Drawing on conditionality and implementation information for 184 World Bank adjustment loans to 62 countries during the 1980s, the authors examine the macroeconomic underpinnings of Bank supported adjustment programs. After looking at recent experience with macroeconomic conditionality they...

Cross-sectional tests of asset returns have a long tradition in finance. The often-used capital asset pricing model (CAPM) and the arbitrage pricing theory both imply cross-sectional relationships between individual asset returns and other factors, and tests of those models have done much to...