While optimally weighted generalized method of moments (GAM) estimation has desirable large sample properties, its small sample performance is poor in some applications. The authors propose a computationally simple alternative, for weakly dependent data generating mechanisms, based on...

The quality of life and safeness of the present and future generations are strongly intertwined with the availability of energy sources and the sustainability of the energy infrastructure. Energy consumption in developed countries grows at a rate of approximately 1% per year, and that of...

Controversial econometric studies of mortgage data show that mortgage loan applications by minorities are denied more frequently than are applications by whites with similar observable default risk factors. But recent evidence indicates that minority borrowers also default more frequently than...

The criterion of minimizing the cumulative hedged returns’ probability of underperforming a benchmark provides a framework for evaluating short-term hedges that are rolled over to produce longer-term hedges. Large deviations theory can be used to either parametrically or nonparametrically...

Canonical valuation uses historical time series to predict the probability distribution of the discounted value of primary assets' discounted prices plus accumulated dividends at any future date. Then the axiomatically rationalized maximum entropy principle is used to estimate risk-neutral...

Nonprofit, mutually owned insurance and banking organizations have significant market shares in the insurance and banking industries. A first step in a systematic study of these financial mutual is to examine the reasons for their formation. Doing so provides empirical support for the view that...