In this paper we test the robustness of the CAPM to two alternative estimation procedures: the Fama and MacBeth (1973) two-step methodology; and the one-step methodology due to Burmeister and McElroy (1988). For the UK stock market we find that we can clearly reject the CAPM when the two-step...

There is an extensive literature investigating the impact of federal budget deficits in the US on interest rate yields. This literature focuses almost entirely on short-term rates (under one year to maturity) and long-term rates (ten years or more to maturity). However, almost no attention has...

A modified policy analysis matrix is developed to study the costs and benefits of crop production in Thailand. Government intervention in production diversification is assessed with alternative indicators of comparative advantages. It suggests that intervention may be socially undesirable but...

While there is widespread agreement that the spread of new technology crops in India since the mid-1960s has affected rural wages, there is considerable disagreement over the nature of this effect. The existing literature has posed this problem in a demand-supply framework - with a rise in...

In this paper, we empirically examine the long-run and short-run dynamics of the US gross national product and petroleum imports for the last three decades. We find evidence of a long-run relationship between gross domestic national product and petroleum imports, but only a fragile one....

The time series relationship between revenues, expenditures, and GDP in the case of Canada is examined. Utilizing the Johansen-Juselius multivariate cointegration procedure and error correction modelling we find that revenues follow a time path independent of expenditures and GDP. On the other...

This paper extends the analyses by Silberberg (1985) of the relationship between the expenditures for food to satisfy nutritional requirements and the expenditures to satisfy the desire for tastes using alternative estimates of the minimum cost or technically efficient diet. The hypothesis...

In a previous experiment the null hypothesis of no difference between real and hypothetical willingness to pay for a box of chocolate could not be rejected. In this study we carry out a second experiment to see if we can confirm that finding. The experimental subjects are randomly divided into...

This letter applies tests for asymmetric 'deepness' and 'steepness' to the monthly industrial production indices of 16 OECD economics and the OECD aggregate. We report evidence of statistically significant deepness for Germany, and both deepness and steepness for Japan, Sweden and, more...