This paper employs the Chi-value to analyse who benefits from investments in general or in specific human capital, the employer or the employee. Within this framework, we replicate the standard results of human capital theory.

Summary This paper employs the χ-value to analyse who benefits from investments in general or in specific human capital, the employer or the employee. Within this framework, we replicate the standard results of human capital theory.

This paper analyses whether the consumption based capital asset pricing model is consistent with asset return data from Denmark, Italy, Norway and Austria. The performance of the CCAPM is evaluated by applying the nonparametric methodology of Hansen and Jagannathan (1991) and adopting five...

Summary This paper analyses whether the consumption based capital asset pricing model is consistent with asset return data from Denmark, Italy, Norway and Austria. The performance of the CCAPM is evaluated by applying the nonparametric methodology of Hansen and Jagannathan (1991) and adopting...