BEA is studying proposals to change the treatment of insurance services in the national accounts. There are 5 proposed changes: investment income will be added as a supplement to the premiums paid by policyholders; investment income is to include interest, dividends and capital gains; a measure of expected investment income will be incorporated; a measure of expected claims will be incorporated...

Various alternatives are available when designing a data collection system for portfolio investment (PI) statistics, in the context of balance of payments (BOP) and international investment position (IIP). Such systems differ according to the reporting agents they target, periodicity and level of aggregation, while the corresponding results vary in terms of implementation and running costs, ava...

CONDENSED statements of Association finances for the year 1952, prepared by the auditing firm of G. P. Graham & Company, are published herewith, in order that the entire membership may be fully informed regarding the financial operations, obligations, and resources of the AAAS. The first two statements summarize operating receipts and expenditures. Once again the annuity payments to the Cattell...

We expose a theorem of Pila and Wilkie on counting rational points in sets definable in o-minimal structures and some applications of this theorem to problems in diophantine geometry due to Masser, Peterzil, Pila, Starchenko, and Zannier.

William L. Wilkie is Nathe Professor of Marketing, University of Notre Dame (e-mail: [email protected]). How Did This Issue Come About? For much of my career, I have been intrigued with trying to comprehend what the field of marketing is actually about (and what it might be about, what it could be about, what it should be about, and so forth). In recent years, I have joined with my colleague Eliza...

In 1981, Paris and Wilkie [21] indicated it was an open question whether IΣ0 would satisfy the Second Incompleteness Theorem for Herbrand deduction. We will show that IΣ0 will both obey and defy the Herbrandized version of the Second Incompleteness Theorem, depending on which of several equivalent definitions of IΣ0 one examines.

Our study analyzes the determinants of investors’ risk taking behavior. We find that investors’ risk taking behavior such as portfolio choices can be predicted using risk attitudes, risk perceptions and belief measures such as optimism and overconfidence. However, the predictive power of these determinants heavily depends on the domain in which they were elicited. More specifically, risk attitu...

Models of capital investment in industrial organization typically treat bankruptcy as an involuntary and final outcome, yet firms that file under Chapter 11 of the U.S. Bankruptcy Code typically do so voluntarily and with the expectation that they will eventually emerge. Moreover, Chapter 11 permits cancellation or renegotiation of longterm contracts for labor and capital, effectively providing...

This paper analyzes the links between the firms investment technology and financial asset prices within a general equilibrium production economy. The model assumes that real investment is irreversible and subject to convex adjustment costs. It shows how these basic features of real investment naturally generate rich dynamics of stock returns. Firm investment activity and firm characteristics, p...