This paper is concerned with testing the time series implications of the capital asset pricing model (CAPM) due to Sharpe (1964) and Lintner (1965), when the number of securities, N, is large relative to the time dimension, T, of the return series. In the case of cross-sectionally correlated...

By allowing for imperfectly informed markets and the role of private information, we offer newinsights about observed deviations of portfolio concentrations in domestic relative to foreignrisky assets, or “home bias”, from what standard finance models predict. Our model ascribesthe...

As China exhibited unprecedented rapid economic growth ever since its reform andopenness, the development and sources of labor productivity has gradually come to theforefront. This paper studies the development and the source of labor productivity in 31Chinese provinces during the period of...

This paper studies the impact of outsourcing on individual wages in three European countrieswith markedly different labour market institutions: Germany, the UK and Denmark...

The UK´s Equal Opportunities Commission has recently drawn attention to the hidden braindrain when women working part-time are employed in occupations below those for whichthey are qualified. These inferences were based on self-reporting...

Two particular features of the position of women in the British labour market are theextensive role of part-time work and the large part-time pay penalty. Part-time work featuresmost prominently when women are in their 30s, the peak childcare years and, particularly formore educated women, a...

This paper uses matched employer-employee panel data to show that individual jobsatisfaction is higher when other workers in the same establishment are better-paid. Thisruns contrary to a large literature which has found evidence of income comparisons insubjective well-being...

This paper uses British panel data to investigate single women´s labour supply changes inresponse to three tax and benefit policy reforms that occurred in the 1990s. These reformschanged individuals´ work incentives and we use them to identify changes in labour supply.We find evidence of small...

This paper examines the effects of the Working Families´ Tax Credit (WFTC) on couples inBritain. We develop a simple model of household decisions which explicitly accounts for therole played by the tax and benefit system. Its main implications are then tested using paneldata from the British...

In this paper we develop a model to consistently estimate the intertemporal labor supplybehavior on the extensive margin (participation decision) and the intensive margin (workinghours decision). In this framework we distinguish between voluntary non-participation andinvoluntary unemployment...