We study the efficiency of capital allocations at state-controlled and privately owned business groups in China. Using …

This paper constructs a tractable general equilibrium model of search with risk-aversion. An increase in risk … hazard: insured workers seek high wage jobs with high unemployment risk. An economy with risk-neutral workers achieves … maximal output without any UI. In contrast, in an economy with risk-averse workers, a positive level of UI maximizes output …

predictors of future risk-adjusted fund performance, while characteristics of the stocks that funds hold are not predictive …

A forecasting comparison is undertaken in which 49 univariate forecasting methods, plus various forecast pooling … procedures, are used to forecast 215 U.S. monthly macroeconomic time series at three forecasting horizons over the period 1959 … - 1996. All forecasts simulate real time implementation, that is, they are fully recursive. The forecasting methods are based …

subsequent elections and firm profitability as performance measures, we construct algorithms to make out-of-sample predictions of …