Using new data on returns and risk factors the paper considers the stock performance on the Japanese market, which is the second largest in the world and operates under unique macroeconomic conditions. We find that the CAPM model is not an adequate approach for the Japanese market. The Carhart...

Using data on 65,000 stocks from 23 countries, the authors re-evaluate the performance of the Fama-French (2015) factors in global markets. The results provide convincing evidence that the value, profitability, and investment factors are far less reliable than commonly thought. Their performance...

The Databank of the Centre for Economic and Regional Studies has established Admin3, the third round of the Panel of Administrative Data. The data source contains administrative data of the National Health Insurance Fund Administration, the Hungarian State Treasury, the National Tax and Customs...

We propose a bottom-up approach to deriving high quality international equity data from very granular Thomson Datastream (TDS) data. Our approach increases stock and country coverage, improves accuracy, filters errors and reduces staleness and survivorship bias. We validate our approach by...

The equilibrium conditions for an economic system that produces output with several factors of production and which is subject to technological constraints are derived. Optimization of either output minus cost or integrated utility yields the conditions that output elasticities must be equal to...

This paper uses Data Envelopment Analysis (DEA) model formulations in order to determine the performance levels of 16 departments of the University of Thessaly. Particularly, the constant returns to scale (CRS) and variable returns to scale (VRS) models have been applied alongside with bootstrap...

Economists praise the efficiency of the price mechanism in allocating scarce resources. Others, however, often reject it as unfair. In this study, we investigate the extent to which economists also differ from non-economists in how they value the fairness of the price system, and examine how...

How can economic theory explain the reasons why consumers adopt innovations? Using the example of innovations in washing machines two approaches are compared. The first focuses in the manner of household production theory on changes in constraints without specifying preferences, leading to the...