: Fashion and Sales.Susanna Sällström (CRIEFF)
  • 9818: ! New Business, New Life: A Perspective on Business and Economics, with Illustrations from Small Business Inception.Gavin C Reid (CRIEFF).
  • 9817: Quality Conscious Customers give rise to Non-Decreasing Prices.Susanna Sällström (CRIEFF).
  • 9813: Temporal Aggregation, Volatility Components and Volume in High Frequency UK Bond Futures. David G McMillan (St. Andrews) and Alan EH Speight (Wales,Swansea).
  • 9812: Strategy Processes for Success. Julia A. Smith (CRIEFF).
  • 9811: ! Making Small Firms Work: Policy Dimensions and the Scottish Context.Gavin C. Reid (CRIEFF).
  • 9810: ! The Application of Principal-Agent Methods to Investor-Investee Relations in the UK Venture Capital Industry. Gavin C. Reid (CRIEFF).
  • 9808: Multiperson Bargaining and Strategic Complexity. Kalyan Chatterjee (ThePennsylvaniaStateUniversity, Visiting Professor, CRIEFF) and Hamid Sabourian (Cambridge).
  • 9807: Co-Determination and Efficiency. Feliz R. FitzRoy (CRIEFF) and Kornelius Kraft (University ofEssen).
  • 9805: From Walrasian Oligopolies to Natural Monopoly: an Evolutionary Model of Market Structure. Carlos Alos-Ferrer (University ofAlicante), Ana B Ania (University ofAlicante) and Fernando Vega-Redondo (University ofAlicante; Visiting Professor, CRIEFF).
  • 9804: Commodity Balance and Interregional Trade: Make and Use Approaches to Interregional Modelling. Bjarne Madsen (Institute of Local Government Studies,Denmark) and Chris Jensen-Butler (CRIEFF).
  • 9802: Season Tickets and the Demand for Public Transport. Felix R FitzRoy (CRIEFF) and Ian Smith (St. Andrews).
  • 9801: Modelling the Risk Premium in the Black-Market Zloty-Dollar Exchange Rate. David G McMillan (St. Andrews) and Alan E H Speight (University ofWales,Swansea).


  • 9727: Technological Progress and the Chamberlin Effect. Susanna Sällström (CRIEFF).
  • 9726: Endogenous Fluctuations in an OLG Model with Production. Laurence Lasselle (CRIEFF) and W. Briec (University of Rennes,France).
  • 9725: Real Exchange Rates and Manufactured Exports: A Study of India’s Exports to the USA. Bishnupriya Gupta (St. Andrews) and Amit S Ray (Jawajarlal Nehru University,India).
  • 9724: Passenger Rail Demand in 14 Western European Countries: A Comparative Time Series Study. Felix R. FitzRoy (St. Andrews) and Ian Smith (St. Andrews).
  • 9723: Entrepreneurial Choice and Performance: A Re-Appraisal of Liquidity and Human Capital Constraints. Andrew E. Burke (CRIEFF, St. Andrews), Felix R FitzRoy (St. Andrews) and Michael A Nolan (St. Andrews).
  • 9722: ! Dynamics of Small Business Financial Structure. Gavin C. Reid (CRIEFF,St. Andrews).
  • 9721: !Small Firms’ Actions and their Survival Probabilities. Gavin C. Reid (CRIEFF,St. Andrews).
  • 9720: Passenger Rail Transport: Demand and Quality in a European Panel. Felix R. FitzRoy (St. Andrews) and Ian Smith (St. Andrews).
  • 9716: Accounting for Growth: Strategic Financial Management in the New Small Firm. Julia A. Smith (CRIEFF,University ofSt. Andrews).
  • 9715: Legal Structure, Strategic Regulation and Dividing the Spoils from R&D in Intellectual Property. Andrew E. Burke (CRIEFF,University ofSt. Andrews).
  • 9714: Free Enterprise and Labour Law: The Case of the Employee Termination and Managerial Rights in the United States. Matthias Beck (University ofSt. Andrews).
  • 9712: ! The Development and Survival of New Small Businesses: Empirical Evidence for Scotland 1994-97. Gavin C. Reid (CRIEFF,University of St. Andrews).
  • 9711: The Behaviour and Performance of Young Micro Firms: Evidence from New Businesses in Scotland. Julia A Smith (CRIEFF,University ofSt. Andrews).
  • 9708: In Search of Spillover Effects in WeSt. German Manufacturing. Felix FitzRoy (CRIEFF,University ofSt. Andrews), Michael Funke (HamburgUniversity) and Holger Strulik (HamburgUniversity).
  • 9707: Contesting Contestability and the Efficiency of Wages. Andrew E. Burk (CRIEFF) and Theodore To (University ofSt. Andrews).
  • 9706: The International Tea Cartel in the Great Depression: The Response of Firms in India and Ceylon. Bishnupriya Gupta (University ofSt. Andrews).
  • 9705: Informal Insurance Arrangements in Village Economies. Ethan Ligon (University ofCalifornia,Berkeley and Giannini Foundation), Jonathan P. Thomas (CRIEFF visitor andUniversity ofWarwick) and Tim Worrall (KeeleUniversity).
  • 9704: Dynamic Efficiency in a Two-Sector Overlapping Generations Model.Partha Sen (CRIEFF visitor and Delhi School of Economics).
  • 9703: Asset Bubbles in a Monopolistically Competitive Macro Model. Partha Sen (CRIEFF visitor and Delhi School of Economics).


  • 9621: The Law and Economics of Dismissal Regulation – A Comparative Analysis of the US and UK Systems. Matthias Beck (University ofSt. Andrews).
  • 9620: Hysteresis, the Phillips Curve and the Costs of Monetary Union. David Cobham (University of St. Andrews) and Steve Williams (CRIEFF, University of St. Andrews; andCentral Queensland University,Australia).
  • 9618: ! What Makes a New Business Start-Up Successful? Gavin C. Reid (CRIEFF,University ofSt. Andrews) and Julia A. Smith (CRIEFF).
  • 9616: !Venture Capital Supply and Accounting Information System Development. Falconer Mitchell (University ofEdinburgh), Gavin C. Reid (CRIEFF,University ofSt. Andrews) and Nicholas G. Terry (University ofEdinburgh).
  • 9612: A Synthesis of Recent Advances in the Economics of Entrepreneurship and Industrial Organisation from the Perspective of Competition Policy. Andrew E. Burke (May Wong Smith Fellow, CRIEFF).
  • 9610: Competition Law and Using Prices to Assess Firm Conduct: Some Conceptual Omissions.Andrew E. Burke (May Wong Smith Fellow, CRIEFF).
  • 9608: Dynamic Externalities and Policy Coordination. Leonard J. Mirman (Visiting Professor, CRIEFF; andUniversity ofVirginia) and Manjira Datta (ArizonaStateUniversity).
  • 9607: ! Capital Structure at Inception and the Short-Run Performance of Micro-Firms. Gavin C Reid (St. Andrews).
  • 9606: Wages and International Price Competitiveness: Germany vs UK. Felix R. FitzRoy (St. Andrews) and Michael Funke (Hamburg University and London Business School).
  • 9520: Enterprise and Irish Economic Performance: Data Regularities and Issues for Research. Andrew E. Burke (CRIEFF, St. Andrews).


  • 9516: How Effective are International Copyright Conventions in the Music Industry? Andrew E. Burke (CRIEFF,St. Andrews).
  • 9514: Absolute and Relative Measures of Time-varying Risk Premia and the Predictability of Stock Returns. Angela J. Black (St. Andrews).
  • 9513: Risk and Evolution. Theodore To (St. Andrews).
  • 9512: Corporate Finance in Developing Countries: New Evidence for India. David Cobham (St. Andrews) and Ramesh Subramaniam (CRIEFF and Yale).
  • 9511: The Hidden Deregulation of Britain’s Oil Industry. Matthias Beck (St. Andrews) and Charles Woolfson (Glasgow).
  • 9509: Variety and quality competition in a horizontal differentiation model: a welfare analysis. Frank J. Bunte (Academic Visitor,St. Andrews).
  • 9508: Deregulation and the Demand for Scottish Bus Transport.Campbell G Cowie (Brunel) and Felix R. Fitzroy (St. Andrews).
  • 9505: !Risk Management in Venture Capital Investor-Investee Relations. Gavin C Reid (St. Andrews), Nicholas G. Terry (Edinburgh), Julia A Smith (St. Andrews).
  • 9504: The Paradox of the Prescription Charge: Co-Payments in British Pharmaceuticals.Gwendolyn Morrison (May Wong Smith Fellow) and W. Duncan Reekie (Visiting Professor).
  • 9502: Irreversible Indifference Curves, Reference Points, and the Practice of Eliciting Preferences from the Public. Gwendolyn C. Morrison (May Wong Smith Fellow).


  • 9426: ! Limits to a Firm’s Rate of Growth: the Richardsonian View and its Contemporary Empirical significance.Gavin C. Reid.
  • 9424: Post Investment Demand for Accounting Information by Venture Capitalists. Gavin C. Reid (St. Andrews), Falconer Mitchell (Edinburgh), Nicholas Terry (Edinburgh).
  • 9423: Values, Utilities, HYEs, and QALYs.Gwendolyn C. Morrison (May Wong Smith Fellow).
  • 9422: Skills, Wages and Employment in Eastern and Western Germany. Felix R. Fitzroy (St. Andrews), Michael Funke (Humboldt-UniversityBerlin).
  • 9421: ! Fast Growing Small Entrepreneurial Firms and their Venture Capital Backers: An Applied Principal-Agent Analysis.Gavin C. Reid.
  • 9420: Disaggregated Investment and Corporate Performance: Evidence from a Panel of UK Firms. Felix R. Fitzroy (St. Andrews), Sandeep Bhargava (York).
  • 9417: High Technology Employment and University R&D Spillovers: Evidence from US Cities. Felix R.Fitzroy (St. Andrews), Ian Smith (St. Andrews), Zoltan Acs (Baltimore).
  • 9416: Willingness to Pay and Willingness to Accept: have the differences been resolved?Gwendolyn C. Morrison (May Wong Smith Fellow).
  • 9415: ! Gender Bias in India: Parental Preferences or Marriage Costs? Martin Browning (McMasterUniversity), Ramesh Subramaniam (St. Andrews).
  • 9413: Contracting out in Scotland: a Pilot Study.AntonyW Dnes.
  • 9412: ! Quality of Patenting in the UK Scientific Instruments Industry: Database Construction.Gavin C. Reid (St. Andrews), Pamela A. Siler (Dundee Institute of Technology), Julia A. Smith (St. Andrews).
  • 9410: ! Early Life-Cycle Behaviour of Micro-Firms in Scotland.Gavin C. Reid.
  • 9408: Capital-Skill Complementarity in West German Manufacturing. Felix R. Fitzroy (St. Andrews), Michael Funke (Humboldt-UniversityBerlinand LBS).
  • 9407: Consistency Within and Between Methods of Health Status Valuation: A Within Subject Examination of the Willingness to Pay and Standard Gamble Methods.Gwendolyn C. Morrison (May Wong Smith Fellow).
  • 9406: A Theory of Remittances. Ramesh Subramaniam (StanleySmith Fellow).
  • 9403: Gender-Bias in Intra-Household Allocation: The Importance of Household Fixed Effects. Ramesh Subramaniam (StanleySmith Fellow).
  • 9402: Franchising, Externality and Dual Distribution.Anthony W. Dnes.
  • 9401: Game-Theoretic Aproaches. John Beath (St. Andrews), Yannis Katsoulacos (Athens) and David Ulph (UniversityCollege,London).


  • 9319: Discrimination, Segregation and Firm Effects: Some UK Microevidence. Felix R. Fitzroy (St. Andrews) and Melanie Ward (SDPE, Glasgow).
  • 9315: US High Technology Clusters.Zoltan J. Acs (May Wong Smith Fellow).
  • 9312: Coordination Failure and Multiple Equilibria in the Firm. Felix R. Fitzroy.
  • 9310: Corporate Research and Development in the UK: Spillovers and Credit Market Failure. Jonathan Seaton (St. Andrews) and Ian Walker (Keele).
  • 9309: ! The Survival of Small Business Enterprise.Gavin C. Reid.
  • 9308: The Demand for Public Transport: Some Estimates from Zurich.Felix R. Fitzroy and Ian Smith.
  • 9305: Real Wages, Investment and Employment – New Evidence from West German Sectoral Data. Felix R. Fitzroy (St. Andrews) and Michael Funke (FreeUniversity ofBerlin/LondonBusiness School).
  • 9304: Income – and Energy – Taxation for Redistribution in General Equilibrium.Felix R. Fitzroy.
  • 9303: On the Wrong Tracks: the Government’s Proposals for Rail Privatisation.Anthony W. Dnes.
  • 9302: A Constitution for Privatized Eastern Enterprise. Felix R. Fitzroy (St. Andrews) and Zoltan J. Acs (Baltimore).
  • 9301: The Scope of Chadwick’s Bidding Scheme. Anthony W. Dnes.


  • 9216: Franchising Passenger Rail Services.Anthony W. Dnes.
  • 9215: Extended Rivalry and Competitive Advantage.Lowell R. Jacobsen (WilliamJewelCollege), Gavin C. Reid and Margo E. Anderson (CRIEFF,St.Andrews).
  • 9214: Political Parties and Macroeconomics: Evidence from the US 1880-1948.Paul C. Emberton.
  • 9208: ! Small Firms, Finance Gaps and Venture Capital . Gavin C. Reid.