This paper investigates a relation between investor sentiment and performance of value stocks over growth stocks. To measure noise investors' sentiment, we use gauges: the CBOE equity put-call ratio and the market volatility (VIX) index. We find that value stocks tend to outperform growth stocks...

This paper attempts to make a contribution to the understanding of the factors that determine premiums/discounts of closed-end bond funds. Much research has been conducted to explain closed-end equity fund premiums/discounts. Very little evidence, however, has been developed to explain why...

This chapter is an up-to-date survey of the state-of-the art in consumer demand analysis. We review (and evaluate) advances in a number of related areas, in the spirit of the recent survey paper by Barnett and Serletis (2008). In doing so, we only deal with consumer choice in a static framework,...

This paper presents the differential approach to applied demand analysis. The demand systems of this approach are general, having coefficients which are not necessarily constant. We consider the Rotterdam parameterization of differential demand systems and derive the absolute and relative price...

Theoretical constraints on economic-model parameters often are in the form of inequality restrictions. For example, many theoretical results are in the form of monotonicity or nonnegativity restrictions. Inequality constraints can truncate sampling distributions of parameter estimators, so that...