Now showing items 1-10 of 1211
Empirical Asset Pricing and Statistical Power in the Presence of Weak Risk Factors
Risk factors in many consumption-based asset pricing models display statistically weak correlation with the returns being priced. Some GMM procedures used to test these models have low power to reject misspecified stochastic ...
Estimates of Learning by Doing in the Manufacture Of Electric Power Gas Turbines
(2002, VOL )
This paper investigates LBO in prices and heat rates of gas turbines. We test whether the LBO spills over from production experience with smaller units. Progress ratios range from 0.83 to 0.95 for price and 0.89 to 0.94 ...
Should Subsidized Private Transfers Replace Government Social Insurance?
ansfers between individuals or through organized charities are increasingly viewed as an alternative for government social insurance programs. This paper models the incentive effects of government subsidized private transfers ...
Stability in autobiographical memories
Child Nutrition in India in the Nineties
India experienced several years of fast economic growth during the 1990s, and according to many observers this period also saw a considerable decline in poverty, especially in urban areas. We use data from two rounds of ...
How Did the 2003 Prescription Drug Re-Importation Bill Pass the House?
the major interest groups in the debate over allowing the re-importation of prescription drugs by utilizing a logit model and instrumental variables. Consistent with political support approach, the evidence suggests that ...
Do Sovereign Wealth Funds Best Serve the Interest of Their Citizens?
This paper aims to analyze Sovereign Wealth Funds from the perspective of the citizens of the countries that have them.
Uniform-Price Auctions with Adjustable Supply
form-price auction with adjustable supply, the seller decides how much to sell after receiving the bids so as to maximize its ex post profit. Given N bidders and adjustable supply, all equilibria of the uniform-price auction ...
Symposium on Marshall's Tendencies: 5 Sutton's Critique of Econometrics
Through most of the history of economics, the most influential commentators on methodology were also eminent practitioners of economics. And even not so long ago, it was so. Milton Friedman, Paul Samuelson, Trygve Haavelmo, ...
The Returns to Currency Speculation
Currencies that are at a forward premium tend to depreciate. This `forward-premium puzzle` represents an egregious deviation from uncovered interest parity. We document the properties of returns to currency speculation strategies ...