See the article in <I>Computers Environment and Urban Systems</I> (2013). Volume 38, pages 67-77.<P> This paper aims to provide a new methodological and empirical contribution to the rising literature on the relative performance and benchmarking of large cities in a competitive world. On the basis of a...</p></i>

See the article in the <I>Annals of Financial Economics</I> (2013). Volume 8, issue 2, pages 1-18.<P> In this paper, we develop a modified maximum likelihood (MML) estimator for the multiple linear regression model with underlying student t distribution. We obtain the closed form of the estimators, derive...</p></i>

Risk managers use portfolios to diversify away the unpriced risk of individual securities. In this article we compare the benefits of portfolio diversification for downside risk in case returns are normally distributed with the case of fat-tailed distributed returns. The downside risk of a...

This discussion paper led to a publication in <I>Economics Letters</I> (2014). Vol. 123(3), pages 291-294.<P> Hausman (1978) developed a widely-used model specification test that has passed the test of time. The test is based on two estimators, one being consistent under the null hypothesis but...</p></i>

Risk managers use portfolios to diversify away the unpriced risk of individual securities. In this article we compare the benefits of portfolio diversification for downside risk in case returns are normally distributed with the case of fat-tailed distributed returns. The downside risk of a...

Actual portfolios contain fewer stocks than are implied by standard financial analysis that balances the costs of diversification against the benefits in terms of the standard deviation of the returns. Suppose a safety first investor cares about downside risk and recognizes the heavy

Actual portfolios contain fewer stocks than are implied by standard financial analysis that balances the costs of diversification against the benefits in terms of the standard deviation of the returns. Suppose a safety first investor cares about downside risk and recognizes the heavytail feature...

This discussion paper resulted in a publication in the <A href="http://www.sciencedirect.com/science/article/pii/S0167629614001180">'Journal of Health Economics'</A> 2015, 39, 17-30.<P> This is the first study to analyze effects of in utero exposure to the severe Dutch Hunger Winter famine (1944/45) on labor market outcomes and hospitalization. This famine is clearly demarcated...</p></a>

This discussion paper resulted in the publication 'Wealth and Health Behavior: Testing the Concept of a Health Cost' (2014). Volume 72, pages 197-220.<P> Wealthier individuals engage in healthier behavior. This paper seeks to explain this phenomenon by developing a theory of health behavior, and...</p>