This paper presents an empirical analysis of the distributional and dynamic properties of firm profit rates, measured by returns on assets, using panel data on 1095 long-lived Japanese (non-financial) listed firms over the 1971-2012 period. In particular, this paper tests the validity of...

Option pricing and allocation tools in portfolio construction should be prospective - based on assumptions about how prices will change in the future. Most capital market assumptions used in portfolio construction are based on retrospective analysis, boiling down to simple calculations of...

In the home-care services industry, caregivers drive to visit patients scattered in a district and deliver various care services at the patient's home. We use a unique data set, with a standard panel structure, recording the hours of service and the exact number of miles traveled by each...