This paper investigates whether excess stock price volatility may be due in part to a failure of the market to form rational expectations. Using data on analysts' expectations of long run earnings growth for individual companies, we report a number of interelated results which lend support to...

Evidence that the term structure of interest rates does not satisfy the expectations hypothesis has been reported in a number of papers. However the nature and degree of this rejection is very sensitive to the exact specification of the tests. In this paper, we identify a source of small sample...

This paper proposes a similar unit root testing procedure for heterogeneous dynamic panel data, based on the score principle, assuming that the time dimension of the panel is fixed. It is shown that the limiting distribution of the test is standard normal. The similarity with regard to the...

Empirical tests of the expectations hypothesis of the term structure hage almost without exception been tests of the time-series properties of interest rates. However, the expectations hypothesis has implications not just for the yield movement of a single pair of bond maturities over a number...

This papaer evaluates analysts' consensus long run earnings growth forecasts. It is shown that the correlation between forecast earnings growth and actual earnings growth is extremely low. Consistent with other studies, forecast earnings growth is found to be too optimistic. This is illustrated...

In Governance, Multinationals and Growth, leading scholars celebrate and build upon the pioneering work of Edward Safarian on multinational enterprises and foreign direct investment. The book explores the linkages among multinationals and foreign direct investment, corporate and public...

This study considers the role of national differences, derived from structural characteristics in each country, and how they impact on companies’ innovation. To do this we include in a firm-level empirical model of innovation traditional factors impacting on innovation, and measure any...

This paper decomposes aggregate TFP growth in Britain for 1997-2008 to show the contribution of different LEPs and the role played by manufacturing and services and UK- and foreign-owned plants within these LEPs. These contributions are further decomposed to show the role of productivity growth...

<title>Abstract</title> The paper discusses the standard approaches in constructing the spatial weights matrix, W, and the implications of using such approaches in terms of the potential mis-specification of W. We then look at more recent attempts to measure W in the literature, including: Bayesian (searching...