The paper estimates conditional pricing models for 11 international government bonds and shows that, while local instruments capture the change in the bonds' risks, global instruments model the variation in the factor risk premia. Altogether the changes in the factor risk premium capture 78.25% of the bonds' predictability, while the dynamics in the betas account for less than 1%. One cannot conclude however that the conditional models are well-specified as parameter instability and relatively large mean squared errors were uncovered. These results extend for the first time some of the evidence from the equity market of Ferson and Harvey (1993), Harvey (1995) and Ghysels (1998) to the bond market.
, edited by Olga Kaganova and James McKellar, is reviewed
Vinod Rai, Comptroller and Auditor General of India and chair of the Knowledge Sharing Committee, presented his report to the Governing Board and the XX INCOSAI. According to the INCOSAI strategic plan, the purpose of goal 3 is to encourage SAI cooperation, collaboration, and continuous improvement through knowledge sharing, including providing benchmarks, conducting best practice studies, and performing research on issues of mutual interest and concern. In addition to Rai's report, the individual working groups and task forces reported on their goals and achievements. This article summarizes the activities and accomplishments of goal 3 working groups and task forces.
When I hear politicians say they cannot cut government spending and we must have tax increases, I know they are either corrupt or incompetent. Anyone who has ever been around government agencies knows that they tend to be overstaffed and inefficient compared with operations in the private sector. But we also know that many governments do a much better job in managing taxpayer dollars than other governments. At a minimum, we should demand that our political leaders manage the government they are responsible for as well as other political leaders manage their governments. President Obama and many of his fellow Democrats say we cannot reduce our debt problem to manageable levels without increasing taxes. I say, why not? Some other countries spend less per capita and yet provide higher leve...
In effect, the Afghan government receives a very small amount of discretionary funding, not even enough to reform a ministry. [...] a proportionally small amount of civilian aid, coupled with ineffective aid delivery mechanisms, has perpetuated weak governance and catalyzed petty corruption in Afghanistan's deeply insecure human environment.
WARRENDALE, Pa., Jan. 10, 2011 /PRNewswire-USNewswire/ -- "Navigating change in a dynamic environment" is the theme for the 2011 SAE International Government/Industry Meeting, set for Jan. 26- 28 at the Walter E. Washington Convention Center in Washington, D.C. Sen. Debbie Stabenow (D-MI) will serve as Honorary Chair of the event, which is co-located with the 2011 Washington Auto Show. Karl Simon, Director, Compliance and Innovative Strategies Division, Office of Transportation and Air Quality, U.S. Environmental Protection Agency, is General Chair of the event; and host organization is the U.S. Environmental Protection Agency.
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