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Diversification and delegation in firms
Cerasi, Vittoria; Daltung, Sonja - London School of Economics (LSE) - 2002
entrepreneurs have the ability to run projects and improve their future cash flow, there could be rationing of credit due to moral … hazard between entrepreneurs and investors. Diversification could mitigate the moral hazard problem. However for a single … to several managers can not only reduce overload costs, but also the moral hazard problem of external financing. In this …
Persistent link: https://www.econbiz.de/10010745110
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Liability valuation and optimal asset allocation
Inkmann, Joachim; Blake, David - London School of Economics (LSE) - 2004
Current approaches to asset-liability management employ a sequence of distinct procedures to value liabilities and determine the asset allocation. First, a discount rate that is usually dic-tated by accounting standards is used to value liabilities. Second, the asset allocation is determined by...
Persistent link: https://www.econbiz.de/10010745722
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Stochastic lifestyling: optimal dynamic asset allocation for defined contribution pension plans
Cairns, Andrew J. G.; Blake, David; Dowd, Kevin - London School of Economics (LSE) - 2004
This paper considers the asset-allocation strategies open to members of defined- contribution pension plans. We investigate a model that incorporates three sources of risk: asset risk and salary (or labour-income) risk in the accumulation phase; and interest-rate risk at the point of retirement....
Persistent link: https://www.econbiz.de/10010746138
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Best ideas
Silli, Bernhard; Cohen, Randolph B; Polk, Christopher - London School of Economics (LSE) - 2008
Persistent link: https://www.econbiz.de/10010746282
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Are "market neutral" hedge funds really market neutral?
Patton, Andrew J. - London School of Economics (LSE) - 2004
One can consider the concept of market neutrality for hedge funds as having breadth and depth: breadth reflects the number of market risks to which a fund is neutral, while depth reflects the completeness of the neutrality of the fund to market risks. We focus on market neutrality depth, and...
Persistent link: https://www.econbiz.de/10010746652
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Homeownerhip and entrepreneurship
Bracke, Philippe; Hilber, Christian; Silva, Olmo - London School of Economics (LSE) - 2012
We study the link between homeownership and entrepreneurship by exploiting the longitudinal dimension of the British …
Persistent link: https://www.econbiz.de/10011126138
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Modernisation and son preference
Burgess, Robin; Zhuang, Juzhong - London School of Economics (LSE) - 2000
Gaps in welfare attainment between boys and girls in China have attracted international attention. In this paper demand analysis is used to try and uncover the factors which may be driving the emergence of the gender gaps. Drawing on household expenditure data from a poor (Sichuan) and rich...
Persistent link: https://www.econbiz.de/10010928624
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Emergency purchasing situations: implications for consumer decision-making
Samson, Alain; Voyer, Benjamin G. - London School of Economics (LSE) - 2014
This article introduces the Emergency Purchasing Situation (EPS) as a distinct buying context. EPSs stem from an unexpected event (unanticipated need or timing of a need), as well as high product importance, which are associated with a short time frame for consumer decision-making. Our...
Persistent link: https://www.econbiz.de/10011126285
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How to measure living standards and productivity
Oulton, Nicholas - London School of Economics (LSE) - 2009
This paper sets out a general algorithm for calculating true cost-of-living indices or true producer price indices when demand is not homothetic, i.e. when not all expenditure elasticities are equal to one. In principle, economic theory tells us how we should calculate a true cost-of-living...
Persistent link: https://www.econbiz.de/10011071515
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The property-rights theory of the firm with endogenous timing of asset purchase
de Meza, David; Lockwood, Ben - London School of Economics (LSE) - 1998
The standard property-rights theory of the firm assumes that prior to investing in human capital, team members meet and negotiate asset ownership. This paper endogenizes the event sequence in a matching model of market equilibrium. Equilibria exist in which, for strategic and efficiency reasons,...
Persistent link: https://www.econbiz.de/10010884491