In this paper, we examine the dynamic behavior of credit spreads on corporate bond portfolios. We propose an economeic model of credit spreads that incorporates portfolio rebalancing, the near unit root property of spreads, the autocorrelation in spread changes, the ARCH conditional...

In this paper, we examine the dynamic behavior of credit spreads on corporate bond portfolios. We propose an econometric model of credit spreads that incorporates portfolio rebalancing, the near unit root property of spreads, the autocorrelation in spread changes, the ARCH conditional...

In this paper, we examine the dynamic behavior of credit spreads on corporate bond portfolios. We propose an econometric model of credit spreads that incorporates portfolio rebalancing, the near unit root property of spreads, the autocorrelation in spread changes, the ARCH conditional...

In this paper the asymptotic properties of ARMA processes with complex- conjugate unit roots in the AR lag polynomial are studied. These processes behave quite differently from processes with a single root equal to 1. In particular, the asymptotic properties of a standardized version of the...

We survey the literature on the Risk Augmented Mincer equation that seeks to estimate the compensation for uncertainty in the future wage to be earned after completing an education. There is wide empirical support for the predicted positive effect of wage variance and the negative effect of wage...

I will outline the institutional structure of monitoring and improving the quality of higher education in The Netherlands. After critical assessment of recent educational policies a Parliamentary Committee of Inquiry proclaimed the rule of Evidence Based Interventions Only. From discussion and...

In the postwar period, when fertility dropped substantially, immigration more than made up for the drop in population growth, and from 1950 to 2020, population increased by 73%, double the European rate, in a country with population density already among the highest in Europe. Yet, there never...

As Switzerland experiences a severe shortage of nurses, this paper investigates the impact of students' ex ante wage expectations on their choice to pursue a nursing college education. This analysis contributes to a small yet rapidly developing body of literature that uses subjective expectation...

In the model of Harris and Holmstrom (1982) workers pay an insurance premium to prevent a wage decline. As employers are unable to assess the ability of a labour market entrant, they would offer a wage equal to expected productivity of the worker's category and adjust it with unfolding...