We revisit conditional CAPM by modeling alpha and beta as flexible functions of state variables identified via formal variable selection. In post-1963 sample, beta of the value premium comoves strongly with unemployment, inflation, and price-earnings ratio in a countercyclical manner. We also...

State Medicaid programmes generally have been able to obtain relief from high drug prices following patent expirations for many branded-drug medications by adjusting reimbursement following the expanded competition in the pharmaceutical market. </AbstractSection> Copyright Springer International Publishing...

We investigate the relative importance of various bankruptcy predictors commonly used in the existing literature by applying a variable selection technique, the least absolute shrinkage and selection operator (LASSO), to a comprehensive bankruptcy database. Over the 1980–2009 period, LASSO...