Narrow search
Showing 1 - 10 of 3,670
Cover Image
The Shadow Price of Capital : Accounting for Capital Displacement in Cost Benefit Analysis
Newell, Richard G.; Pizer, William A.; Prest, Brian C. - National Bureau of Economic Research - 2023
important given the ongoing efforts to revise federal guidance for benefit-cost analysis and discounting …
Persistent link: https://www.econbiz.de/10014337760
Cover Image
Discount Rates, Mortality Projections, and Money's Worth Calculations for US Individual Annuities
Poterba, James M.; Solomon, Adam - National Bureau of Economic Research - 2021
Estimates the expected present discounted value (EPDV) of future payouts on both immediate and deferred annuities are sensitive to the discount rate used to value future payment streams and assumptions about future mortality rates. This paper illustrates this with respect to annuities that were...
Persistent link: https://www.econbiz.de/10012496110
Cover Image
Measuring U.S. Fiscal Capacity using Discounted Cash Flow Analysis
Jiang, Zhengyang; Lustig, Hanno; Van Nieuwerburgh, Stijn; … - National Bureau of Economic Research - 2022
We use discounted cash flow analysis to measure a country's fiscal capacity. Crucially, the discount rate applied to projected cash flows includes a GDP risk premium. We apply our valuation method to the CBO's projections for the U.S. federal government's deficit between 2022 and 2051 and debt...
Persistent link: https://www.econbiz.de/10013190996
Cover Image
Discount Factors and Monetary Policy : Evidence from Dual-Listed Stocks
Vandeweyer, Quentin; Yang, Minghao; Yannelis, Constantine - National Bureau of Economic Research - 2024
This paper studies the transmission of monetary policy to the stock market through investors' discount factors. To isolate this channel, we investigate the effect of US monetary policy surprises on the ratio of prices of the same stock listed simultaneously in Hong Kong and Mainland China, and...
Persistent link: https://www.econbiz.de/10014544777
Cover Image
Colonial New Jersey's Paper Money Regime, 1709-1775 : A Forensic Accounting Reconstruction of the Data
Grubb, Farley - 2013
Forensic accounting is used to reconstruct the data on emissions, redemptions, and bills outstanding for colonial New Jersey paper money. These components are further separated into the amounts initially legislated, and the amounts actually executed. These data are substantial improvements over...
Persistent link: https://www.econbiz.de/10012458953
Cover Image
A Rehabilitation of Stochastic Discount Factor Methodology
Cochrane, John H. - 2001
In a recent Journal of Finance article, Kan and Zhou (1999) find that the 'Stochastic discount factor' methodology using GMM is markedly inferior to traditional maximum likelihood even in a simple test of the static CAPM with i.i.d. normal returns. This result has gained wide attention. However,...
Persistent link: https://www.econbiz.de/10012470185
Cover Image
What Drives Firm-Level Stock Returns?
Vuolteenaho, Tuomo - 2001
I use a vector autoregressive model (VAR) to decompose an individual firm's stock return into two components: changes in cash-flow expectations (i.e., cash-flow news) and changes in discount rates (i.e., expected-return news). The VAR yields three main results. First, firm-level stock returns...
Persistent link: https://www.econbiz.de/10012470484
Cover Image
Asset Pricing at the Millennium
Campbell, John Y. - 2000
This paper surveys the field of asset pricing. The emphasis is on the interplay between theory and empirical work, and on the tradeoff between risk and return. Modern research seeks to understand the behavior of the stochastic discount factor (SDF) that prices all assets in the economy. The...
Persistent link: https://www.econbiz.de/10012471180
Cover Image
Delayed Reward Discounting in Alcohol Abuse
Vuchinich, Rudy E. - 1998
This paper summarizes studies that investigated the relation between temporal discounting and alcohol consumption. The … drinkers and problem drinkers both showed higher rates of temporal discounting than light drinkers, and this difference was … temporal discounting than an exponential function. A third study evaluated predictors of relapse and continued resolution in …
Persistent link: https://www.econbiz.de/10012472398
Cover Image
Hyperbolic Discount Functions, Undersaving, and Savings Policy
Laibson, David I. - 1996
can be distinguished from an exponential economy. First, hyperbolic discounting predicts the empirical regularity that the …, hyperbolic discounting explains many features of the policy debate about undersaving. The calibrated hyperbolic economy matches …
Persistent link: https://www.econbiz.de/10012473210