The expected market return is a number frequently required for the solution of many investment and corporate tinance problems, but by comparison with other tinancial variables, there has been little research on estimating this expected return. Current practice for estimating the expected market

. Ross This paper uses an intertemporal general equilibrium asset pricing model to study the term structure of interest rates. In this model, anticipations, risk aversion, investment alternatives, and preferences about the timing of consumption all play a role in determining bond prices. Many

Many countries strive to attract foreign direct investment (FDI) in the hope that knowledge brought by multinationals will spill over to domestic industries and increase their productivity. In contrast with earlier literature that failed to find positive intra-industry spillovers from FDI

or variety which tend to be overlooked in the aggregate statistics, even if they increase output at the firm-level. Furthermore, the restructuring and cost-cutting that are often necessary to realize the potential benefits of IS have only recently been undertaken in many firms. Our study uses new firm

Many governments offer significant inducements to attract inward investment, motivated by the expectation of spillover benefits. This paper begins by reviewing possible sources of spillovers. It then provides a comprehensive evaluation of the empirical evidence on productivity, wages and exports

We develop a simple rational model of active portfolio management that provides a natural benchmark against which to evaluate observed relationship between returns and fund flows. Many effects widely regarded as anomalous are consistent with this simple explanation. In the model, investments

This art ic le f irs t traces the changing world economic scenario for international busi-ness over the past two decades, and then goes on to examine its implications for the location of foreign direct investment and multinational enterprise activ-ity. It suggests that many of the explanations

ABSTRACT Returns to investment in education based on human capital theory have been estimated since the late 1950s. In the 40-plus year history of estimates of returns to invest-ment in education, there have been several reviews of the empirical results in attempts to establish patterns. Many more

Currently, two modelsof innovation are prevalent in organization science. The "private investment" model assumes returns to the innovator resultfsu private goods andef ficient regimesof intellectual property protection. The "collective action" model assumes that under

Are business cycles mainly the result of permanent shocks to productivity? This paper uses a long-run restriction implied by a large class of real-business-cycle models-identifying permanent productivity shocks as shocks to the common stochastic trend in output, consumption, and investment