We provide a statistical interpretation of current practice in climate modeling. In this review, we define weather and climate, clarify the relationship between simulator output and simulator climate, distinguish between a climate simulator and a statistical climate model, provide a statistical...

This paper studies the link between secondary market liquidity for a corporate bond and the bond's yield spread at issuance. Using ex-ante measures of expected liquidity at the time of issuance, based on the characteristics of the underwriting syndicate, we find an economically large impact of...

This paper examines the transition of economies of Albania and the Czech Republic, noting that their relative failure and success could have been predicted by academic literature. Financial intermediation theory predicted the rise of independently created mutual funds in the Czech Republic,...

We find that investors across the globe differentially prefer dividend-paying stocks over non-dividend-paying stocks more in declining markets than in advancing markets, whether in developed or emerging markets or before or after the 2008 global crisis, even accounting for growth opportunities,...

The purpose of this paper is to compare execution prices of NYSE-listed stocks on the NYSE and on non-NYSE markets. The first conclusion of this comparison is that most of the time the NYSE had the best quote. This result does not necessarily imply that execution prices on the NYSE are better...