Standard approaches to the estimation and testing of conditional CAPM models with time-varying or random beta have ignored the potential panel nature of financial data. We test for whether or not homogeneity restrictions on the time-variation component of multifactor betas and on the slope...

Traditional methods of modelling returns and testing the Capital Asset Pricing Model (CAPM) do so at the mean of the conditional distribution. Instead, we model returns and test whether the conditional CAPM holds at other points of the distribution by utilizing the technique of quantile...

We examine the relationship between oil imports and the domestic transport price index (TPI) using monthly data (July 2003 - Dec 2020) from Bangladesh. Utilizing Auto-Regressive Moving Average (ARMA) and Generalized Auto-Regressive Conditional Heteroskedasticity (GARCH) models, we find that...

The imperative of the state, irrespective of its organization, is to provide law and order, contract enforcement, and property rights. The government provides the foundation for markets to function and for society to prosper. A common thread in any government is that, for a given society, the...

This paper re-examines the Romer [1990] "knowledge driven" endogenous growth model in an open economy setting. As an alternative to Rivera-Batiz and Romer [1991], we consider trade between two absolutely identical countries that are characterized by imperfect competition in one of the trade...

We present a theoretical framework that incorporates energy within an endogenous growth model. The model explicitly allows for the interaction and substitution between fossil fuels, defined as a non-renewable resource derived from some fixed initial stock, and alternative energy, defined as...