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Confidence Risk and Asset Prices
Bansal, Ravi - 2009
growth using the cross-section of signals. The uncertainty (confidence measure) about investor's growth expectations, as in … the data, is time-varying and subject to large moves. The fluctuations in confidence measure affect the distribution of …
Persistent link: https://www.econbiz.de/10012463832
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Can Market and Voting Institutions Generate Optimal Intergenerational Risk Sharing?
Rangel, Antonio - 1999
theory, could be corrected by government intervention. However, as long as government policy is determined by voting …
Persistent link: https://www.econbiz.de/10012471858
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Asymmetric Business-Cycle Risk and Social Insurance
Busch, Christopher - 2018
analysis: the United States, Germany, and Sweden. Our analysis has three main results. First, using individual gross income, we … document that skewness is procyclical and dispersion (variance) is flat and acyclical in Germany and Sweden, as was previously …, especially in Germany and Sweden. The resulting welfare gain--through the lens of a structural model--amounts to 1.3% in …
Persistent link: https://www.econbiz.de/10012453147
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Precautionary Strategies and Household Saving
Aizenman, Joshua - 2015
plausible explanation for the disconnect between precautionary-saving theory and the empirical evidence that is based on a model …
Persistent link: https://www.econbiz.de/10012457649
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Political Risk Versus Market Risk in Social Security
Shoven, John B. - 2006
Pay-as-you-go Social Security is typically characterized as a universal defined benefit pension program. Implicit in this characterization is a sense that the participant's investment in future benefits is somehow guaranteed, or safe from risk. This study develops the concept of "political risk"...
Persistent link: https://www.econbiz.de/10012466520
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Liquidity Risk and U.S. Bank Lending at Home and Abroad
Correa, Ricardo - 2014
While the balance sheet structure of U.S. banks influences how they respond to liquidity risks, the mechanisms for the effects on and consequences for lending vary widely across banks. We demonstrate fundamental differences across banks without foreign affiliates versus those with foreign...
Persistent link: https://www.econbiz.de/10012458381
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Why Do Foreign Firms Have Less Idiosyncratic Risk than U.S. Firms?
Bartram, Söhnke M. - 2009
Using a large panel of firms across the world from 1991-2006, we show that the median foreign firm has lower idiosyncratic risk than a comparable U.S. firm. Country characteristics help explain variation in the level of idiosyncratic risk, but less so than firm characteristics. Idiosyncratic...
Persistent link: https://www.econbiz.de/10012463717
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What Determines Corruption? International Evidence from Micro Data
Mocan, Naci - 2004
This paper utilizes a micro-level data set from 49 countries to address three issues: What determines corruption at the individual level? What determines the perception of the extent of corruption in the country? Does corruption have a direct impact on growth when the quality of the institutions...
Persistent link: https://www.econbiz.de/10012468233
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Frictional Coordination
Angeletos, George-Marios - 2017
The notion that business cycles are driven by demand shocks is subtle. I first review some of the conceptual and empirical challenges faced when trying to accommodate this notion in micro-founded, general-equilibrium models. I next review my own research, which sheds new light on the observed...
Persistent link: https://www.econbiz.de/10012453535
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The Cross-Section of Risk and Return
Daniel, Kent - 2017
In the finance literature, a common practice is to create factor-portfolios by sorting on characteristics (such as book-to-market, profitability or investment) associated with average returns. The goal of this exercise is to create a parsimonious set of factor-portfolios that explain the...
Persistent link: https://www.econbiz.de/10012453549