We examine whether macroeconomic risk can explain momentum profits internationally. Neither an unconditional model based on the Chen, Roll, and Ross (1986) factors nor a conditional forecasting model based on lagged instruments provides any evidence that macroeconomic risk variables can explain...

In the G7 countries, the short-horizon performance of aggregate return predictors such as the dividend yield and the short rate appears non-existent during business cycle expansions but sizable during contractions. This phenomenon appears related to countercyclical risk premiums as well as the...

<link rid="b6">Bloomfield and Hales (2002)</link> find strong evidence that experimental market subjects are influenced by trends and patterns in a manner supportive of the shifting regimes model of <link rid="b3">Barberis, Shleifer, and Vishny (1998)</link>. We subject the model to further empirical scrutiny using the football wagering...

The loan commitment or credit line is today the most pervasive arrangement in bank commercial lending. Due to their increased prevalence, credit lines have come under increased regulatory scrutiny, especially as risk-based capital requirements have been imposed on banks in recent years.<p> <p>Two main...</p></p>