The paper investigates the effect of interest-rate variance on the shape of the <p> yield curve using a bivariate 2-state Markov switching model for the short-rate changes <p> and the yield curve slope. The two states are characterized by the variance of the shortrate <p> changes: Low and high variance....</p></p></p>

Like the stock market, the human capital market consists of a wide range of assets, i.e. educations. Each <p> young individual chooses the educational asset that matches his preferred combination of risk and return in terms of <p> future income. A unique register-based data set with exact information...</p></p>

This paper examines the relationship between interest-rate volatility and the shape of the yield curve. The yield curve is parsimoniously described by its level, slope, and curvature. The level, the slope and the curvature are analyzed within a trivariate heteroskedastic model, where the...

A unique data set enables us to test the hypothesis that more economists than otherwise identical investors hold stocks due to informational advantages. We confirm that economists have a significantly higher probability of participating in the stock market than investors with any other...