Discussion Papers

This paper provides powerful evidence that mutual fund managers can pick stocks that outperform the market. Many have argued that the inability of...

The paper draws lessons from the experience of the past year for the conduct of central banks in the pursuit of macroeconomic and financial stability...

This paper analyses how entry by an international bank into a developing economy affects the credit market equilibrium. It offers a novel explanation...

We develop a theory of control rights in the context of licensing interim innovative knowledge for further development, which is consistent with the...

This paper introduces a no-arbitrage framework to assess how macroeconomic factors help explain the risk-premium agents require to bear the risk of...

In this paper we study the pricing of credit risk as reflected in the market for credit default swaps (CDS) between 2003 and 2008. This market has...

This is the first of three prospective papers examining how well forecasters can predict the future time path of short-term interest rates. Most prior...

This paper examines to what extent reputational concerns give rating agencies incen- tives to reveal information. It demonstrates that, in a simple...

In the first of three related, and consecutive, papers we showed that forecasts for short-term policy interest rates in NZ and UK deteriorated over...

Probably not. First, allowing the probabilities attached to the states of the economy to differ from their sample frequencies, the Consumption-CAPM is...

We examine empirically how the maturity structure of government debt affects bond yields and excess returns. Our analysis is based on a theoretical...

The Bansal and Yaron (2004) model of long run risks (LLR) in aggregate consumption and dividend growth and its extension that captures potential co...

This paper investigates the relationship between a CEO’s social network, firm identity, and firm performance. There are two competing theories that...

This paper presents a general equilibrium analysis on the interactions between pen- sion plan funding, capital structure, technology choice and the...

This paper proposes an approach to estimating the relation between risk (conditional variance) and expected returns in the aggregate stock market that...

We study how the presence of multiple participation opportunities coupled with individual learning about payoffs affects the ability of agents to...