Job Market Signaling and Employer Learning This paper extends the job market signaling model of Spence (1973) by allowing firms to learn the ability of their employees over time. Contrary to the model without employer learning, we find that the Intuitive Criterion does not always select a unique separating equilibrium. When the Intuitive Criterion bites and information is purely asymmetric, the...

This study extends from Liu and Mei (1992) by further investigation of assets, real estate related securities, which includes both equity and mortgage real estate investment trusts (REITs), the stocks of builderand owner-companies, and mortgagebacked securities (MBSs). There are five major findings. First, expected excess returns of real estate related securities are more predictable than the e...

Since 2001 the European Commission banned the use of meat and bone meal and its byproducts in diets for livestock animals (EC directive 999/2001) in order to assure consumer safety on animal products. Consequently, soybean meal became the most utilised protein source in the intensive livestock systems. Moreover, the proteins of this source are low degradable in the rumen and well proportioned t...

In a model with endogenous number of innovating firms, we show that whether patent protection increases R&D investment is ambiguous, and depends on the market demand function and the cost of R&D. If the market size increases with number of firms, patent protection reduces R&D investment if the cost of R&D is sufficiently high, and higher product differentiation increases the possibility of lowe...

This paper presents the case for and the evidence in favour of passive investment strategies and examines the major criticisms of the technique. I conclude that the evidence strongly supports passive investment management in all markets—smallcapitalisation stocks as well as large-capitalisation equities, US markets as well as international markets, and bonds as well as stocks. Recent attacks on...

Network equipment vendors are increasingly incorporating a programmable microprocessor on network interfaces to meet the performance and functionality requirements of present and emerging applications in parallel with market demand. This study identifies some properties of programmable network interface (PNI) workloads and their execution characteristics on modern high-performance microprocesso...