This paper explored and tested the risk-adjusted uncovered interest parity model to investigate the degree of capital mobility in the United States, Japan, the United Kingdom, and four East Asian emerging markets relative to China from January 1994 to July 2008. Evidence was found to strongly...

This paper aims to uncover the role of heterogeneity and spillover effects of return and risk on home bias associated with common background characteristics of trading countries. We adopt a spatial panel model to utilize uniquely created weight matrices and capture the spatial spillover effects...

This paper provides a theory and evidence that the risk premium puzzle may be viewed mainly as a phenomenon pertaining to the unstable foreign exchange market. In an unstable market, errors uncompensated by an initial risk premium accrue due to consumer expectation revision about the ex ante...

This study analyzes the extent to which greenhouse gas (GHG) emissions may be affected by a plan to purchase private forestland for the expansion of carbon sinks, focusing on how changes in forestland ownership affect deforestation and urbanization and how subsequent changes in deforestation and...

Over the decades, the traditional condemnation of slavery has been based not only on philosophical argumentation and moral values, but also on the conjecture that slavery was inefficient. This position led to one of the most passionate debates in economic history on the efficiency of the US...

Over the decades, the traditional condemnation of slavery has been based not only on philosophical argumentation and moral values, but also on the conjecture that slavery was inefficient. This position led to one of the most passionate debates in economic history on the efficiency of the US...

This paper studies the abnormal price behavior of Kangnam, a premium (high price) housing submarket in Seoul, Korea, which addresses the correlation between house prices, bank lending, and other factors, including income. Kangnam experienced the most dramatic price escalation during the study...

This paper explores the risk adjusted uncovered equity parity model to investigate a degree of market integration for four Asian emerging markets relative to the U.S., Japan and the U.K. from January 1994 to July 2008. The uncovered equity parity is revised to take into account of market risk in...