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This paper solves numerically the intertemporal consumption and portfolio choice problem of an infinitely-lived investor who faces a time-varying equity premium.
Persistent link: https://www.econbiz.de/10005245572
Persistent link: https://www.econbiz.de/10005245576
For twenty-five years, the US and Japanese goverments have seen the rise of corporate groups in Japan, Keiretsu, as due in part to foreign pressure to liberalize the Japanese market. In fact, virtually all of the recent works that discuss barriers in a historical context argue that Japanese...
Persistent link: https://www.econbiz.de/10005245589
Recent research has documented large differences between countries in ownership concentration in publicly traded firms, in the breadth and depth of capital markets, in dividend policies, and in the access of firms to external finance. We suggest that there is a common element to the explanations...
Persistent link: https://www.econbiz.de/10005245595
A number of market failures have been associated with R&D investments and significant amounts of public money have been … firms' R&D investments being complementary to each other and to what extent are potential R&D spillovers internalized in the …
Persistent link: https://www.econbiz.de/10005245598
In this paper, we analyze how large institutions differ from other investors and the implications that these differences have for stock returns, market liquidity, and corporate governance. We find that large institutional investors -- a category including all managers with greater than $100...
Persistent link: https://www.econbiz.de/10005245600
If household portfolios are constrained by borrowing and short-sales restrictions, or by fixed costs of participating in risky asset markets, then alternative retirement savings systems may affect household welfare by relaxing these constraints. This paper uses a calibrated partial-equilibrium...
Persistent link: https://www.econbiz.de/10005245617
Persistent link: https://www.econbiz.de/10005245634
The standard version of 'q' theory, in which investment is positively related to marginal 'q', breaks down in the presence of fixed costs of adjustment. With fixed costs, 'q' is a non-monotonic function of investment. Therefore its inverse, which is the traditional investment function, does not...
Persistent link: https://www.econbiz.de/10005245635
We present a model of the effects of legal protection of minority shareholders and of cash flow ownership by a controlling shareholder on the valuation of firms. We then test this model using a sample of 371 large firms from 27 wealthy economies. Consistent with the model, we find evidence of...
Persistent link: https://www.econbiz.de/10005245650