This paper studies the signalling effect of the consumption-wealth ratio (cay) on German stock returns via vector error correction models (VECMs). The effect of cay on U.S. stock returns has been recently confirmed by Lettau and Ludvigson with a two-stage method. In this paper, performances of...

Access to health care in the United States remains greatly disproportionate across socioeconomic groups. It is not known, however, whether the disparities between the socioeconomic categories are increasing or decreasing. This analysis used a well-established non-parametric technique, employing...