We propose a method to decompose stock returns period by period. First, we argue that one can directly estimate expected stock returns from securities available in modern financial markets (using the real yield curve and the Martin (2017) equity risk premium). Second, we derive a return...

This paper investigates how the sector-specific source or the changing sectoral composition of labor productivity has contributed to β-convergence, using a newly constructed eight-sector database. The main findings are twofold. First, both within and sectoral reallocation have become important...

Rebound effects significantly reduce the effectiveness of energy efficiency in delivering energy use reductions. The understanding of the underlying rebound mechanisms causing this is however scarce. This paper illustrates that industrial energy efficiency improvements in Switzerland lead to...

A recent literature argues that the rise in aggregate markups is due to economic activity reallocating toward high-markup firms rather than an increase in firm-level markups. I show that this result is biased by three types of measurement error. First, standard decomposition methods estimate a...

We propose a method to decompose stock returns period by period. First, we argue that one can directly estimate expected stock returns from securities available in modern financial markets (using the real yield curve and the Martin (2017) equity risk premium). Second, we derive a return...

In order to enhance the robustness against lightning disturbance and high-impedance fault, a non-unit protection based on variational mode decomposition and energy entropy (VMDEE) is proposed for multi-terminal high-voltage dc (MT-HVDC) system. Firstly, the instantaneous frequency of line-mode...

This study focuses on the time series analysis of and factors influencing the export-related domestic value added (DVA) in Japan. We redefine the indicators of DVA associated with the intermediate and final goods exports to incorporate the analysis of the participation and position of the global...

The UN states that inequalities are determined along with income by other factors - gender, age, origin, ethnicity, disability, sexual orientation, class, and religion. India, since the ancient period. There have been attempts to reduce socio-economic inequality through policy interventions...

A hedonic regression framework is proposed for evaluating the determinants of beer prices and consumer ratings. This study specifically addresses the endogeneity problem associated with the impact of consumer ratings on beer prices using a set of beer sensory and chemical characteristics as...

Microbial necromass has been increasingly recognized as an important source of soil organic carbon (C). However, how nitrogen (N) addition regulates microbial necromass decomposition and the size of different necromass pools remain poorly understood. Here, via an incubation of 13 C-labeled...