This paper's study of Connecticut's education costs can serve as the foundation of an equitable and adequate state education aid formula. To the best of the author's knowledge, it is the first cost function study of Connecticut public K–12 education. The author uses a regression model to...

In this paper, the impact of the accounting rule (SFAS No.8) on stock market is analyzed with a new model, which is based on the 3-factor model of Fama-French (1993), the EGARCH-type volatility of Nelson (1991) and non-Normal distribution of SSAEPD of Zhu and Zinde-Walsh (2009). Fama-French 25...

In this paper, we propose a parametric model of implied variance which is a natural generalization of the SVI model. The model improves the SVI by allowing more flexibly the negative curvature in the tails which is justified both theoretically and empirically. The fitting of the model, comparing...

Despite multiple court cases and repeated efforts at reform, there are still significant concerns about the equity and the adequacy in Connecticut’s public K–12 education funding. One vital component of any attempt to reform education finance is a methodologically rigorous evaluation of what...

We document that the nature of business cycles evolves over the process of development and structural change. In countries with large declining agricultural sectors, aggregate employment is uncorrelated with GDP. During booms, employment in agriculture declines while labor productivity increases...