This paper investigates transitory components in stock prices. After showing that statistical
tests have little power to detect persistent deviations between market prices and fundamental …

^ KL. ina: inancial economics has been enormously successful in explaining the relative
prices of different securities, a process facilitated by the powerful intuition of arbitrage. On the …

The sharp decline in the stock prices of several firms at which employees held a large fraction
of their 401 (k) plan assets in company stock, including Enron, Global Crossing, Lucent, …

This paper explores the dynamics of state taxes and spending during the late 1980s, when
regional economic downturns and increased expenditure demands led to substantial state …

Inflation reduces the effective cost of homeownership and raises the tax subsidy to owner
occupation. This paper presents an asset-market model of the housing market and estimates …

[I] f you observe, people always live forever when there is any annuity to be paid them... An
annuity is a very serious business; it comes over and over every year, and there is no getting …

This paper examines the potential influence of changing volatility in stock market prices on
the level of stock market prices. It demonstrates that volatility is only weakly serially correlated…

This article examines the relationship between demographic structure and the level of
government spending on K‐12 education. Panel data for the states of the United States over the …

This paper explores the link between changes in the aggregate value of corporate stock
and changes in consumer spending. It presents data on the distribution of corporate stock …

… Eugene Fama and Kenneth French as well as James Poterba and Lawrence Summers
have managed to detect mean reversion in US stock returns.6 While this evidence is consistent …