a r t i c l e i n f o For adolescent girls in Sub-Saharan Africa, social isolation and economic vulnerability are critical problems that prevent a healthy transition from girlhood into womanhood. This study examines the effect of a multi-dimensional intervention on social, health and economic assets, as well as experiences of sexual harassment, among vulnerable adolescent girls aged 10–19 livin...

This paper studies the relationship between investor risk preferences and asset returns. The paper provides direct evidence on the risk aversion of participants in a securities market. It uses the prices of lottery bonds issued by the Imperial Russian Government in 1864 and 1866 to estimate investor risk aversion and to study changes in preferences toward risk. Time variation in investor risk p...

A cademic Ž nance has evolved a long way from the days when the efŽ cient markets theory was widely considered to be proved beyond doubt. Behavioral Ž nance—that is, Ž nance from a broader social science perspective including psychology and sociology—is now one of the most vital research programs, and it stands in sharp contradiction to much of efŽ cient markets theory. The efŽ cient markets th...

This paper explores the relationship between education and the evolution of wealth after retirement. Asset growth following retirement depends in part on health capital and financial capital accumulated prior to retirement, which in turn are strongly related to educational attainment. These “initial conditions” for retirement can have a lingering effect on subsequent asset evolution. Our aim is...

Can consumption growth risk (or consumption beta) serve a better measure of risk than market beta? This paper answers this question by testing and comparing the performance of the traditional Capital Asset Pricing Model (CAPM) and consumption-based CAPM (CCAPM) across seven financial market sub-sectors in the emerging Taiwan stock market. The empirical performance of the CAPM is encouraging. Th...

In this paper we take up Bayesian inference for the consumption capital asset pricing model. The model has several econometric complications. First, it implies exact relationships between asset returns and the endowment growth rate that will be rejected by all possible realizations. Second, it was thought before that it is not possible to express asset returns in closed form. We show that Labad...

The equity premium puzzle shows that using standard parameters and setup, the Consumption-based Capital Asset Pricing Model’s (CCAPM’s) prediction of the premium associated with systematic risk is out by an order of magnitude. The object of this paper is to consider the implications of each of the broad classes of explanations of the equity premium puzzle for resource allocation, welfare and po...

We demonstrate that in a CAPM economy Walras Law and the Tobin Separation Property characterize market demand on nite sets of prices. Consequently, for any number n there exist CAPM economies which have at least n equilibria and hence have n di erent beta pricing formulas. It is shown that the lower bound on the number of equilibria, n, is robust to pertubations of endowments.