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The Truncated Levy Flight (TLF) model has been successfully used to model the return distribution of stock markets in developed economies and a few developing economies such as India. Our primary purpose is to use the TLF to model the S&P 500 and the firms operating in the Ghana Stock Exchange (GSE).

We assess the predictive efficacy of the TLF model by comparing a simulation of the Standard and Poor's 500 (S&P 500) index and that of firms in the stock market in Ghana, using data from the same time period (June 2007–September 2013).

We find that the Levy models relatively accurately models the return distributions of the S&P 500 but does not accurately model the return distributions of firms in the Ghana stock market.

A major limitation is that we examined stock market data only from Ghana, while there are over 29 other African stock markets. We suggest that doctoral students and faculty can compare these stock markets either on the basis of age or the number of firms listed. For example, the oldest stock market was set up in 1883 in Egypt, while the more recent ones were set up in 2012 in the Seychelles and in Somalia.

Scholarly inquiry about the stock markets in Africa represents a rich area of research that we will encourage doctoral students and faculty to go into.

There has been little research done regarding the TLF model and African stock markets and this research has much utility and high level of originality.

The chapter presents an analysis of the decision-making process of leaders on issues of nuclear armament and nuclear disarmament, through four case studies. The first, pertaining armament, is South Africa, with a focus on Pieter Willem Botha, former prime minister and president of South Africa. The second deals with former Libyan President Muammar Gaddafi’s nuclear armament decision. The third case study investigates the decision of former president of South Africa, F. W. De Klerk, on nuclear disarmament. The fourth and final case study uncovers Colonel Muammar Gaddafi’s nuclear disarmament decision.

Using the Applied Decision Analysis (ADA) method historical decisions have been analyzed in this chapter for the purpose of identifying each leader’s ‘decision code’. Specifically, were these decisions based on rational calculations or were they influenced more by cognitive decision processes?

By revealing a ‘decision code’ using a reverse engineering of the decision processes, I conclude that the three leaders placed high importance on security and geopolitics. By analyzing different dimensions and processes that impacted their decision processes, it is evident that while armament decision utilizes the poliheuristic decision rule, disarmament decisions abide by rational calculations.

The role of money and monetary policy of the central bank in pursuing macroeconomic stability has significantly changed over the period since the end of World War II. Globalization, liberalization, integration, and transition processes generally shaped the crucial milestones of the macroeconomic development and substantial features of economic policy and its framework in Europe. Policy-driven changes together with variety of exogenous shocks significantly affected the key features of macroeconomic environment on the European continent that fashioned the framework and design of monetary policies.

This chapter examines the key basis of the central bank’s monetary policy on its way to pursue and preserve the internal and external stability of the purchasing power of money. Substantial elements of the monetary policy like objectives and strategies are not only generally introduced but also critically discussed according to their accuracy, suitability, and reliability in the changing macroeconomic conditions. Brief overview of the Eurozone common monetary policy milestones and the past Eastern bloc countries’ experience with a variety of exchange rate regimes provides interesting empirical evidence on origins and implications of vital changes in the monetary policy conduction in Europe and the Eurozone.

Understanding how leaders make foreign policy and national security decisions is of paramount importance for the policy community and academia. It is our assertion that decisions in these domains can be explained best by tracing the cognitive process leaders go through in formulating and arriving at their decisions, using the Applied Decision Analysis (ADA) method (Mintz, 2005; Mintz & DeRouen, 2010).

Consequently, this chapter summarizes the Applied Decision Analysis method which is utilized throughout the chapters comprising this volume. We then discuss the findings presented in this volume, while demonstrating the merit of both ADA and the poliheuristic theory of decision (Mintz, 2004), in the robust analyses of decisions made by Donald Trump, Vladimir Putin, Recep Tayyip Erdoğan, Benjamin Netanyahu, Winston Churchill, Mao Zedong, Barack Obama, Saddam Hussein, Khaled Mashal, Muammar Gaddafi, Pieter Botha, and Frederik de Klerk. We conclude by providing a brief summary of the case studies which are included in this volume.

Productivity growth in Italy has been persistently anemic and lagged that of the euro area over the period 1999–2015, while the indebtedness of its corporate sector increased. Using the ORBIS firm-level database, this chapter studies the long-term impact of persistent corporate-debt accumulation on the productivity growth of Italian firms, and investigates whether total factor productivity (TFP) growth varies with the level of corporate indebtedness. The authors employ a novel estimation technique proposed by Chudik, Mohaddes, Pesaran, & Raissi (2017) to account for dynamics, bi-directional feedback effects, cross-firm heterogeneity, and cross-sectional dependence arising from unobserved common factors (e.g., oil price shocks, labor and product market frictions, and the stance of the global financial cycle). Filtering out the effects of unobserved common factors and controlling for firm-specific characteristics, the authors find significant negative effects of persistent corporate-debt build-up on firms’ TFP growth on average, and weak evidence of a threshold level of corporate debt, beyond which productivity growth drops off significantly. The results have strong policy implications, for example the design of the tax system should discourage persistent corporate-debt accumulation, and effective and timely frameworks to reduce corporate-debt overhangs are essential.

The logic of economic inquiry requires two distinct research programs. One program treats economic life in terms of invariant formal categories across time and place. The other program treats the continual generation of novelty and turbulence through time and human interaction. These programs are not commensurable: one cannot be reduced to the other. The former program must be conveyed by a theory of equilibrium; the latter program requires a process-based theory of emergent phenomena. Roy Weintraub articulated a neo-Walrasian research program in his General Equilibrium Analysis, and here I sketch a complementary neo-Mengerian program. In presenting this sketch, I also explain that needless analytical confusion and antagonism can result from a failure to recognize that economic analysis requires two distinct research programs. As a historical side-bar, Carl Menger probably recognized this situation, as evidenced by his correspondence with Léon Walras.

The chapter contends that although Israeli reality is replete with legal issues, very few films deal directly with the law or with a legal process as a central theme. Contemporary Israeli films are not very different from the early Israeli films in their embracement of a national heroic narrative, which typically leaves very little space for legal issues. The chapter demonstrates the absence of law from Israeli cinema by looking closely at war films, which are probably the most popular and influential Israeli films. War films reflect and in the same time participate in the construction of the Israeli collective consciousness, wherein the army experience is central. Tracing the way in which law is presented (or lacks representation) in them may shed light from a new angle on the role of law in shaping social and political norms in Israel.