The current paper reviews the developments that took place, starting with November 2001, inside the Romanian Municipal and Treasury bond market segments at the Bucharest Stock Exchange. The development of a debt market has as a main objective to encourage the central, regional and local...

We estimate time-varying expected excess returns on the US stock market from 1983 to 2008 using a model that jointly captures the arbitrage-free dynamics of stock returns and nominal bond yields. The model nests the class of affine term structure (of interest rates) models. Stock returns and...