The idea that capital flows accelerate and decelerate in response to differential rates of return on real investment is common to virtually all of economic theory. This paper examines the nature of this process, especially the relationship between returns in the stock market and returns on real...

The post-war American insurance industry has undergone a profound change in the structure of demand for labour owing to massive mechanisation in the form of both automation and computerisation. This paper finds that the classical dynamic of labour-displacing technological change--as identified...

Employing seemingly unrelated regression (SUR) models with panel corrected standard errors (PCSE) this research augments and extends Fama and French's (2000) 'first stage' model of expected cross-sectional profitability. Capital intensity, defined as the ratio of depreciation plus interest...