The article deals with the problem of West European and Nordic countries small economies as well as ultra-small autonomous territories of Alands and Faeroes island's development. The latter are considered as the <<competitive sub-peripheries> areas due to the special industrial organization development, stimulated by the...</<competitive>

This paper investigates the effects of economic policy on regional specialization of China's high-tech industries for the period 1996 to 2005. Results indicate that the average level of regional specialization increases over years. Moreover, high-tech industry sector is highly localized in...

The article deals with the problem of West European and Nordic countries small economies as well as ultra-small autonomous territories of Alands and Faeroes island's development. The latter are considered as the «competitive sub-peripheries» areas due to the special industrial organization...

The article deals with the problem of West European and Nordic countries small economies as well as ultra-small autonomous territories of Alands and Faeroes island's development. The latter are considered as the «competitive sub-peripheries» areas due to the special industrial organization...

I provide new evidence on the failure of the Q-theory. The Q-theory implies the state-by-state equivalence of stock and investment returns|a important implication of many asset pricing models. Using aggregate US data, I find there exists a realistic parameterization of the aggregate production...

Empirically, the conditional volatility of aggregate consumption growth varies over time. While many papers test the consumption CAPM based on realized consumption growth, little is known about how the time-variation of consumption growth volatility affects asset prices. We show that in a model...

A firm seeks to raise capital in credit markets to fund risky operating activities. The firm has private information about the future cash flows from such activities. Firm owners delegate operating decisions to a manager who privately learns further information about the distribution of those...

While aggregate earnings should affect aggregate stock returns, standard portfolio theory predicts that the cross-sectional dispersion in firm-level earnings would not affect aggregate stock returns. Nonetheless, this paper demonstrates a surprisingly robust relation between cross-sectional...

The question we ask is: within the set of a three-period-lived OLG economies with a stochastic endowment process, a stochastic dividend process, and sequentially incomplete complete markets, under what set of conditions may a set of government transfers dynamically Pareto dominate the laissez...