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Why Don't Issuers Choose IPO Auctions? The Complexity of Indirect Mechanisms
Jagannathan, Ravi - 2010
In this paper we present a comprehensive comparison of IPO placement methods in over 50 countries. We find that out of the three primary methods, fixed price public offers, auctions, and book building, auctions are least popular with issuers. Since auctions allow for price discovery while...
Persistent link: https://www.econbiz.de/10012462441
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Simple Humans, Complex Insurance, Subtle Subsidies
Liebman, Jeffrey - 2008
The behavioral revolution in economics has demonstrated that human beings often have difficulty making wise choices. The most widely chronicled difficulties arise for decisions made under conditions of uncertainty, those whose consequences unfold over significant amounts of time, and decisions...
Persistent link: https://www.econbiz.de/10012464318
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Schedule Selection by Agents : from Price Plans to Tax Tables
Luttmer, Erzo F.P. - 2008
structure is relevant in many applications. We develop the theory underlying optimal menus of non-linear schedules and prove …
Persistent link: https://www.econbiz.de/10012464839
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Survival Ambiguity and Welfare
Caliendo, Frank N. - 2017
, survival ambiguity is welfare improving because it allows competitive insurance companies to pool risk across survival types …
Persistent link: https://www.econbiz.de/10012455034
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The Welfare Cost of Retirement Uncertainty
Caliendo, Frank N. - 2016
Uncertainty about the timing of retirement is a major financial risk with implications for decision making and welfare … retirement dates ranges from 4.28 to 6.92 years. We develop a quantitative model to assess the impact of this risk. Individuals … would give up 2.6%-5.7% of total lifetime consumption to fully insure this risk and 1.9%-4.0% of lifetime consumption simply …
Persistent link: https://www.econbiz.de/10012456070
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Optimal Regulation in the Presence of Reputation Concerns
Atkeson, Andrew - 2012
We study a market with free entry and exit of firms who can produce high-quality output by making a costly but efficient initial unobservable investment. If no learning about this investment occurs, an extreme "lemons problem" develops, no firm invests, and the market shuts down. Learning...
Persistent link: https://www.econbiz.de/10012460760
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The Role of Information in Competitive Experimentation
Akcigit, Ufuk - 2011
Technological progress is typically a result of trial-and-error research by competing firms. While some research paths lead to the innovation sought, others result in dead ends. Because firms benefit from their competitors working in the wrong direction, they do not reveal their dead-end...
Persistent link: https://www.econbiz.de/10012461055
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Optimal Life-Cycle Investing with Flexible Labor Supply : A Welfare Analysis of Life-Cycle Funds
Gomes, Francisco J. - 2008
-cycle (or target date) funds. We find that life-cycle funds designed to match the risk tolerance and investment horizon of … investors have small welfare costs. All other choices, including life-cycle funds which do not match investors' risk tolerance …
Persistent link: https://www.econbiz.de/10012464683
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A Model of Shadow Banking
Gennaioli, Nicola - 2011
move together as in Adrian and Shin (2010), and iii) intermediaries increase their exposure to systematic risk as they … reduce their idiosyncratic risk through diversification, as in Acharya, Schnabl, and Suarez (2010). Under rational …
Persistent link: https://www.econbiz.de/10012461542
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Learning from Prices : Public Communication and Welfare
Amador, Manuel - 2008
We study the effect of releasing public information about productivity or monetary shocks when agents learn from nominal prices. While public releases have the benefit of providing new information, they can have the cost of reducing the informational efficiency of the price system. We show that,...
Persistent link: https://www.econbiz.de/10012464392