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Story - antoq - 10/18/2010 - 13:46 - 155 comments - 0 attachments
In this paper, I extend the results of Moskowitz and Vissing-Jørgensen (2002) (henceforth MVJ) on the returns to entrepreneurial investments in the United States. First, I replicate the original set of findings in Moskowitz and Vissing-Jørgensen (2002) using the authors’ methodology and data from the four Surveys of Consumer Finances available for the period from 1989 to 1998. I then incorporate into analysis subsequently released waves of SCF 2001, 2004 and 2007 and assess the robustness of the findings to this extension.
This study estimates and compares the average cost of personal passenger automobile insurance premiums in each of the 10 Canadian provinces for the year 2007. Six provinces (Alberta, Ontario, New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador) have private competitive insurance industries that provide auto insurance for their populations in a regulated market environment. Three provinces (British Columbia, Saskatchewan, and Manitoba) each have a government-owned automobile insurer that has a monopoly over the provision of basic auto insurance and also competes for the sale of optional insurance coverage with private companies. Government insurers in these three provinces occupy between 95 and 98 percent of market share (Skinner, 2006). One province (Quebec) has a government insurer with a monopoly over basic auto insurance, but which does not compete with the private sector for the sale of optional insurance coverage and therefore occupies a much smaller market share than government insurers in British Columbia, Saskatchewan, or Manitoba.
It is important to compare the cost of auto insurance among the provinces to verify the validity of published claims that provinces with government auto insurers produce lower premiums for drivers than provinces that rely on private sector competition for the delivery of auto insurance (CAC, 2003).
High interest rate currencies tend to appreciate relative to low interest rate currencies. This is the forward premium puzzle as one would expect that investors would demand higher interest rates on currencies expected to depreciate. This anomaly underlies the profitability of the so called carry trade, under which investors borrow in low interest rate currencies and invest in high interest rate currencies. Related to this anomaly, exchange rates often exhibit momentum in response to interest rate differential shocks. That is, when there is a positive innovation to the interest rate differential, the exchange rate appreciates at impact. The puzzle is that it continues appreciating for several months thereafter. Standard models predict an immediate appreciation followed by a depreciating path.
