This paper documents the extent to which homeowners use housing equity to smooth their marginal utility of consumption over time. Unlike drawing down other forms of saving, accessing accumulated home equity can be quite costly. As a result, households accumulating home equity could be liquidity constrained in the sense that they would like to access this equity to fund consumption but are unwil...

This paper provides an 'equity lens' through which practitioners, policy makers and researchers can measure and monitor the equity of healthcare services provided. An argument is put forward which shows that services need to be assessed in terms of inequities, as opposed to the more often used terms of inequalities or disparities. This is not just a semantic argument, rather it is based on the ...

This paper considers the role of foreign investors in developed country equity markets. It presents a quantitative model of trading that is built around two new assumptions about investor sophistication: (i) both the foreign and domestic populations contain investors with superior information sets; and (i i) these knowledgeable investors have access to both public equity markets and private inv...