作者：Cuthbertson, K; Hayes, S; Nitzsche, D
作者单位：Universidad Nacional Autonoma de Mexico
摘要：The VAR methodology of Campbell and Shiller !(1989) is employed under four different assumptions regarding equilibrium expected returns to assess the efficiency of the UI; stock market. In our first model. equilibrium expected (real) returns are assumed to be constant, while in the second model. excess returns are assumed to be constant. The next two models assume that equilibrium returns depend upon a time-varying risk premium which varies with the conditional expectation of the return varian...
作者：Ades, A; DiTella, R
作者单位：University of Oxford
摘要：We present a hold-up model of investment where active industrial policy promotes both corruption and investment. Since corruption deters investment, the effect of industrial policy on investment is lower than when corruption is absent. We find evidence suggesting that corruption is indeed higher in countries pursuing active industrial policies. Policy implications are illustrated by decomposing the total effect of industrial policy into a positive, direct effect, and a negative, corruption-ind...
