It is well documented that bond excess returns are time-varying and that they can be explained by predetermined risk factors. This paper builds a theoretical model to forecast excess returns on treasury bonds in the context of China's unique monetary system. Empirical evidence shows that bond...

We examine the market reaction to recommendations in the Financial Post's “Hot Stock” column. For buy recommendations, we find a significant average excess return of 1.23% on the publication day; the average excess return is greater (1.84%) for small firms. We also document a significant...

This paper investigates the interaction between housing prices and housing rentals. Standard economic models treat housing prices as the present discounted value of future rentals with the latter treated as exogenous. Casual observation, however, suggests that changes in rental prices often...