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Testing Volatility Restrictions on Intertemporal Marginal Rates of Substitution Implied by Euler Equations and Asset Returns
Cecchetti, Stephen G. - 1992
The Euler equations derived from a broad range of intertemporal asset pricing models, together with the first two unconditional moments of asset returns, imply a lower bound on the volatility of the intertemporal marginal rate of substitution. We develop and implement statistical tests of these...
Persistent link: https://www.econbiz.de/10012474862
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Do Short-Term Managerial Objectives Lead to Under- or Over-Investment in Long-Term Projects
Bebchuk, Lucian Arye - 1994
(the market knows less about such investments than the firm's managers) and short-term managerial objectives (the managers … imperfect information and short-term managerial objectives induce managers to underinvest in long-run projects. We show that …
Persistent link: https://www.econbiz.de/10012474201