Monthly Archives: June 2005

The Returns to Entrepreneurial Investment: A Private Equity Premium Puzzle? Tobias J. Moskowitz; Annette Vissing-Jorgensen The American Economic Review, Vol. 92, No. 4. (Sep., 2002), pp. 745-778. Abstract We document the return to investing in U.S. nonpublicly traded equity. Entrepreneurial … Continue reading →

Informational Efficiency of Loans versus Bonds: Evidence from Secondary Market Prices EDWARD I. ALTMAN, AMAR GANDE, ANTHONY SAUNDERS December 2004 Abstract This paper examines the informational efficiency of loans relative to bonds using a unique dataset of daily secondary market … Continue reading →

Committees Versus Individuals: An Experimental Analysis of Monetary Policy Decision Making Clare Lombardelli, James Proudman and James Talbot International Journal of Central Banking, May 2005 Abstract We report the results of an experimental analysis of monetary policy decision making under … Continue reading →

Just dug this out from The Economist Online (originally published in print on September 9, 2004)… Can’t help but wonder what kind of yields these index values correpond to; in other words, if someone bought a house today and rented … Continue reading →

Based on his “Fed model,” Ed Yardeni seems to think so: (More related charts can be found in Ed Yardeni’s Valuation Chartbook) The basic idea behind the “Fed model” is that over the long run, the earnings yield E/P (the … Continue reading →

The Economist published an interesting chart a couple of weeks ago. Just dug it out of the online edition: It appears that Eastern Europe’s native banks (with the exception of Hungary’s OTP) have been dwarfed by larger institutions from the … Continue reading →