JFQ volume 27 issue 2 Cover and Front matter
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JFQ volume 27 issue 4 Cover and Front matter
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JFQ volume 27 issue 3 Cover and Front matter
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JFQ volume 27 issue 1 Cover and Front matter
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JFQ volume 27 issue 3 Back matter
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JFQ volume 27 issue 1 Cover and Back matter
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JFQ volume 27 issue 4 Back matter
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JFQ volume 27 issue 2 Cover, Back matter and Errata
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Robust Measurement of Beta Risk
Many empirical studies find that the distribution of stock returns departs from normality. In such cases, it is desirable to employ a statistical estimation procedure that may be more efficient than ordinary least squares. This paper describes various robust methods, which have attracted increasing attention in the statistical literature, in the context of estimating beta risk. The empirical analysis documents the potential efficiency gains from using robust methods as an alternative to ordinary least squares, based on both simulated and actual returns data.
The Politics of 1992: Fiscal Policy and European Integration
The internal market in Europe will greatly increase the international mobility of resources. How will this affect fiscal policy in different countries? We consider taxation of capital in a two-country model, where a democratically-chosen government in each country chooses tax policy. Higher capital mobility changes the politico-economic equilibrium in two ways. On the one hand, it leads to more tax competition between the countries: this “economic effect” tends to lower tax rates in both countries. On the other hand, it alters voters' preferences and makes them elect a different government: this “political effect” offsets the increased tax competition, although not completely.