[...]We address several questions in this paper. First,how could macro markets be useful to the average person?Second, how large are the potential benefits from diversificationif these markets were to be introduced andused optimally? Third, can existing financial marketsachieve a similar degree...

[...]This paper examines the impact that the PCAstandards had on bank portfolios following the passage ofFDICIA in 1991. To do this, the simultaneous equationsmodel developed by Shrieves and Dahl (1992), and latermodified by Jacques and Nigro (1997) to study the impactof risk-based capital, is...

This paper uses a stochastic cost frontier model to investigate the efficiency of Britain’s private railways during the period 1893-1912. We find that there was substantial inefficiency in the industry with no sign of reduction over time. Our main conclusion is that principal agent problems...