Showing 1 - 10 of 21
This paper studies portfolio allocation in the international financial market when investors exhibit ambiguity aversion towards assets issued in foreign locations. Entrepreneurs located in each country have access to a risky technology and want to attract capital. The authors characterize...
Persistent link: https://www.econbiz.de/10011120239
Author's abstract. This paper investigates the determinants of financial risk-taking and documents new facts on the financial wealth elasticity of the risky share in a panel of swedish twins. <p>We consider a uniquely comprehensive set of demographic and financial characteristics, and use yearly...</p>
Persistent link: https://www.econbiz.de/10011031661
This paper presents a model of trading in unique durable assets that provide idiosyncratic payoffs, such as art, luxury real estate, and firm subsidiaries. Agents make purchase and sale decisions in an auction market based on their private use value of the asset and on the expected resale...
Persistent link: https://www.econbiz.de/10011147699
The purpose of this article is to explore the role of instruments in the transformation of institutional logics and their associated practices at the micro level. Based on an ethnographic study, this article compares two working groups — one responsible for equity and the other for...
Persistent link: https://www.econbiz.de/10011147705
This paper investigates the determinants of value and growth investing in a large administrative panel of Swedish residents over the 1999-2007 period. The authors document strong relationships between a household's portfolio tilt and the household's financial and demographic characteristics....
Persistent link: https://www.econbiz.de/10011147714
Using data from a U.S. household survey, we examine the empirical relation between subjective life horizon (i.e., the self-reported expectation of remaining life span) and portfolio choice. We find that equity portfolio shares are higher for investors with longer horizons, ceteris paribus, in...
Persistent link: https://www.econbiz.de/10010832947
We examine the impact of aging on wine prices and the performance of wine as a long-term investment, using a unique historical database for five long-established Bordeaux wines that we construct from auction and dealer prices. We estimate the life-cycle price patterns with a regression model...
Persistent link: https://www.econbiz.de/10010832968
In this paper, the authors test the hypothesis that individual investors contribute to the idiosyncratic volatility of stock returns because they act as noise traders.
Persistent link: https://www.econbiz.de/10005011532
Designing an investment strategy in transition economies is a difficult task because stock-markets opened through time, time series are short, and there is little guidance how to obtain expected returns and covariance matrices necessary for mean-variance portfolio allocation. Also, structural...
Persistent link: https://www.econbiz.de/10005011543
This paper analyzes the impact of differences in supply of and demand for private equity financing on the performance of buyouts. Using a unique and proprietary sample of 684 buyout investments in North America and Europe, we show that buyout performance decreases when large volumes of private...
Persistent link: https://www.econbiz.de/10005011546