This paper evaluates persistence in the performance of institutional equity managers. We build on recent work on conditional performance evaluation, using time-varying conditional expected returns and risk measures. We find evidence that the investment performance of pension fund managers...

We evaluate the performance of fixed income mutual funds using stochastic discount factors motivated by continuous-time term structure models. Time-aggregation of these models for discrete returns generates new empirical “factors,” and these factors contribute significant explanatory power...

There is little consensus and some degree of confusion over the meanings of the polarity and polarization concepts. An argument is advanced for viewing these phenomena as distinctly separate with polarity referring to the distribution of power among states and polarization referring to the...

This paper compares Galtung's theory of imperialism with the more complex global network views of Dominguez. Galtung's theory states that economic, political, military, and cultural transactions are vertically fused into a “feudal structure†such that the center nations dominate all...