作者：Pástor, L; Stambaugh, RF
作者单位：University of Chicago; National Bureau of Economic Research; University of Pennsylvania
摘要：This study investigates whether marketwide liquidity is a state variable important for asset pricing. We find that expected stock returns are related cross-sectionally to the sensitivities of returns to fluctuations in aggregate liquidity. Our monthly liquidity measure, an average of individual-stock measures estimated with daily data, relies on the principle that order flow induces greater return reversals when liquidity is lower. From 1966 through 1999, the average return on stocks with high...
作者：Plug, E; Vijverberg, W
作者单位：University of Amsterdam; Tinbergen Institute; University of Texas System; University of Texas Dallas
摘要：When parents are more educated, their children tend to receive more schooling as well. Does this occur because parental ability is passed on genetically or because more educated parents provide a better environment for children to flourish? Using an intergenerational sample of families, we estimate on the basis of a comparison of biological and adopted children that about 55-60 percent of the parental ability is genetically transmitted.
