One of the stylized facts from the literature on international activities of heterogeneous firms is the existence of a positive exporter productivity premium on average, exporting firms are more productive than firms that sell on the national market only. In this paper, we look at the productivity distribution of both exporting and non-exporting firms in German manufacturing industries. We reco...

This paper investigates howconcern for the environment translates into predictable patterns of consumer behavior. Two types of behavior are considered. First, individuals who care about environmental quality may voluntarily restrain their consumption of goods and services that generate a negative externality. Second, individuals may choose to pay a price premium for goods and services that are ...

This paper is primarily concerned with the impacts of population aging upon education and skill premium. To study population aging, we utilize an overlappinggeneration model where survival into the old stage is uncertain and population aging is modelled via a higher survival rate. Featuring the household, education and production sectors, our model is analysed under both autarky and two-country...

The main objective of the present study was to formulate gastroretentive effervescent sustained release drug delivery systems of risperidone floating tablets with the help of Methocel® K15, Ethocel® standard 7FP premium, Eudragit ® RS100 sustained release polymers to improve its safety profile, bioavailability and patient compliance. Risperidone floating tablets were formulated by wet granulati...

While a host of economic variables have been identified in the literature with the apparent in-sample ability to predict the equity premium, Goyal and Welch (2007) find that these variables fail to deliver consistent out-of-sample forecast gains relative to the historical average. In this paper, we demonstrate that despite the failure of individual predictive regression model forecasts to outpe...

This paper presents a dynamic portfolio choice model to analyze the liquidity premium necessary to compensate an investor for the adverse price impact of trading. By calibrating the model to empirically reasonable parameter values, we generate a plausible liquidity premium. Specifically, the premium is an increasing, concave function of price impact. It increases with the investor’s initial wea...

This paper presents asset predictability evidence from the difference between implied and expected variances or variance risk premium that: (1) the variance difference measure predicts a significant positive risk premium across equity, bond, and credit markets; (2) the predictability is short-run, in that it peaks around one to four months and dies out as the horizon increases; and (3) such a s...

This paper analyzes the ability of both economic variables and moving-average rules to forecast the monthly U.S. equity premium using out-of-sample tests for 1960–2008. Both approaches provide statistically and economically significant out-of-sample forecasting gains, which are concentrated in U.S. business-cycle recessions. Nevertheless, economic variables and moving-average rules capture diff...

In this paper we provide a framework that explains how the market risk premium, defined as the difference between forward prices and spot forecasts, depends on the risk preferences of market players and the interaction between buyers and sellers. In commodities markets this premium is an important indicator of the behavior of buyers and sellers and their views on the market spanning between sho...