Public Debt in Italy and the European Community: Some Thoughts on the Monetary Consequences
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The Hard Ecu and Alternative Paths to EMU
This year members of the European Community (EC) are holding technical discussions on monetary union. The debate is to encompass the ultimate form of...
Optimal sure portfolio plans
This paper is a sequel to [2], where a model of optimal accumulation of capital and portfolio choice over an infinite horizon in continuous time was...
Certainty equivalence in the continuous-time portfolio-cum-saving model
A model of optimal accumulation of capital and portfolio choice over an infinite horizon in continuous time is considered in which the vector process...
Predictable Stock Returns in the United States and Japan: A Study of Long-Term Capital Market Integration
This paper studies the predictability of monthly excess returns on equity portfolios over the domestic short-term interest rate in the U.S. and Japan...
Reversions of Excess Pension Assets After Takeovers
This paper evaluates pension asset revisions as a source of takeover gains. Within two years following a hostile takeover, pension funds were reverted...
The Economic Effects of Franchise Termination Laws
It is commonly argued that state laws restricting franchise terminations increase the costs of controlling free-rider problems within franchise...
Pitfalls in Testing For Explosive Bubbles in Asset Prices
Rational bubbles in stock prices are not reliably detectable through the use of standard tests to determine whether stock prices are "more explosive"...
Semi-Parametric Estimation and the Predictability of Stock Market Returns: Some Lessons From Japan
The paper attempts to explore whether lagged variables that help predict stock returns are merely proxying for mis-measured risk. Therefore, three...
Contracts to Sell Information
When information is sold, there is often a reliability problem since anyone can claim to have superior knowledge. Optimal strategies which allow a...
