Utilizing a unique database of daily trading activity, this study examines the ability of active Australian equity managers to earn superior risk-adjusted returns. We find evidence of superior trade performance, where performance is a function of stock size. Our findings indicate that active equity managers are able to successfully exploit private information more readily in stocks ranked 101-1...

This paper attempts to apply two principles of rationality--efficiency and equity--to the establishment of air quality standards for total suspended particulates in the USA. It is argued that standard setting should embrace either the use of some cost-benefit-risk criterion, or some concept of equity whereby risks are not reduced below levels judged to be acceptable elsewhere. There is often a ...

Health is perceived as most precious good, and people feel its vulnerability. Societies have been trying to absorb, ameliorate or compensate consequences and health risks with varying emphasis and varying success. Due to the uniqueness of good health to a persons’ ability to live the life he or she wants, health care and performance of health care systems are under critical observation. In this...

BACKGROUND There is a traditional tension in public policy between the maximization of welfare from given resources (efficiency) and considerations related to the distribution of welfare among the population and to social justice (equity). The aim of this paper is to measure the relative weights of the efficiency- and equity-enhancing criteria in the preferences of health policy-makers in Israe...

This paper investigates whether labor market regulations involve a trade-off between efficiency and equity. We use city level data on efficiency and equity outcomes, and we explore the regional variation in the enforcement of labor regulation across 5,513 Brazilian cities. Although not all of the variation in enforcement can be considered exogenous, we control for pre determined regional charac...

This paper examines a model to locate a facility within a given convex polygonal region taking two criteria of equity and efficiency into account. Equity, or rather inequality in the inhabitant-facility distances, is measured by minimizing the sum of the absolute differences between all pairs of squared Euclidean distances from inhabitants to the facility. This measure meets the Pigou-Dalton pr...

Considerable attention has been given to the efficiency-equity dilemma in explaining the territorial allocation of investment. However, centralization policies that seek to introduce or reinforce territorial hierarchies have yet to be subject to empirical analysis. Drawing on data from Spain, we show that investment in network modes is influenced by strategies of directing funding to the region...

Geographical and political research on urban service delivery—who benefits and why— has proliferated during the past two decades. Overall, this literature is not characterized by a particular attention to the importance of method in drawing conclusions about spatial equity based on empirical studies. Specifically, there has been scant interest in the effect of geographic methodology on assessin...