NBER WORKING PAPER SERIES INTERNATIONAL CONSUMPTION RISK IS SHARED AFTER ALL:
... makes individuals in the observed equilibrium indifferent between moving to the fully integrated equilibrium provides a measure of the risk-sharing gains. In this paper, we ask how international risk-sharing gains are affected when consumption based models match asset return behavior. While asset retu ...
... makes individuals in the observed equilibrium indifferent between moving to the fully integrated equilibrium provides a measure of the risk-sharing gains. In this paper, we ask how international risk-sharing gains are affected when consumption based models match asset return behavior. While asset retu ...
The Link between Real Options and finance
... “To evaluate potential projects, they almost invariably have to resort to a theory of corporate finance called the ‘Capital Asset Pricing Model’ (CAPM). Yet real-life managers tend not to like this model, for the simple reason that it ignores the value of real-life managers. So they might welcome so ...
... “To evaluate potential projects, they almost invariably have to resort to a theory of corporate finance called the ‘Capital Asset Pricing Model’ (CAPM). Yet real-life managers tend not to like this model, for the simple reason that it ignores the value of real-life managers. So they might welcome so ...
The rationale for public sector intervention in the
... rival and non excludable. Where one person’s consumption of a good does not prevent anyone else from consuming it, the good is said to be non rival in consumption. This means that it does not cost any more for an extra person to benefit from the good; it costs the same to provide the good to ten peo ...
... rival and non excludable. Where one person’s consumption of a good does not prevent anyone else from consuming it, the good is said to be non rival in consumption. This means that it does not cost any more for an extra person to benefit from the good; it costs the same to provide the good to ten peo ...
The Risk-Free Rate`s Impact on Stock Returns with Representative
... increased their fraction of the stock market activity dramatically. This has resulted in an increased possibility for diversification and access to new markets for households, but not without introducing other problems. Rajan (2005) points out that discretionary investment management creates an agen ...
... increased their fraction of the stock market activity dramatically. This has resulted in an increased possibility for diversification and access to new markets for households, but not without introducing other problems. Rajan (2005) points out that discretionary investment management creates an agen ...
Working Capital Management impact on Profitability
... management as a source of information about the companies. In fact, when looking at the working capital, managers can absorb a lot of information about the market and specifically about the customers, the companies and the suppliers. The monitoring of the working capital allows for a better liquidit ...
... management as a source of information about the companies. In fact, when looking at the working capital, managers can absorb a lot of information about the market and specifically about the customers, the companies and the suppliers. The monitoring of the working capital allows for a better liquidit ...
Pushing further in search of return: The new private equity model
... are therefore only going to sell to buyers they can trust. It’s therefore important to approach targets with a strong story for future investment and growth, as well as strong financial offers. Funds may also need to look at a broader range of opportunities, be this countries or industries that have ...
... are therefore only going to sell to buyers they can trust. It’s therefore important to approach targets with a strong story for future investment and growth, as well as strong financial offers. Funds may also need to look at a broader range of opportunities, be this countries or industries that have ...
Understanding Bank De-Risking and its Effects on Financial Inclusion
... clients, financial institutions opt to end the relationship altogether, consequently minimizing their own risk exposure while leaving clients bank-less. This exploratory study was designed to identify the core drivers of this practice and its implications for financial inclusion goals, particularly ...
... clients, financial institutions opt to end the relationship altogether, consequently minimizing their own risk exposure while leaving clients bank-less. This exploratory study was designed to identify the core drivers of this practice and its implications for financial inclusion goals, particularly ...
Russian BCS Holding International Ltd. Assigned
... damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages. Credit-related and other analyses, including ...
... damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages. Credit-related and other analyses, including ...
Annual Report 2014
... statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatements of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s prepara ...
... statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatements of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s prepara ...
Multi-Period Trading via Convex Optimization
... simplified (usually unconstrained) optimization. Goal. In this tutorial paper we consider multi-period investment and trading. Our goal is to describe a simple model that takes into account the main practical issues that arise, and several simple and practical frameworks based on solving convex opti ...
... simplified (usually unconstrained) optimization. Goal. In this tutorial paper we consider multi-period investment and trading. Our goal is to describe a simple model that takes into account the main practical issues that arise, and several simple and practical frameworks based on solving convex opti ...
Economics of Regulation and Antitrust
... policies. It's been a failure, although it looked good on paper. -OMB must approve all regulations under Reagan. Under Carter, OMB only commented. Bush- Same as Reagan. Bush administration maintained the structure of Reagan. Regulations under Carter, Reagan, and Bush basically cost the same. Clinton ...
... policies. It's been a failure, although it looked good on paper. -OMB must approve all regulations under Reagan. Under Carter, OMB only commented. Bush- Same as Reagan. Bush administration maintained the structure of Reagan. Regulations under Carter, Reagan, and Bush basically cost the same. Clinton ...
Economics of Money, Banking, and Financial Markets, 8e
... 1) A debt instrument sold by a bank to its depositors that pays annual interest of a given amount and at maturity pays back the original purchase price is called A) commercial paper. B) a negotiable certificate of deposit. C) a bankerʹ acceptance. D) federal funds. Answer: B Ques Status: Previous Ed ...
... 1) A debt instrument sold by a bank to its depositors that pays annual interest of a given amount and at maturity pays back the original purchase price is called A) commercial paper. B) a negotiable certificate of deposit. C) a bankerʹ acceptance. D) federal funds. Answer: B Ques Status: Previous Ed ...
Equity Risk Premiums (ERP)
... alternate (though unrealistic) world where investors are risk neutral. In this world, the value of an asset would be the present value of expected cash flows, discounted back at a risk free rate. The expected cash flows would capture the cash flows under all possible scenarios (good and bad) and the ...
... alternate (though unrealistic) world where investors are risk neutral. In this world, the value of an asset would be the present value of expected cash flows, discounted back at a risk free rate. The expected cash flows would capture the cash flows under all possible scenarios (good and bad) and the ...
Annual Report - Pershing Square Capital Management
... Performance Fee”) provision that is unique in the industry. The Variable Performance Fee has the potential to further reduce the 16% PSH performance fee by an amount equivalent to 20% of the performance allocation/fees generated by PSCM and its affiliates from its affiliated fundsiii. In 2016, the I ...
... Performance Fee”) provision that is unique in the industry. The Variable Performance Fee has the potential to further reduce the 16% PSH performance fee by an amount equivalent to 20% of the performance allocation/fees generated by PSCM and its affiliates from its affiliated fundsiii. In 2016, the I ...
Stimulating Investment in Emerging-Market SMEs
... In developing countries, growth is far more constrained. Among low-income countries, SMEs contribute just 18 percent of employment and 16 percent of GDP. 3 If barriers to their growth were removed, SMEs would contribute more to economic development by providing jobs and income, expanding the middle ...
... In developing countries, growth is far more constrained. Among low-income countries, SMEs contribute just 18 percent of employment and 16 percent of GDP. 3 If barriers to their growth were removed, SMEs would contribute more to economic development by providing jobs and income, expanding the middle ...
Capital structure, credit risk, and macroeconomic
... macroeconomic conditions impact the probability of default (see Fama, 1986; Duffie and Singleton, 2003, pp. 45–47). Yet, existing models of firms’ financing policies typically ignore this dimension. In this paper we contend that macroeconomic conditions should have a large impact not only on credit ris ...
... macroeconomic conditions impact the probability of default (see Fama, 1986; Duffie and Singleton, 2003, pp. 45–47). Yet, existing models of firms’ financing policies typically ignore this dimension. In this paper we contend that macroeconomic conditions should have a large impact not only on credit ris ...
Africa insurance trends
... natural and man-made catastrophes that are creating challenges but also new opportunities for sophisticated underwriting models and risk transfer; 4. The rising economic significance of emerging high growth economies like Nigeria and Kenya. South Africa’s, economy on the other hand, is stagnating at ...
... natural and man-made catastrophes that are creating challenges but also new opportunities for sophisticated underwriting models and risk transfer; 4. The rising economic significance of emerging high growth economies like Nigeria and Kenya. South Africa’s, economy on the other hand, is stagnating at ...
annual report - Skydive Australia
... The remuneration policy of Skydive the Beach Group Limited has been designed to align key management personnel (KMP) objectives with shareholder and business objectives by providing a fixed remuneration component and offering specific long-term incentives based on key performance areas affecting the ...
... The remuneration policy of Skydive the Beach Group Limited has been designed to align key management personnel (KMP) objectives with shareholder and business objectives by providing a fixed remuneration component and offering specific long-term incentives based on key performance areas affecting the ...