Is it really possible to control for the downside risk when the market environment is in constant evolution? If so, what would be the long-term growth prospects of such a strategy? We show in this article that when the dynamics of the variance and correlation terms are properly taken into...

This paper studies the differences between private and government provision of infrastructure. Capital utilization decisions and their differential role in determining market prices for capital goods under the two regimes of infrastructure provision serve as a critical transmission mechanism for...