MAHMOUD A. EL-GAMAL AND HULUSI INANOGLU SUMMARY Recent studies have stressed the importance of privatization and openness to foreign competition for bank efficiency and economic growth. We study bank efficiency in Turkey, an emerging econo...
LUCIO SARNO AND GIORGIO VALENTE SUMMARY This paper proposes a vector equilibrium correction model of stock returns that exploits the information in the futures market, while allowing for both regime-switching behaviour and international sp...
CARLO A. FAVERO, MASSIMILIANO MARCELLINO AND FRANCESCA NEGLIA SUMMARY The empirical analysis of monetary policy requires the construction of instruments for future expected inflation. Dynamic factor models have been applied rather successf...
XIAODONG GONG,ARTHUR VAN SOEST AND PING ZHANG SUMMARY We analyse expenditure patterns for rural China, focusing on differences between families with boys and girls. The sample includes more than 5000 nuclear families from 19 Chinese provin...
FABIO CANOVA* SUMMARY I study whether and how US shocks are transmitted to eight Latin American countries. US shocks are identified using sign restrictions and treated as exogenous with respect to Latin American economies. Posterior estima...
DAVID E. RAPACHa AND MARK E. WOHARb SUMMARY Using annual data for 18721997, this paper re-examines the predictability of real stock prices based on pricedividend and priceearnings ratios. In line with the extant literature, we find signifi...
Stephen R. Parker ABSTRACT Outcomes of this modeling research are the ability to facilitate comparisons of investment alternatives or strategies; regarding primary targets, possible annual revenues, promotion incentives, operating budgets,...
摘 要 本文从现代金融学的一个基本问题：股价运动是否随机出发，探讨了两种不同的理论框架――均衡体系和复杂系统对金融市场本质的不同刻划。我们表明有效市场假说代表的均衡体系与经验证据不符，不能反映金融市场的复杂系统本质。基于前沿的金融研究领域经...
Jumps in Rank and Expected Returns: Introducing Varying Cross-sectional Risk Gloria Gonzlez-Rivera Department of Economics University of California, Riverside Tae-Hwy Lee Department of Economics University of California, Riverside Santosh...
一、资本市场与自主创新 产业创新和经济可持续发展的动力机制 二、从博弈均衡到制度设计 美国资本市场发展模式 三、政府主导的渐进式市场化改革 中国资本市场发展路径选择 四、总结与展望 历史十字路口的中国...
