A testable single-beta model of asset prices is presented. If state variables have a long-run stationary joint density function, then the rate return on a very long-term default-free discount bond will be perfectly correlated with the representative investor's marginal utility of consumption....

A model of asset prices is developed that is in principle testable even when agg regate consumption of goods and their market prices are only partiall y observable. The author shows that if there are m consumption goods, expected returns on securities can be expressed in terms of covarian ces of...

type="main" xml:id="joca12032-abs-0001" <title type="main">Abstract</title> We examined financial knowledge among educated women with at least a bachelor's degree by analyzing the results from a 2009 survey representing a well-defined sample (<fi>N</fi> = 4,344) of alumnae from a highly selective liberal arts college for women....

The short-term interest rate is an important economic variable and its time series properties have been the subject of numerous empirical studies. This paper provides empirical evidence on the behavior of short-term rates in seven industrialized countries and the Euro zone under the no-arbitrage...