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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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Climate Change Uncertainty Spillover in the Macroeconomy
Barnett, Michael; Brock, William A.; Hansen, Lars Peter - National Bureau of Economic Research - 2021
in the future. We appeal to decision theory under risk, model ambiguity and misspecification concerns to provide an … into a low dimensional characterization that depends on the uncertainty aversion of a decision-maker or fictitious social …
Persistent link: https://www.econbiz.de/10012599354
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Uncertainty and Economic Activity : Evidence from Business Survey Data
Bachmann, Ruediger - 2010
What is the impact of time-varying business uncertainty on economic activity? Using partly confidential business survey data from the U.S. and Germany in structural VARs, we find that positive innovations to business uncertainty lead to prolonged declines in economic activity. In contrast, their...
Persistent link: https://www.econbiz.de/10012462513
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Investment Tournaments : When Should a Rational Agent Put All Eggs in One Basket?
Schwarz, Michael - 2009
In this paper we study "investment tournaments," a class of decision problems that involve gradual allocation of … investment among several alternatives whose values are subject to exogenous shocks. The decision-maker's payoff is determined by … broad range of cases it is optimal for the decision-maker in each time period to allocate all resources to the most …
Persistent link: https://www.econbiz.de/10012463514
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Disentangling Exploration from Exploitation
Lizzeri, Alessandro; Shmaya, Eran; Yariv, Leeat - National Bureau of Economic Research - 2024
Starting from Robbins (1952), the literature on experimentation via multi-armed bandits has wed exploration and exploitation. Nonetheless, in many applications, agents' exploration and exploitation need not be intertwined: a policymaker may assess new policies different than the status quo; an...
Persistent link: https://www.econbiz.de/10014544703
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One Size Doesn't Fit All : Heterogeneous Depositor Compensation During Periods of Uncertainty
Artavanis, Nikolaos; Paravisini, Daniel; Robles-Garcia, … - National Bureau of Economic Research - 2022
We develop a new approach to identify different categories of depositors during periods of uncertainty and quantify their compensation to remain in the bank. We isolate withdrawals due to liquidity needs, deterioration of fundamentals, and expectation about withdrawal behavior of other...
Persistent link: https://www.econbiz.de/10013362023
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IDW-Standard : Grundsätze zur Durchführung von Unternehmensbewertungen ; (IDW S 1 i.d.F. 2008)
2008 - [Stand: 02.04.2008]
Persistent link: https://www.econbiz.de/10003729390
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IDW-Standard : Grundsätze zur Durchführung von Unternehmensbewertungen (IDW S 1)
2002
Persistent link: https://www.econbiz.de/10001624667
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Investor Protection and Corporate Valuation
Porta, Rafael La - 1999
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/10012471382