The Financialization of Commodity Markets
... The composition of participants in commodity futures markets has also dramatically changed over the past decade. Traditionally, researchers have viewed commercial hedgers and noncommercial traders (such as hedge funds) as the two major classes of market participants. Commercial hedgers such as farm ...
... The composition of participants in commodity futures markets has also dramatically changed over the past decade. Traditionally, researchers have viewed commercial hedgers and noncommercial traders (such as hedge funds) as the two major classes of market participants. Commercial hedgers such as farm ...
A-level Economics Mark Scheme Unit 01
... A levels approach. This approach is used for marking questions 04 and 08 of the data response questions. The Levels Of Response Mark Scheme on the next page identifies five levels representing differences in the quality of work. A range of marks is allocated at each level. First decide the level int ...
... A levels approach. This approach is used for marking questions 04 and 08 of the data response questions. The Levels Of Response Mark Scheme on the next page identifies five levels representing differences in the quality of work. A range of marks is allocated at each level. First decide the level int ...
Financially distressed firms are more likely to issue equity
... pecking order theory is in the financing choice is for firms. This thesis will investigate what the characteristics of firms that issue equity. Using a large sample of data about the S&P500 companies this thesis will support a broad view of the reasons a company would issue equity. The main research ...
... pecking order theory is in the financing choice is for firms. This thesis will investigate what the characteristics of firms that issue equity. Using a large sample of data about the S&P500 companies this thesis will support a broad view of the reasons a company would issue equity. The main research ...
The entrepreneur concept
... large profits that could come from the firm’s sale. It happens especially when an entrepreneur aims that one day a single or more components of his family will manage the firms. Instead, a pure capitalist tends to disinvest his businesses when it produces large profits in a short period. ...
... large profits that could come from the firm’s sale. It happens especially when an entrepreneur aims that one day a single or more components of his family will manage the firms. Instead, a pure capitalist tends to disinvest his businesses when it produces large profits in a short period. ...
The Effect of the Quality of Rumors On Market Yields
... This shows that after the rumor is published investors are able to differentiate between the rumors and thereby acquire an abnormal return in the multi-rumor case. A possible explanation for this might be the expectations generated in the minds of investors regarding the possibility that additional ...
... This shows that after the rumor is published investors are able to differentiate between the rumors and thereby acquire an abnormal return in the multi-rumor case. A possible explanation for this might be the expectations generated in the minds of investors regarding the possibility that additional ...
The Impact of Market Sentiment Index on Stock
... Kumar and Lee (2006) used direct measures when observing the retail investor sentiment changes. They suggested that the sentiment measures can significantly explain stock returns for lower-priced stocks and also returns of portfolios that belong to small investors. The portfolio was sorted based on ...
... Kumar and Lee (2006) used direct measures when observing the retail investor sentiment changes. They suggested that the sentiment measures can significantly explain stock returns for lower-priced stocks and also returns of portfolios that belong to small investors. The portfolio was sorted based on ...
proceedings of the american society of business and behavioral
... Several studies have described the dynamics of radical innovations entering the market. These studies can be divided roughly into two groups: those that describe the changes in the technologies and those that describe the changes in the market. What has been missing, however, are studies on the inte ...
... Several studies have described the dynamics of radical innovations entering the market. These studies can be divided roughly into two groups: those that describe the changes in the technologies and those that describe the changes in the market. What has been missing, however, are studies on the inte ...
A Critical Comparison of cash- and asset-based Microcredit
... technologies, see figure 1 in appendix, there remains concern regarding the affordability of these products for those below-poverty-line, defined by the World Bank (2015) as under USD$1.90 a day. This paper will provide a theoretical case for a shift in emphasis from traditional microcredit to a mo ...
... technologies, see figure 1 in appendix, there remains concern regarding the affordability of these products for those below-poverty-line, defined by the World Bank (2015) as under USD$1.90 a day. This paper will provide a theoretical case for a shift in emphasis from traditional microcredit to a mo ...
Unifying the Favorite-Longshot Bias with Other Market
... Shaw (1995), Tuckwell (1983), and Ziemba and Hausch (1986). In some particular instances, such as discrepancies in win bets versus place and show bets (Hausch et al., 1981) as well as in exacta markets (Ziemba and Hausch, 1986), the return differential has actually been strong enough to produce devia ...
... Shaw (1995), Tuckwell (1983), and Ziemba and Hausch (1986). In some particular instances, such as discrepancies in win bets versus place and show bets (Hausch et al., 1981) as well as in exacta markets (Ziemba and Hausch, 1986), the return differential has actually been strong enough to produce devia ...
The effect of capital market characteristics on the value
... deal is closed. In short, the VCs, while putting in place extremely favorable terms from their point of view, face the possibility of shooting themselves in the feet’’ (Bartlett, 2001a). Michelacci and Suarez (2002) also have a search model of start-up financing. Unlike this paper, however, Michelacc ...
... deal is closed. In short, the VCs, while putting in place extremely favorable terms from their point of view, face the possibility of shooting themselves in the feet’’ (Bartlett, 2001a). Michelacci and Suarez (2002) also have a search model of start-up financing. Unlike this paper, however, Michelacc ...
NBER WORKING PAPER SERIES RISK AVERSION AND OPTIMAL PORTFOLIO POLICIES IN
... heterogeneity arises from differences in beliefs rather than differences in risk aversion (all agents have log utility); they show that some of their results on pricing would extend to an economy where agents differ in risk aversion, but do not provide an explicit characterization of optimal policies. ...
... heterogeneity arises from differences in beliefs rather than differences in risk aversion (all agents have log utility); they show that some of their results on pricing would extend to an economy where agents differ in risk aversion, but do not provide an explicit characterization of optimal policies. ...
Market Efficiency and Behavioral Biases in the Sports Betting Market
... Since Fama first introduced the concept of market efficiency in 1970, there has been a lot of interest in examining whether market prices reflect available information in various financial markets. While several deviations from market efficiency have been observed in aggregate price data, little is ...
... Since Fama first introduced the concept of market efficiency in 1970, there has been a lot of interest in examining whether market prices reflect available information in various financial markets. While several deviations from market efficiency have been observed in aggregate price data, little is ...
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... toward economic conditions and, second, to assess whether investor sentiment revealed through the Internet search behavior of households has an impact on the Portuguese stock market. This work extends previous studies by proposing an innovative measure to derive a final list of relevant search terms ...
... toward economic conditions and, second, to assess whether investor sentiment revealed through the Internet search behavior of households has an impact on the Portuguese stock market. This work extends previous studies by proposing an innovative measure to derive a final list of relevant search terms ...
Theory of Consumer Behavior
... can wear it. Pen has a utility who can write with it. The utility is subjective in nature. It differs from person to person. The utility of a bottle of wine is zero for a person who is non-drinker while it has a very high utility for a drinker. Here it may be noted that the term ‘utility’ may not ...
... can wear it. Pen has a utility who can write with it. The utility is subjective in nature. It differs from person to person. The utility of a bottle of wine is zero for a person who is non-drinker while it has a very high utility for a drinker. Here it may be noted that the term ‘utility’ may not ...
Disappointment Aversion in Asset Allocation
... We consider an asset allocation problem for multiple asset classes, which is a generalisation of the typical asset allocation problem where only two types of assets (e.g., equity and risk-free) are considered, e.g., Ang et al. (2005), Fielding and Stracca (2007) and Hwang and Satchell (2010). Suppos ...
... We consider an asset allocation problem for multiple asset classes, which is a generalisation of the typical asset allocation problem where only two types of assets (e.g., equity and risk-free) are considered, e.g., Ang et al. (2005), Fielding and Stracca (2007) and Hwang and Satchell (2010). Suppos ...
Does Asymmetric Information Drive Capital Structure Decisions?
... selection costs; and those costs are what ultimately affect the cost of issuing information-sensitive securities. Market microstructure proxies of information asymmetry are based on the notion—set forth by an extensive theoretical literature—that market liquidity in general, and transaction costs (e ...
... selection costs; and those costs are what ultimately affect the cost of issuing information-sensitive securities. Market microstructure proxies of information asymmetry are based on the notion—set forth by an extensive theoretical literature—that market liquidity in general, and transaction costs (e ...
Demography and the Long-Run Predictability of the Stock Market
... of the real Dow Jones index and the rate of change of cohort sizes,8 and Poterba tested the relationship between various indicators of demography and prices of and returns on equity, concluding that the retiring of the baby-boom generation would have only a small effect on asset prices.9 On the theo ...
... of the real Dow Jones index and the rate of change of cohort sizes,8 and Poterba tested the relationship between various indicators of demography and prices of and returns on equity, concluding that the retiring of the baby-boom generation would have only a small effect on asset prices.9 On the theo ...
Saving and Development
... Another issue in the empirical study of saving is the treatment of consumer durables. Expenditures for consumer durables are more appropriately considered to be a form of investment rather than consumption, because they are not purchased solely for immediate satisfaction. Instead, consumption expend ...
... Another issue in the empirical study of saving is the treatment of consumer durables. Expenditures for consumer durables are more appropriately considered to be a form of investment rather than consumption, because they are not purchased solely for immediate satisfaction. Instead, consumption expend ...
mandlebrot
... Before his death, Benoit Mandelbrot was one of the most celebrated mathematicians in the world, and most of his work was based on the belief that the wider view of price behavior in financial markets is primitive and in need of large revisions. Mandelbrot's work sought to update these “medieval” vie ...
... Before his death, Benoit Mandelbrot was one of the most celebrated mathematicians in the world, and most of his work was based on the belief that the wider view of price behavior in financial markets is primitive and in need of large revisions. Mandelbrot's work sought to update these “medieval” vie ...
Loved Ones Matter: Family Effects and Stock
... by means of word-of-mouth communication or through observational learning (Banerjee, 1992; Bikhchandani et al., 1992; Ellison and Fudenberg, 1993, 1995). A link between individuals’ stock market participation decision and the level of participation in its social environment may then be motivated by ...
... by means of word-of-mouth communication or through observational learning (Banerjee, 1992; Bikhchandani et al., 1992; Ellison and Fudenberg, 1993, 1995). A link between individuals’ stock market participation decision and the level of participation in its social environment may then be motivated by ...
Behavioral Portfolio Theory
... EDi (Wt - W,-_i), where the summation is from i = 1 to n and Wo is zero. In this expression for E(W)9 the individual receives W\ with certainty (note that D\ = 1), receives the increment W2 ? W\ (that is, an amount over W\) with probability D2, receives the further increment W3 ? W2 with probability ...
... EDi (Wt - W,-_i), where the summation is from i = 1 to n and Wo is zero. In this expression for E(W)9 the individual receives W\ with certainty (note that D\ = 1), receives the increment W2 ? W\ (that is, an amount over W\) with probability D2, receives the further increment W3 ? W2 with probability ...
Revisiting Asset Pricing under Habit Formation in an Overlapping
... Key words: Equity premium; habit formation preference; overlapping-generations economies; consumption asset pricing model; calibration ...
... Key words: Equity premium; habit formation preference; overlapping-generations economies; consumption asset pricing model; calibration ...
Credit Scoring Development and Methods
... – Set Group policy on Decision Models – Approve Decision Model policy changes ...
... – Set Group policy on Decision Models – Approve Decision Model policy changes ...
Heterogeneity and Portfolio Choice: Theory and
... observations, it is useful to look for empirical regularities in the way that households with different characteristics invest their savings, and to interpret these regularities using theories of portfolio choice that allow heterogeneity among investors. In this paper, we summarize and add to the ev ...
... observations, it is useful to look for empirical regularities in the way that households with different characteristics invest their savings, and to interpret these regularities using theories of portfolio choice that allow heterogeneity among investors. In this paper, we summarize and add to the ev ...
NBER WORKING PAPER SERIES RATIONAL ADDICTION, PEER EXTERNALITIES Donald S. Kenkel
... associated with consumption of addictive goods such as the possibility of drunk driving or the consumption of second-hand smoke. Importantly, we show that when peer influence plays a stronger role in addictive habit formation, total consumption of the addictive good is higher and total savings in th ...
... associated with consumption of addictive goods such as the possibility of drunk driving or the consumption of second-hand smoke. Importantly, we show that when peer influence plays a stronger role in addictive habit formation, total consumption of the addictive good is higher and total savings in th ...