The paper investigates the effect of monetary policy uncertainty on stock return volatility. Contrary to the widely accepted wisdom that higher uncertainty leads to higher volatility, we find that monetary policy uncertainty negatively predicts stock return volatility both in and out of sample...

In most applications of DEA with internal structures in the literature, the models are designed to evaluate the performance of homogeneous Decision Making Units (DMUs). In many instances, however, DMUs operating in a similar technological environment may have different internal structures. In...