I use the stochastic econometric cost frontier approach to investigate efficiency of banks operating in the Third Federal Reserve District, which comprises the eastern two-thirds of Pennsylvania, the southern half of New Jersey, and Delaware. The results indicate that, in general, banks in the...

The vigor of an economy has frequently been linked to the level of new investment. Compared to most other developed countries, the level of new investment in the UK has been relatively low and the performance of the economy on various dimensions has also been relatively poor. One possible reason...

The empirical implications of the consumption-oriented capital asset pricing model (CCAPM) are examined, and its performance is compared with a model based on the market portfolio. The CCAPM is estimated after adjusting for measurement problems associated with reported consump-tion data. The...

This paper develops an intertemporal model of international capital market segmentation. Within the model, under various forms of segmentation/integration, the equilibrium asset prices and allocations, the risk-free interest rate, and the intertemporal consumption behavior and welfares of two...

This paper develops a signalling model with two signals, two attributes, and a continuum of signal levels and attribute-types to explain a puzzling phenomenon: the underpricing of new issues. Both the fraction of the new issue retained by the issuer and its offering price convey the unobservable...