In this paper, we explore an alternative explanation of the exposure puzzle, the missing variable bias in previous studies. We propose to correct the bias with the quantile regression technique invented by Koenker and Bassett (Econometrica 46:33–51, <CitationRef CitationID="CR30">1978</CitationRef>). Empirically, as soon as we take into...</citationref>

SparseM provides some basic R functionality for linear algebra with sparse matrices. Use of the package is illustrated by a family of linear model fitting functions that implement least squares methods for problems with sparse design matrices. Significant performance improvements in memory...

The contemporaneous relationship between temperature and income is important because it enables economists to estimate the economic impact of global warming without assuming a structural model. Until recently, empirical evidence generally suggests that there is a negative relationship between...

Conventional wisdom argues that tourist expenditures and recreation activities generate demands for traded goods and services, and create jobs and income for local residents in counties endowed with rich natural amenities. However, more recent studies have suggested that regions with high levels...

The Capital Asset Pricing Model (CAPM) has been a key theory in financial economics since the 1960s. One of its main contributions is to attempt to identify how the risk of a particular stock is related to the risk of the overall stock market using the risk measure Beta. If the relationship...