This paper demonstrates that a conditional version of the Capital Asset Pricing Model (CAPM) explains the cross section of expected returns, just as well as the three factor model of Fama and French.
Claude Castonguay, CIRANO Invited Fellow analyzes the main proposal of the D'Amours report
The Economic Crisis of 2008+: The impact on Spain's Public Finances and Federalism. Pr Ruiz-Huerta gives us his point of view and reflections.
Why these are interesting and important issues for Russia? With more secure land rights, firms have greater ability to use land as collateral to secure loans, stronger incentive to invest due to diminished expropriation threat...
Although, we are in the midst of the sovereign debt crisis, financial integration in Europe can be observed. Capital - in its different definitions – flows from richer to poorer countries, or in other terms from low to high-growth countries
An essential function of educational systems is to sort and select individuals by ability. In a series of experiments, we design a parallel to schooling (in reality) so as study the productive efficiency of various educational systems.