Why are some countries so much richer than others? Development Accounting is a first-passattempt at organizing the answer around two proximate determinants: factors of productionand efficiency. It answers the question “how much of the cross-country income variance canbe attributed to...

We analytically and quantitatively examine a prominent justification forcapital income taxation: goods preferred by those with high ability ought tobe taxed. We study an environment where commodity taxes are allowed to benonlinear functions of income and consumption and find that, when ability...

We analytically and quantitatively examine a prominent justi…cation for capital income taxation: goodspreferred by those with high ability ought to be taxed. We study an environment where commodity taxesare allowed to be nonlinear functions of income and consumption and …nd that, when ability...

In Literatur und Praxis hat sich die Bezeichnung Erfolgsbeteiligung als Oberbegriff für alle Beteiligungsformen durchgesetzt, bei deren die Mitarbeiter zusätzlich zu Lohn und Gehalt eine erfolgsabhängige Zuwendung erhalten. Erfolgsbeteiligungen sind zu unterscheiden von...

We consider nancial positions belonging to the Banach lattice of bounded measurable functionson a given measurable space. We discuss risk measures generated by general acceptance sets allowingfor capital injections to be invested in a pre-specied eligible asset with an everywhere positive...

Some investment advisors offer multiple versions of a fund with the same manager and highlycorrelated returns. But these “twin” funds are separate portfolios for different investors withdiffering abilities to select and monitor managers. Using a matched sample of retail andinstitutional twin...

We examine active retail mutual funds and institutional products with a mandate to invest ininternational equity markets between 1991 and 2009. Using global and regional factor models,we find no reliable evidence of alphas in the aggregate or on average. The right tail of thedistribution...

[...]Our analysis suggests that, when we look across banks, themarket risk capital figures provide little additional informationabout the extent of an institution’s market risk exposurebeyond that conveyed by simply knowing the relative size of thetrading account. In contrast, when we look at...

[...]The purpose of this article is to build on this earlier work, bythe Basel Committee and others, and to consider the issues thatwould have to be addressed in developing a regulatory minimumcapital standard based on banks’ internal credit risk models. Inconducting this exercise, we consider...

[...]One important theme, common to both views, is thatinvestment is a fundamental part of the growth process.Investment, moreover, may be defined broadly to include anyexpenditure that provides productive payoffs in the future;therefore, measures of human capital and research anddevelopment...