Davidson Heath

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This paper constructs a macro-finance model for commodity futures, and documents a new empirical fact that real economic activity forecasts oil futures returns and prices. The model generalizes previous futures pricing models and indicates a time-varying oil risk premium that covaries strongly with the business cycle. Model estimates reveal rich dynamics(More)
We study the effects of trademark protection on firm profits and strategy through a new dataset of all U.S. trademarks registered since 1870. We exploit the Federal Trademark Dilution Act (FTDA) and its subsequent cancellation, and find that trademark protection is of first-order importance for firm profits and strategy. We estimate that from 1996 to 2002(More)
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