This paper provides evidence on the degree of persistence of one of the key components of the CAPM, namely the market risk premium, as well as its volatility. The analysis applies fractional integration methods to data for the US, Germany and Japan, and for robustness purposes considers...

Contingent Convertible bonds (CoCos) are debt instruments that convert into equity or are written down in times of distress. Existing pricing models assume conversion triggers based on market prices and on the assumption that markets can always observe all relevant firm information. But all...

Foreign aid’s effectiveness in promoting economic growth remains mired in controversy.We examine the impact of the volatility of aid on economic growth, controlling for the level of aid. A four-year panel analysis is conducted encompassing 155 countries over the period 1966-2001. We find that...

We examine whether the sorting of differently achieving students into differently sized classes results in a regressive or compensatory pattern of class sizes for a sample of national school systems. Sorting effects are identified by subtracting the causal effect of class size on performance...

Using meta-analytical techniques, we focus on 11 studies that explicitly measure the effect of a net migration variable in neoclassical convergence models and derive 57 comparable effect sizes. The data suggest that an increase in the net migration rate of one percentage point increases on...

We use the PISA student-level achievement database to estimate international education production functions. Student characteristics, family backgrounds, home inputs, resources, teachers and institutions are all significantly related to math, science and reading achievement. Our models account...

This paper examines whether growth regressions should incorporate dualism and structural change. If there is a differential across sectors in the marginal product of labour, changes in the structure of employment can raise aggregate total factor productivity. The paper develops empirical growth...

This paper investigates the effects of equity and bond portfolio in.ows on exchange rate volatility, using monthly bilateral data for the US vis-a-vis eight Asian developing and emerging countries (India, Indonesia, South Korea, Pakistan, Hong Kong, Thailand, the Philippines, and Taiwan) over...

Students in some countries do far better on international achievement tests than students in other countries. Is this all due to differences in what students bring with them to school - socio-economic background, cultural factors, and the like? Or do school systems make a difference? This essay...