Medication error testing is increasingly popular for potential pharmaceutical trademarks. The FDA is close to introducing rules regarding such testing as part of a new pharmaceutical product's approval. Such tests, however, have not yet been verified and are often the origin of "false...

I provide evidence that investors systematically overweight analyst forecasts by demonstrating that prices do not fully reflect the predictable component of analyst forecast errors. This evidence conflicts with conclusions in prior research relying on traditional approaches to predicting analyst...

Many economic decisions involve a binary choice - for example, when consumers decide to purchase a good or when firms decide to enter a new market. In such settings, agents' choices often depend on imperfect expectations of the future payoffs from their decision (expectational error) as well as...

We provide a new and superior measure of U.S. GDP, obtained by applying optimal signal-extraction techniques to the (noisy) expenditure-side and income-side estimates. Its properties - particularly as regards serial correlation - differ markedly from those of the standard expenditure-side...

This paper uses data from eight different consumption questionnaires randomly assigned to 4,000 households in Tanzania to obtain evidence on the nature of measurement errors in estimates of household consumption. While there are no validation data, the design of one questionnaire and the...

Filtered consumption growths, constructed from a broad set of macro variables, improve cross-sectional asset pricing on portfolios formed on size, book-to-market equity, and past performance compared to observed consumption growth. I use two methods to construct measures of filtered consumption...

The optimized portfolio that is calculated by a covariance matrix has large sensitivities to small eigen values of the covariance matrix. Estimation of sampling errors for small eigen values is quite important for fund managers who construct their portfolios from estimated covariance matrixes....

Existence of premiums for factors is known to quantitative equity fund managers. They use factors to get premium of them when they construct (factor tilted) portfolio from a lot of stocks.They try to use many factors in order to get the premiums effectively by calculating covariance of each...

We use recently collected retrospective survey data to estimate the displacement effect of pension wealth on household savings. The third wave of the Survey of Health, Ageing and Retirement in Europe, SHARELIFE, collects information on the entire job history of the respondent, a feature missing...

The value of option grants to CEOs is defined in two different ways. Fair values are grant-date estimates of expected values from future option contract settlement. Payouts from exercise are realized values from option contract settlement. We refer to the cumulative difference between the fair...