This paper presents a multisector growth model where education enhances general human capital, which is essential for increasing or maintaining the mobility of workers across industries. The paper shows that education, combined with international trade, can affect growth positively in the long...

We investigate full prepayments of Japanese residential mortgages during a ten-year period from 1996 to 2005. This investigation is important because the amount of mortgages outstanding in Japan is huge, yet the study on their prepayments is very limited. This period from 1996 to 2005 was...

We investigate the effects of the stochastic interest rates and the volatility of the underlying asset price on the contingent claim prices including futures and options prices. The futures price can be decomposed into the forward price and the additional terms and the options price can be...

Cochrane and Sa'a-Requejo (2000, Journal of Political Economy) proposed the good-deal price bounds for the European call option on an event that is not a traded asset, but is correlated with a traded asset that can be used as an approximate hedge. One remarkable feature of their model is that...

In this study, the effect of the reinforcement on the wear behavior of hypereutectic Al–Si composites was investigated by performing a ball-on-disk test. The specimens were manufactured by hot press after gas atomizing. Al–20Si–5TiC composite exhibited superior wear resistance than other...