study the impact of risk and the public sector on consumption-wealth ratio, growth and welfare, given the exogenous size of …This paper analyzes the influence of risk and the expenditure policy of the public sector in a two-country stochastic … AK growth model where public spending is utility-enhancing. Having characterized the macroeconomic equilibrium first we …

This paper analyzes the expenditure policy of the public sector and risk in a two-country stochastic AK growth model …. Then we study the impact of changes in exogenous variables on consumption, growth, and welfare. Next, we show that … growth. Finally, we analyze whether more open economies are associated with a higher optimal size of the public sector. The …

aggregation. The extension of that literature to risk with intertemporally non-separable preferences now has become available in a …

cumulative returns. These returns depend not only on beta but also on the probability of survival and the growth rate. The …. Such prices determine intrinsic returns that satisfy the CAPM equation. This paper shows that assets that pay a constant … derived equations explain the beta, size and value effects previously documented by several authors. Surprisingly, the RVT …

determine intrinsic expected returns that satisfy the CAPM equation. The intrinsic return of the risk-free asset is equal to the … are risk-indifferent and only care about maximizing cumulative returns. This paper shows that RVT’s equilibrium prices … return betas are approximately equal to intrinsic return betas. Market price expected returns do not satisfy the CAPM …

Se han analizado 6 grupos de variables en un intento de explicar el retorno futuro de las acciones utilizando el CAPM … permite sostener la tesis central del CAPM. Ninguna de las betas de 6 grupos de variables es capaz de discriminar … un adecuado ordenamiento mientras que en las regresiones de corte transversal, la beta no resulta estadísticamente …

effectiveness of beta to explain the expected returns in the world of the CAPM. … el cálculo de beta de mercado. Ellas son: la “tradicional” propuesta por Black, Jensen y Scholes (1972) y por Fama y … diferencias en los betas obtenidos de cara a la utilización del CAPM. En conclusión, al parecer la metodología no incidiría en el …

financial risk based on asset classes only is ready for a epistemological change. Currently, the definition of financial risk … suffers from three major deficiencies: (1) financial risk is insufficiently measured by the conventional second - order … moments; (2) financial risk is assumed to be stable and all distribution moments are assumed to be time-invariant; and (3 …