This study examines the performance of actively managed Australian equity funds and the extent to which both fund size and manager size is related to risk-adjusted returns. Larger investment managers, by definition, engage in higher trade volume. The literature documents that transaction costs and trade difficulty increase with trade size, given difficulties associated with ‘large’ trades and t...

The cost-effectiveness of unilateral emission abatement can be seriously hampered by emission leakage. We assess three widely-discussed proposals for leakage reduction targeted at energyintensive and trade-exposed industries: border tax adjustments, output-based allocation and industry exemptions. We find that none of these measures amounts to a “magic bullet” when both efficiency and equity cr...

We provide empirical evidence that the removal of work disincentives embedded in retirement earnings tests can increase old-age labor supply considerably, but it does so at cost more income inequality. To identify causal effects, we exploit a reform Norwegian early program, which entailed adjacent birth cohorts faced completely different incentives from age 62. The removed strict test such pens...

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We explore a new panel data set on bilateral gross cross-border equity flows between 14 countries, 1989-96. We show that a “gravity” model explains international transactions in financial assets at least as well as goods trade transactions. Gross transaction flows depend on market size in both source and destination country as well as trading costs, in which both information and the transaction...

Even if trade liberalization results in the aggregate welfare gains over all households, it is possible that the poorest households could lose. Is it possible to undertake the reform in such a way that ensures that the poor will not lose? We illustrate two approaches that might be used to design a trade liberalization in Turkey that meets these equity goals. The first approach uses direct compe...

This chapter addresses a topical issue: the creation of a global market for carbon dioxide (CO2) emission permits.1 The recent adoption in the Kyoto Protocol of an ambitious target for global CO2 emission has focused attention on policy instruments for achieving this goal. In addition, increasing awareness of the economic burden of environmental protection has produced an interest in market-bas...

Triple-bottom-line outcomes from resource management and conservation, where conservation goals and equity in social outcomes are maximized while overall costs are minimized, remain a highly sought-after ideal. However, despite widespread recognition of the importance that equitable distribution of benefits or costs across society can play in conservation success, little formal theory exists fo...