We empirically verify two predictions of asset pricing with a role for uncertainty: return premium to increase with uncertainty, and to decrease with the resolution of uncertainty over time and experience. These properties are found among Initial Public Offerings (IPOs) of new industries where...

The objective of this article is to examine the long-run relationship and short-run dynamics of the health care expenditure in Australia during the period 1960-2003. Consistent with the conventional findings, the income elasticity for health care is found to be greater than one, suggesting that...