A model of asset prices is developed that is in principle testable even when agg regate consumption of goods and their market prices are only partiall y observable. The author shows that if there are m consumption goods, expected returns on securities can be expressed in terms of covarian ces of...

This article uses bond market data to empirically test the asset pricing model of Kazemi (1992). According to this model the rate of return on a long-term, pure-discount, default-free bond will be perfectly correlated with changes in the marginal utility of the representative investor. The...

A testable single-beta model of asset prices is presented. If state variables have a long-run stationary joint density function, then the rate return on a very long-term default-free discount bond will be perfectly correlated with the representative investor's marginal utility of consumption....

Using a continuous-time framework, Kazemi (1992) shows that changes in prices of long-term bonds could be perfectly correlated with changes in the representative investor's marginal utility of wealth. Therefore, the equilibrium expected excess return on any security would be proportional to its...

This paper discusses the determinants of the dispersion of beliefs of informed investors and the effects of this dispersion on the equilibrium level of asset prices in a noisy rational expectations model. It is shown that lower asset prices are usually associated with an increase in the...

The short-term interest rate is an important economic variable and its time series properties have been the subject of numerous empirical studies. This paper provides empirical evidence on the behavior of short-term rates in seven industrialized countries and the Euro zone under the no-arbitrage...

type="main" xml:id="joca12032-abs-0001" <title type="main">Abstract</title> We examined financial knowledge among educated women with at least a bachelor's degree by analyzing the results from a 2009 survey representing a well-defined sample (<fi>N</fi> = 4,344) of alumnae from a highly selective liberal arts college for women....