discretion in determining the level of investment. What is the link between stock price informational efficiency and economic … efficiency? We present a model of the stock market in which: (i) managers have discretion in making investments and must be given …

We ask whether stock returns in France, Germany, Japan, the UK and the US are predictable by three instruments: the …

States, the United Kingdom, and Germany using the Campbell-Shiller (1991) regressions and a vector …-problem effects is largely consistent with term structure data from the U.S., U.K., and Germany …

, Germany, Japan, and the U.K. All of the anomalies are consistently significant across these five countries, whose developed …