Real estate investments are typically characterized by high degrees of leverage and long-loan tenures. In perfect capital markets, leverage has no impact on the investment decision apart from tax considerations. However, the mortgage financing market is imperfect in many countries. In the...

A large class of fixed income trading strategies focuses on opportunities offered by the interest rate term structure. This paper studies a set of yield curve trading strategies that are based on the view that the yield curve mean-reverts to an unconditional curve. These mean-reverting trading...

The purpose of this paper is to determine the role of governments in developing a national innovation system with an emphasis on technology and entrepreneurship. Specifically,the study focuses on the economy of Singapore. Three features of innovation-based growth strategy are considered: (1) a...