Using the threshold structural VAR model, this paper examines the multiheterogeneity impacts of international oil price shocks on Chinese stock market in the background of financialization. The research finds: (1) the effects of oil price shocks on stock returns are different across sectors and the responses of stock returns are larger in bear markets. The nonlinear effects of oil supply shocks...

In recent years, there has been increasing emphasis in the rural development literature on the multiple income-generating activities undertaken by rural households and the importance of assets in determining the capacity to undertake these activities. Controlling for endogeneity choice and applying Lee's generalization of Amemiya's two-step estimator to a simultaneous equation model, household ...

Differences in worker skill cause modest differences in wages within a country, but are associated with massive differences in productivity across countries (Hanushek and Kimko, 2000). I build upon Kremer’s (1993) O-ring theory of production to explain this stylized fact. I posit that there are two kinds of jobs: O-ring jobs where strategic complementarities to skill are large, and a diminishin...

The Australian listed property sector has experienced substantial growth over the past decade. Relative to international property markets, Australia has the highest percentage of listed real estate and the highest proportion that makes up the total equity market in the world, hence, making it an important component of domestic financial markets. This study employs the Stone (1974) two factor as...

This paper describes the Italian real estate investment funds industry, providing an overview of the distinctive features and risk factors of this sector. By using accounting and supervisory data, we: (1) compute the returns of the real estate assets in the portfolio of these funds; (2) construct a price index and a total return index of the real estate assets held by the Italian funds; (3) def...

It is well known that if a monopolist serving a market of substitute products can perfectly price discriminate, the socially optimal set of products (or ‘characteristics’) will be supplied. This follows since the profits of the perfectly discriminating monopolist are equal to the consumers’ surplus. Thus the monopolist will provide the product selection that maximizes consumers’ surplus [see Wh...

The paper explores the interaction between sector-specific human capital accumulation and sector-specific productivity or demand shocks. Our objective is to better understand the determinants of skill and experience premia, the costs of displacement for workers with long job tenure, and the nature of unemployment among such workers. For example, our model suggests why skilled workers can remain...

Kenneth Arrow and Robert Lind have recently proved a theorem on risky public projects, stating that under certain conditions the social cost of the risk tends to zero as the population tends to infinity, so that projects can be evaluated on the basis of expected net benefit alone. The present note gives an alternative formulation and a short new proof of the theorem, and uses these to examine t...

gerous, tool. More than two decades ago, the late Otis Dudley Duncan (1984:226) warned us concerning the danger of “statisticism”: “the notion that computing is synonymous with doing research, the naïve faith that statistics is a complete or sufficient basis for scientific methodology, the superstition that statistical formulas exist for evaluating such things as the relative merits of differen...

In a sector characterised by patenting, direct appropriations and returns from investment, the Structural Genomics Consortium (SGC) constitutes radically different public-private entirely ope...