The Cochrane Library. The single most reliable source of evidence in healthcare The Cochrane Reviews highlighted below are available from the Cochrane Database of Systematic Reviews (www.thecochranelibrary.com) Cochrane Reviews are regularly updated as new evidence emerges and in response to feedback, and the Cochrane Database of Systematic Reviews should always be consulted for the most recent...

This paper offers an alternative explanation for what is typically referred to as an asset pricing bubble. We develop a model that formalizes the Cochrane (2002) convenience yield theory of technology company stocks to explain why a rational agent would buy an “overpriced” security. Agents have a desire to trade but short-sale restrictions and other frictions limit their trading strategies and ...

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The Cochrane Library. The single most reliable source of evidence in healthcare The Cochrane Reviews highlighted below are available from the Cochrane Database of Systematic Reviews (www.thecochranelibrary.com) Cochrane Reviews are regularly updated as new evidence emerges and in response to feedback, and the Cochrane Database of Systematic Reviews should always be consulted for the most recent...

The Cochrane Library. The single most reliable source of evidence in healthcare The Cochrane Reviews highlighted below are available from the Cochrane Database of Systematic Reviews (www.thecochranelibrary.com) Cochrane Reviews are regularly updated as new evidence emerges and in response to feedback, and the Cochrane Database of Systematic Reviews should always be consulted for the most recent...

Our goal is to understand the response of bond returns to the government’s fiscal imbalances. We offer a framework that defines fiscal imbalances and links them to returns on government bonds. We show that our measure of fiscal imbalances contains significant information about future returns on the government’s debt portfolio up to two years. We also show that fiscal imbalances have significant...