We present comprehensive evidence in support of giving liquidity equal standing to size, value/growth, and momentum as investment styles, as defined by Sharpe (1992). First, we show that financial market liquidity, as identified by stock turnover, is an economically significant indicator of...

There are three types of "Anything Goes" results: two of them from economic theory and one from the realms of dynamical systems. The study considers the implications of such results and tries to identify conditions under which certain types of conclusions may be implied: convergence, cycles or...

The United States has a passionate love/hate relationship with undocumented immigrants. The refrain “We are a nation of immigrants” competes with the exhortation “We are being invaded.” Many Americans fault undocumented immigrants for breaking U.S. laws, not waiting their turn in line...

I summarize and extend my results establishing that limited arbitrage is necessary and sufficient for the existence of a competitive equilibrium and for the compactness of the Pareto frontier.

Equilibrium conditions in smooth infinite economies with separable utilities are described by Fredholm maps, which are Frechet differentiable. Therefore, Smale's extension of Sard's theorem can be used to studying infinite economies. We study structural stability and local uniqueness of...