This paper reexamines evidence on the monotonicity of the term premium. Using a recently developed approach for testing inequality constraints, we propose and conduct tests for whether the term premium is monotonic and reach different conclusions from those implied by individual quot;t-...

This article provides a unified approach for testing serial correlation in stock returns. We describe a general class of statistics which are linear combinations of consistent estimators of autocorrelations. As special cases, we show that this class captures many of the statistics studied in the...

An insightful look at how to reform our broken financial system The financial crisis that unfolded in September 2008 transformed the United States and world economies. As each day's headlines brought stories of bank failures and rescues, government policies drawn and redrawn against the backdrop...