In this paper we survey the recent research on the fundamental determinants of stock returns. These studies explore how firms’ systematic risk and their investment and production decisions are jointly determined in equilibrium. Models with production provide insights into several types of empirical patterns, including: i) the correlations between firms’ economic characteristics and their risk p...

This article studies forecasting a macroeconomic time series variable using a large number of predictors. The predictors are summarized using a small number of indexes constructed by principal component analysis. An approximate dynamic factor model serves as the statistical framework for the estimation of the indexes and construction of the forecasts. The method is used to construct 6-, 12-, an...

Background Health is a complex phenomenon that can be studied from different approaches. Despite a growing research in the areas of Social Determinants of Health (SDH) and health equity, effects of macroeconomic policies on the social aspect of health are unknown in developing countries. This study aimed to determine the effect of macroeconomic policies on increasing of the social-health inequa...

An information-based model is developed where traditional and digital advertising finance the provision of free media goods affect price competition. The economy not efficient. Media are under provided. Additionally, there excessive when ads cannot be perfectly directed toward potential buyers. tax-cum-subsidy policy that overcomes these inefficiencies in an informationally-constrained characte...

This paper empirically investigates the impact of macroeconomic uncertainty on the spreads of credit default swaps (CDS). While existing literature acknowledges the importance of the levels of macroeconomic factors in determining CDS spreads, we show that the second moments of these factors—macroeconomic uncertainty—predict CDS spreads even in the presence of traditional macroeconomic factors s...