This working paper finds no evidence that the SBA loan guarantees serve any focused or rigorously defined public policy purpose at all.

Despite the frequency of tax changes and their potential importance to investors, there has been relatively little modeling of anticipated tax changes.

Can protests cause political change, or are they merely symptoms of underlying shifts in policy preferences?

The recent slowdown in the rate of decline for semiconductor prices suggested by the PPI is puzzling in light of evidence that the performance of MPUs has continued to improve at a rapid pace. The authors argue that hedonic indexes provide a more accurate measure of price changes.

We describe the broad range of uncertainties faced by the developers of medical technologies. Empirically, we estimate the asset market incidence of the realization  of two such of uncertainties experienced by the biotechnology firm Myriad Genetics, Inc.

In this paper, the authors document the complex issues facing the FDA in assessing the quality of generic drugs. They conclude that increased transparency as well as the updating of FDA bioequivalence standards may be important to overcome some of these challenges.

This paper ranks all 50 states according to how costly their public-employee compensation packages are relative to private-sector standards.

In this article, I illustrate three approaches for calculating loss distributions and value-at-risk capital requirements in credit portfolios with obligor concentrations risk.

In this working paper, Paul Kupiec develops an algorithm to approximate the loss rate distribution for fixed income portfolios with obligor concentrations.