This paper presents the shadow Capital Asset Pricing Model (CAPM) of Ma (2011a) as an intertemporal equilibrium asset pricing model, and tests it empirically. In contrast to the classical CAPM - a single factor model based on a strong behavioral or distributional assumption, the shadow CAPM can...

This book describes and clarifies how certain problems can be resolved in Japan and Asia. For the future, the focus should be on Japan, which can provide "common knowledge" as a public good. The book collects the results of researchers in Japan, China, South Korea, and Indonesia on declining...

Popular sentiment toward immigration is often antagonistic, making the integration of migrants one of the most important yet daunting challenges facing societies in advanced economies. Can information campaigns decrease public opposition to immigration? This paper reports results from a...