M. Friedman (1956) suggests that the demand for money should be analyzed in terms of consumer demand theory, although often the interpretation of empirical results from studies using aggregate data appears to be in terms of the "motives approach" (i.e., transactions, precautionary, and...

The VAR methodology of J. Y. Campbell and R. J. Shiller (1989) is employed under four different assumptions regarding equilibrium expected returns to assess the efficiency of the U.K. stock market. In the authors' first model, equilibrium expected (real) returns are assumed to be constant, while...

We investigate the performance of winners and losers for German equity mutual funds (1990-2009), using empirical order statistics. When using gross returns and the Fama-French three-factor model, the number of statistically significant positive alpha funds is zero but increases markedly when...