There have been numerous studies that examined the earnings determination of Major League Baseball (MLB) and National Football League (NFL) professional athletes, but relatively little attention has been paid to the earnings determination of professional golfers. The important difference between...

Economic development in Japan prior to World War II involved the expansion of labor intensive manufacturing industries that employed a large proportion of women. This was accompanied by the growth in vocational education for women as well as for men. Was the growth in vocational education,...

Τhe emergence of the neo-liberal doctrine in the European Union (EU), as this is reflected by the prevalence of monetarism and market deregulation, has spawned a wave of criticism to be leveled at the way national macroeconomic policies have been conducted, with more emphasis on the...

This paper identifies the output gap using the theoretical definition of the gap within a Phillips curve in the spirit of the New Keynesian framework. Using Peruvian data for the period 1980:1-2005:4, the results indicate a very flat slope of the Phillips curve but the output gap is large and...

Fama and French’s (1999) internal rate of return method is applied to Datastream data from 1993-2001 for 81 non-financial firms listed on the New Zealand Stock Exchange. The nominal return on value is 7.09%. The real return on value is 5.07%. The nominal return on cost is 11.59%. The real...

This paper analyzes monetary policy conditions in Spain before and after the changeover to the Euro as the single European currency. We use forward-looking Taylor-type rules to describe the Banco de España's pre-Euro monetary policy and find that it was clearly inflation stabilizing. Compared...

This paper uses annual US data to examine the causal relationship between immigration and real GDP. Despite its implications for policy, a statistically robust relationship between these two series has been difficult to pin down. Our tests reveal that both the series are break-stationary....

The conventional computational algorithms for full information maximum likelihood (FIML) estimation of the censored probit model (see Farber, 1983), will sometimes fail to converge when the estimated value of the correlation coefficient (ñ) approaches ±1; even when the true value of ñ is not...

This paper provides a comprehensive analysis of the nonlinear properties of multifactor pricing models. Beginning with the generalized geometric Brownian motion, we develop a method whereby the log returns of a set of d-assets or portfolios admit a scale mixture model. This is followed by an...

In this paper, we conduct a set of Monte Carlo sampling experiments to examine the effect of design characteristics on the inequality restricted maximum entropy (RME) estimator. We generate data under varying design characteristics, and estimate the parameters using maximum entropy and least...