about future dividends. We show that this finding changes substantially when looking at a broad international panel of … reason why dividends in countries with large and more stable firms are more difficult to predict is that these types of firms … smooth their dividend more, and dividend smoothing disconnects movements in future dividends from dividend yield fluctuations …

This paper introduces regime switching into level-ARCH models for the short rates of the US, the UK, and Germany. Once … bivariate models show that the states of the US and UK short rate volatilities are not independent nor identical. There is …

macroeconomic regularities, it can provide critical guidance for designing exchange-rate models. This paper presents an optimizing …

We estimate long-run consumption-based asset pricing models using a comprehensive set of international test assets … models has to be interpreted with care. …