This study investigates the relationship among interest rates on the long-term governments bonds of five industrialized countries. Both standard and new unit root tests are applied, all of which confirm the presence of exactly one unit root. New cointegration tests are also applied to these...

Most economists take it for granted that a price mechanism is usually the most effective means of resource allocation. This paper compares two methods of allocating resources in the thoroughbred racing market: a price mechanism and bureaucratic restrictions. It is shown that a simple price...

Mortgage overage pricing is little understood by consumers and has received little academic scrutiny. We consider the impact of the market power of individual loan officers on overages paid by borrowers, particularly minorities. We include numerous borrower and lender characteristics unavailable...

The US Government's influence is large in many areas and the financial sector is no exception. This article provides a brief overview of two Government Sponsored Entities that dominate the market for mortgages in the United States: The Federal National Mortgage Association, better known as...

Angel investors invest billions of dollars in thousands of entrepreneurial projects annually, far more than the number of firms that obtain venture capital. Previous research has calculated realized internal rates of return on angel investments, but empirical estimates of expected returns have...

We document previously undiscovered seasonal patterns in bid-ask spreads which are economically and statistically significant. After controlling for well-known conditional effects on spreads, such as risk, liquidity, and asymmetric information effects, we find that spreads based on individual...