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In this paper we design a simple trading strategy to exploit the hypothesized distinct informational content of the arithmetic and geometric mean. The rejection of cointegration between the two stock market indicators supports this conjecture. The profits generated by this cheaply replicable...

We study human capital depletion and formation in an economy open to out-migration, as opposed to an economy which is closed. Under the natural assumption of asymmetric information, the enlarged opportunities and the associated different structure of incentives can give rise to a brain gain in...

We specify conditions under which a strictly positive probability of employment in a foreign country raises the level of human capital formed by optimizing workers in the home country. While some workers migrate, "taking along" more human capital than if they had migrated without factoring in...