Many equilibrium term structure models (ETSMs) in which the state of the economy follows an affine process imply that the variation in expected excess returns on bond portfolio positions is fully spanned by the conditional variances of the state variables. We show that these two assumptions alone– an affine state process with conditional variances that span expected excess returns– are sufficie...

We establish several new findings on the relation between capital flow in commodity markets and asset returns. Capital flowing into commodity markets, as measured by high open-interest growth, predicts high commodity returns and low bond returns. Open-interest growth is a more powerful and robust predictor of commodity returns than other known predictors such as the short rate, the yield spread...

this study investigated the effects of land size and two leased and private farming systems of machinery on economic efficiency and factors such as total production cost per hectare (ratio of total cost of agricultural inputs and operations to farm size), total income (ratio of product and byproduct value to farm size), yield (ratio of crop production to farm size) and degree of mechanization f...

The integration of Andrographis paniculata under Pinus roxburghii (Chir pine) plantation has been studied to evaluate the growth and yield for its economic viability and conservation. It was grown on three topographical aspects, namely, northern, north-western, and western, at a spacing of 30 cm × 30 cm, followed by three tillage depths, namely, minimum (0 cm), medium (up to 10 cm), and deep (u...

Many equilibrium term structure models (ETSMs) in which the state of the economy zt follows an affine process imply that the variation in expected excess returns on bond portfolio positions is fully spanned by the set of conditional variances ς2 t of zt. We show that these two assumptions alone– spanning of expected excess returns by the variances ς2 t of affine processes zt– are sufficient to ...