the theoretical base of this paper is the economic growth model that completed with capital stocks (private and public) and human capital. at the first, hypothesis test about constant returns to scale is studied, and then the related variables with macroeconomic policies are added to the model. the results show that 1) the aggregate production function exhibits increasing returns to scale, 2) p...

Sector funds are an important and growing segment of the mutual fund industry. This paper analyzes the performance of 609 actively managed stock sector funds listed on the CRSP Survivor-Bias Free US Mutual Fund Database during 1972-1999. We use a five-factor model to document the following results. First, sector funds as a group neither outperform nor underperform their benchmarks. Second, sect...

This study has the aim of sizzling, analyzing and operating flow net income on stock returns in 2016-2019 agricultural sector. uses secondary data contained Indonesia Stock Exchange. With sample technique carried out by author, authors obtained a this as many 8 companies from 21 sector, with annual flows to returns, resulting 32 study. The results showed that partially Operating Cash Flow no ef...

What Do Unions Do for Economic Performance? Twenty years have passed since Freeman and Medoff's What Do Unions Do? This essay assesses their analysis of how unions in the U.S. private sector affect economic performance productivity, profitability, investment, and growth. Freeman and Medoff are clearly correct that union productivity effects vary substantially across workplaces. Their conclusion...

This paper examines the relationships between Internet message-board activity and abnormal stock returns and between Internet message-board activity and abnormal trading volume. This study focuses on RagingBull.com and Internet service sector stocks. I choose RagingBull.com because its format enables me to measure investor opinion objectively. I find that on days with abnormally high message ac...

This paper revisits the old question of whether wage growth di¤ers by education level. Do more educated workers invest more than less educated workers in …rm speci…c, sector speci…c or general human capital? Do they gain more from improved job match? The paper makes both a methodological and a substantive contribution by o¤ering an alternative strategy for separately identifying returns to gene...

After the collapse of the housing bubble in 2007, severe fire sales of assets in the financial sector are accompanied by a rise in the volatility of asset returns in the non-financial firms. To account for their co-movements, I develop a model that highlights the interaction between the financial health of the banking sector and the volatility of asset returns. The novel feature of the model is...

I propose a new measure of common, time-varying tail risk for large cross sections of stock returns. Stock return tails are described by a power law in which the power law exponent is allowed to transition smoothly through time as a function of recent data. It is motivated by asset pricing theory and is estimable via quasi-maximum likelihood. Estimates indicate substantial time variation in sto...

This paper uses 1988 and 1995 data from a national household survey to study across-region dispersions and changes over time in returns to education for a large number of Chinese cities and to analyze the determinants of schooling returns during economic transition. On average, the estimated rates of return at the city level increased from 3.1 to 5.1% between these two years and the dispersion ...

We consider a discrete-time two-sector Cobb-Douglas economy with positive sector specific external effects and partial depreciation of capital. We show that local indeterminacy of steady states and cycles can easily arise with constant social returns to scale, and very small market imperfections. However these properties of equilibrium paths become less likely in the case of partial depreciatio...