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0.04

0.06

0.08

0.10

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0.14

-0.02 0.00 0.02 0.04 0.06 0.08 0.10 0.12 0.14

Predicted Mean Excess Return

Mea

n E

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s R

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Predicted Mean Excess Return

Mea

n E

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s R

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53

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58

DISCUSSION PAPERS 1997

DPS 97.01 Hans Dewachter, Geert Gielens and Dirk Veestraeten, An Assessment ofCentral Banks’. Stand on Exchange Rate Stabilization Policies, February.(International Economics).

DPS 97.02 Anneleen Peeters, How Hiring and Firing Costs Affect Labour Demand in aModel of Uncertainty, February. (International Economics).

DPS 97.03 Hans Eyssen, Are West-African Immigrants Discriminated in Cote D’Ivoire?,March. (Development Economics).

DPS 97.04 Wim Lagae, The Absorption of the Effects of Debt Relief Operations byEuropean Export Credit Agencies: An Institutional Analysis, March.(Development Economics).

DPS 97.05 Jenke ter Horst and Marno Verbeek, Estimating Short-Run Persistence inMutual Fund Performance, March. (Econometrics).

DPS 97.06 Hans Dewachter and Hanno Lustig, A Cross-Country Comparison of CPI as aMeasure of Inflation, April. (Financial Economics).

DPS 97.07 Yunus Aksoy and Yohanes E. Riyanto, Exchange Rate Pass-Through inVertically Related Markets, May. (International Economics).

DPS 97.08 Paul De Grauwe, The Indeterminacy of the Euro Conversion Rates. Why itMatters and how it can be solved, June. (International Economics).

DPS 97.09 Jozef Konings, Hylke Vandenbussche and Reinhilde Veugelers, Union WageBargaining and European Antidumping Policy, June (Financial Economics).

DPS 97.10 Francis Vella and Marno Verbeek, Using Rank Order as an InstrumentalVariable: An Application to the Return to Schooling, May. (Econometrics).

DPS 97.11 Jozef Konings and Patrick P. Walsh, The Effect of Real Exchange RateMovements and Ownership on the Life Cycle of Manufacturing Plants inIreland (1973-1994), June. (Financial Economics).

DPS 97.12 Johan Eyckmans, Balancedness of games with multilateral environmentalexternalities, August. (Public Economics).

DPS 97.13 Patrick Van Cayseele and Dave FURTH, Price Leadership and Buyouts,September. (Financial Economics).

DPS 97.14 Mark De Broeck, Dominique Guillaume and Emmanuel Van der Stichele,Small and Big Bangs in Bond Markets, September (Financial Economics).

DPS 97.15 Hanno Lustig, Re-examining the Synchronization of European BusinessCycles, September (Financial Economics).

DPS 97.16 João P. Cocco, Francisco J. Gomes and Pascal J. Maenhout, A Two-PeriodModel of Consumption and Portfolio Choice With Incomplete Markets, June(Financial Economics).

DPS 97.17 Stefan Dercon and Daniel Ayalew, Demobilisation and Reintegration of Ex-Soldiers in Ehtiopia, October (Development Economics).

DPS 97.18 Stefan Dercon and Pramila Krishnan, In Sickness and in Health…Risk-Sharingwithin Households in Rural Ethiopia, October (Development Economics).

DPS 97.19 Paul Collier, Stefan Dercon and John Mackinnon, Density versus Quality inHealth Care Provision: The Use of Household Data for Budgetary Choices inEhtiopia October (Development Economics).

DPS 97.20 van der Lijn Nick and Marno Verbeek, Excess demand, repressed inflation,and forced saving in the Soviet Union, October (Econometrics).

DPS 97.21 Lorelei Crisologo-Mendoza and Dirk Van de gaer, Population Growth andCustomary Law on Land: The Case of Cordillera Villages in the Philippines,October (Development Economics).

DPS 97.22 Tom Van Puyenbroeck, Two-stage optimal control problems subject to anisoperimetric constraint, October (Public Economics).

DPS 97.23 Erik Schokkaert, Geert Dhaene and Carine Van de Voorde, Risk Adjustmentand the Trade-off Between Efficiency and Risk Selection, November (PublicEconomics).

DPS 97.24 Paul De Grauwe, Hans Dewachter and Dirk Veestraeten, Stochastic ProcessSwitching and Stage III of EMU, November (International Economics).

DPS 97.25 Dirk Heremans, Regulation of Banking and Financial Intermediation,November (Financial Economics).

DPS 97.26 Knud J. Munk, Agricultural Policy a Public Economic Explanation,November (Public Economics).

DPS 97.27 Hans Dewachter, Can Markov Switching Models Replicate Chartist Profits inthe Foreign Exchange Market? November (International Economics).

DPS 97.28 Paul De Grauwe and Frauke Skudelny, The Impact of EMU on Trade Flows,December (International Economics).

DISCUSSION PAPERS 1998

DPS 98.01 Louis Baeck, Thematisation and Canon Building in Post-War DevelopmentStudies, January (Development Economics).

DPS 98.02 Hans Dewachter and Hanno Lustig, Sticky Prices and the Nominal Effects ofReal Shocks, January (International Economics).

DPS 98.03 Ilse Frederickx, Health in Rural Tanzania: The Determinants of HealthStatus, Health Care Demand and Health Care Choice, January (DevelopmentEconomics).

DPS 98.04 Paul De Grauwe, European Unemployment. A Tale of Demand and Supply,February (International Economics).

DPS 98.05 João Cocco, Francisco Gomes and Pascal Maenhout, Consumption andPortfolio Choice over the Life-Cycle, March (Financial Economics).

DPS 98.06 Yunus Aksoy and Hanno Lustig, Circular Aspects of Exchange Rates andMarket Structure, January (International Economics).

DPS 98.07 André Decoster and Frederic Vermeulen, Evaluation of the EmpiricalPerformance of Two-Stage Budgeting AIDS, QUAIDS and Rotterdam ModelsBased on Weak Separability, April (Public Economics).

DPS 98.08 Erik Schokkaert and Luc Van Ootegem, Preference Variation and PrivateDonations, April (Public Economics).

DPS 98.09 Erik Schokkaert, Mr. Fairmind is Post-Welfarist: Opinions on DistributiveJustice, April (Public Economics).

DPS 98.10 Dirk Van de gaer, Michel Martinez and Erik Schokkaert, MeasuringIntergenerational Mobility and Equality of Opportunity, April (PublicEconomics).

DPS 98.11 Paulo Augusto Nunes, Testing the Validity of WTP values from a ContingentValuation Survey in Portugal, April (Public Economics).

DPS 98.12 Paulo Augusto Nunes, Measuring the WTP for Recreation and BiodiversityProtection Programs, April (Public Economics).

DPS 98.13 Laurens Cherchye and Tom Van Puyenbroeck, Learning from Input-OutputMixes in DEA: A Proportional Measure for Slack-Based EfficientProjections, February (Public Economics).

DPS 98.14 Jerzy Mycielski and Yohanes Riyanto, On the Interaction between Taste andDistance and Its Implications on the Vertical Distribution Arrangement, May(Financial Economics).

DPS 98.15 Jerzy Mycielski, Yohanes Riyanto and Filip Wuyts, Product Differentiationand the Equilibrium Structure of the Manufacturer-Retailer Relationship,May (Financial Economics).

DPS 98.16 Hans Degryse and Patrick Van Cayseele, Relationship Lending within a Bank-based System: Evidence from European Small Business Data, April (FinancialEconomics).

DPS 98.17 Pramila Krishnan, Tesfaye Gebre Selassie and Stefan Dercon, The UrbanLabour Market During Structural Adjustment: Ethiopia 1990-1997, April(Development Economics).

DPS 98.18 Bart Capéau and Stefan Dercon, Prices, Local Measurement Units andSubsistence Consumption in Rural Surveys: An Econometric Approach withan Application to Ethiopia, March (Development Economics).

DPS 98.19 Stefan Dercon and Pramila Krishnan, Changes in Poverty in Rural Ethiopia1989-1995: Measurement, Robustness Tests and Decomposition, March(Development Economics).

DPS 98.20 Jenke R. ter Horst, Theo E. Nijman and Marno Verbeek, Eliminating Biasesin Evaluating Mutual Fund Performance from a Survivorship Free Sample,June (Econometrics).

DPS 98.21 Hilke Vandenbussche and Jozef Konings, Globalization and the effects ofnational versus international competition on the labour market. Theory andevidence from Belgian firm level data, August (Financial Economics).

DPS 98.22 Wim Moesen and Laurens Cherchye, The Macroeconomic Performance ofNations Measurement and Perception, August (Public Economics).

DPS 98.23 Anneleen Peeters, Interim Employment and a Leading Indicator for theBelgian Labour Market, September (International Economics, IERP 137).

DPS 98.24 Wessel Marquering and Marno Verbeek, An Empirical Analysis ofIntertemporal Asset Pricing Models with Transaction Costs and HabitPersistence, September (Econometrics).

DPS 98.25 Filip Abraham and Joeri Van Rompuy, Is Belgium ready for EMU? A look atnational, sectoral and regional developments, September (InternationalEconomics, IERP 138).

DPS 98.26 Sara Ochelen, Stef Proost and Kurt Van Dender, Optimal Pricing for UrbanRoad Transport Externalities, September (Public Economics).

DPS 98.27 Knud Munk, Optimal Support to Low-skilled Households, July (PublicEconomics).

DPS 98.28 Wim Moesen and Philippe Van Cauwenberge, The Status of the BudgetConstraint, Federalism and the Relative Size of Government: A BureaucracyApproach, September (Public Economics).

DPS 98.29 Laurens Cherchye, The Measurement of Macroeconomic Performance:Comparison of DEA-Based Alternatives, August (Public Economics).

DPS 98.30 Jürgen Janssens, Volatility and Risk Premia on Belgian Secondary Long TermGovernment Bond Markets, October (Financial Economics).

DPS 98.31 Stef Proost and Kurt Van Dender, Effectiveness and Welfare Impacts ofAlternative Policies to Address Atmospheric Pollution in Urban RoadTransport (Public Economics).

DPS 98.32 Inge Mayeres and Stef Proost, Marginal Tax Reform, Externalities andIncome Distribution (Public Economics).