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Buyout Activity : The Impact of Aggregate Discount Rates
Haddad, Valentin - 2016
Buyout booms form in response to declines in the aggregate risk premium. We document that the equity risk premium is the primary determinant of buyout activity rather than credit-specific conditions. We articulate a simple explanation for this phenomenon: a low risk premium increases the present...
Persistent link: https://www.econbiz.de/10012456263
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Unternehmensnachfolge
Hering, Thomas; Olbrich, Michael; Hurlebaus, Annette - 2018 - 2., vollständig überarbeitete und erweiterte Auflage
Persistent link: https://www.econbiz.de/10011710334
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Climate Regulatory Risk and Corporate Bonds
Seltzer, Lee H.; Starks, Laura T.; Zhu, Qifei - National Bureau of Economic Research - 2022
Investor concerns about climate and other environmental regulatory risks suggest that these risks should affect corporate bond risk assessment and pricing. We test this hypothesis and find that firms with poor environmental profiles or high carbon footprints tend to have lower credit ratings and...
Persistent link: https://www.econbiz.de/10013191088
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Variable Rare Disasters : An Exactly Solved Framework for Ten Puzzles in Macro-Finance
Gabaix, Xavier - 2008
This paper incorporates a time-varying intensity of disasters in the Rietz-Barro hypothesis that risk premia result from the possibility of rare, large disasters. During a disaster, an asset's fundamental value falls by a time-varying amount. This in turn generates time-varying risk premia and...
Persistent link: https://www.econbiz.de/10012464923
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Investor Information, Long-Run Risk, and the Term Structure of Equity
Croce, Mariano M. - 2007
We study the role of information in asset pricing models with long-run cash flow risk. When investors can distinguish short- from long-run consumption risks (full information), the model generates a sizable equity risk premium only if the equity term structure slopes up, contrary to the data. In...
Persistent link: https://www.econbiz.de/10012465744
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Decision-Making under the Gambler's Fallacy : Evidence from Asylum Judges, Loan Officers, and Baseball Umpires
Chen, Daniel - 2016
We find consistent evidence of negative autocorrelation in decision-making that is unrelated to the merits of the cases … decisions that result in errors. The negative autocorrelation is stronger among more moderate and less experienced decision … occur close in time, and when decision-makers face weaker incentives for accuracy. Other explanations for negatively …
Persistent link: https://www.econbiz.de/10012026883
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Looming Large or Seeming Small? Attitudes Towards Losses in a Representative Sample
Chapman, Jonathan; Snowberg, Erik; Wang, Stephanie; … - National Bureau of Economic Research - 2022
We measure individual-level loss aversion using three incentivized, representative surveys of the U.S. population (combined N=3,000). We find that around 50% of the U.S. population is loss tolerant, with many participants accepting negative-expected-value gambles. This is counter to earlier...
Persistent link: https://www.econbiz.de/10013334460
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Rossijskaja ėlektroenergetika: cena neizvestnosti
Burganskij, Aleksandr - 2004
Persistent link: https://www.econbiz.de/10003158430
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Russia's ports: anchoring success
Valavina, Angelina; Nikolaev, Ivan - 2005
Persistent link: https://www.econbiz.de/10003310083
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The end of accounting and the path forward for investors and managers
Lev, Baruch; Gu, Feng - 2016
-to-date approach to critical investment decision-making. While entire industries have come to rely on financial reports for vital … economic climate. This book demonstrates an alternative, giving you a new framework for more informed decision making. Discover …
Persistent link: https://www.econbiz.de/10011451743