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Determinants of Long-Term Growth : A Bayesian Averaging of Classical Estimates (BACE) Approach

Doppelhofer, Gernot - 2000

This paper examines the robustness of explanatory variables in cross-country economic growth regressions. It employs a novel approach, Bayesian Averaging of Classical Estimates (BACE), which constructs estimates as a weighted average of OLS estimates for every possible combination of included...

Persistent link: https://www.econbiz.de/10012471000

Social Security in Theory and Practice (I) : Facts and Political Theories

Mulligan, Casey B. - 1999

166 countries have some kind of public old age pension. What economic forces create and sustain old age Social Security as a public program? We document some of the internationally and historically common features of Social Security programs including explicit and implicit taxes on labor supply,...

Persistent link: https://www.econbiz.de/10012471676

Dating the Integration of World Equity Markets

Bekaert, Geert - 1998

Measuring the integration of world capital markets is notoriously difficult. For example, regulatory changes which … equity market becomes financially integrated with world capital markets. We find endogenous break dates that are very … markets are on average larger and more liquid than before; returns are more volatile and more highly correlated with the world …

Persistent link: https://www.econbiz.de/10012472089

Fundamental Determinants of National Equity Market Returns : A Perspective on Conditional Asset Pricing

Ferson, Wayne E. - 1996

This paper provides a global asset pricing perspective on the debate over the relation between predetermined attributes of common stocks, such as ratios of price-to-book-value, cash-flow, earnings, and other variables to the future returns. Some argue that such variables may be used to find...

Persistent link: https://www.econbiz.de/10012472968

What Determines Expected International Asset Returns?

Harvey, Campbell R. - 1994

expected return on the world market portfolio. However, the inclusion of this premium alone is not sufficient to explain the …

Persistent link: https://www.econbiz.de/10012474276

Conditional Asset Allocation in Emerging Markets

Harvey, Campbell R. - 1994

Within the context of conditional asset allocation strategies, this paper explores the implications of the low correlations of the emerging market returns with developed market returns and the relatively high degree predictability of emerging countries' returns. It is well known that low...

Persistent link: https://www.econbiz.de/10012474311

Sources of Risk and Expected Returns in Global Equity Markets

Ferson, Wayne E. - 1994

unconditional mean- variance efficiency of a world market portfolio, our evidence indicates that the tests are low in power, and the … world market betas do not provide a good explanation of cross-sectional differences in average returns. Multiple beta models …

Persistent link: https://www.econbiz.de/10012474312

An Exploratory Investigation of the Fundamental Determinants of National Equity Market Returns

Ferson, Wayne E. - 1993

This paper studies average and conditional expected returns in national equity markets, and their relation to a number of fundamental country attributes. The attributes are organized into three groups. The first is relative valuation ratios, such as price-to-book-value, cash-flow, earnings and...

Persistent link: https://www.econbiz.de/10012474345

Consumption Risk and International Asset Returns : Some Empirical Evidence

Cumby, Robert E. - 1987

The paper examines if real stock returns in four countries are consistent with consumption-based models of international asset pricing. The paper finds that ex-ante real stock returns exhibit statistically significant fluctuations over time and that these fluctuations cannot be explained by...

Persistent link: https://www.econbiz.de/10012476685

The Economics of Human Development and Social Mobility

Heckman, James J. - 2014

This paper distills and extends recent research on the economics of human development and social mobility. It summarizes the evidence from diverse literatures on the importance of early life conditions in shaping multiple life skills and the evidence on critical and sensitive investment periods...

Persistent link: https://www.econbiz.de/10012458740