We study 6,686 IPOs spanning the period 1981-2005 and find that the new issues puzzle disappears in a Fama-French three-factor framework. IPOs do not underperform in the aftermarket on a risk-adjusted basis and do not underperform a matched sample of non-issuers. IPO underperformance is concentrated in the 1980’s and early 1990’s, and IPO’s either perform the same as the market, or outperform o...

We show that a one-sector real business cycle model with mild increasing returns-toscale and variable capital utilization is able to produce qualitatively realistic business cycles driven solely by aggregate demand shocks. In particular, a positive government spending shock can lead to simultaneous increases in output, consumption, investment, employment, labor productivity and the real wage. O...

OBJECTIVE To determine whether women, ethnic minorities, and particular specialties are discriminated against in the receipt of NHS distinction awards. DESIGN Analysis of database of consultants eligible for distinction awards. SETTING England and Wales, 2002. MAIN OUTCOME MEASURES Holding of B, A, and Aplus distinction awards, analysed for all awards, irrespective of when made, and for a...