This paper introduces an econometric theory which extends the Fama-MacBeth procedure for estimating risk adjusted returns by providing better estimators for security market line (SML) parameters. We show that the FM estimator violates necessary conditions for normality so that studies using it...

This paper introduces benevolent agency and loan pricing in financial intermediation when a regulator uses capital as incentive and delegates monitoring to financial intermediaries who are better at screening, assessing risks and issuing loans to borrower firms. The model predicts three...

This paper provides a sectoral examination of the impact of trade policies and custom valuation procedures on estimating the dollar value of time varying import content of Japanese transplant automobiles. Using monthly data from 1985 to 1992, we introduce an error correction model (ECM) and a...

This paper provides an empirical investigation of the agency relationship between the public sector and small firms targeted for assistance by examining micro and macro data for a cross section of eligible women business enterprises (WBEs). Using hedonic sales and employment indices we find that...