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Costello, Christopher - 2015

We study the timing-of-extraction problem facing a decentralized mine owner when extraction entails environmental damage. As expected, when the environmental damage from mining is known, the socially optimal timing will depend on the magnitude of the damage relative to these costs in the rest of...

Persistent link: https://www.econbiz.de/10012457342

Fundamental Value and Market Value

Brainard, William C. - 1990

itself. It then examines whether aggregate market risk or aggregate fundamental risk is priced. Although market risk is … priced, the paper does find that fundamental risk is an important factor in explaining risk premia …

Persistent link: https://www.econbiz.de/10012475578

Franchise Value, Tobin's Q, and Markups

Chiu, Wan-Chien; Jagannathan, Ravi; Tseng, Kevin - National Bureau of Economic Research - 2023

increased globalization following China's entry into WTO in 2002 which is consistent with theory …

Persistent link: https://www.econbiz.de/10013537723

Macro, Money and Finance : A Continuous Time Approach

Brunnermeier, Markus K. - 2016

analyze endogenous (1) level and risk dynamics. The latter includes (2) tail risk and crisis probability as well as (3) the …, (7) undercapitalized sectors (8) time-varying risk premia, and (9) the external funding premium are part of the analysis …

Persistent link: https://www.econbiz.de/10012456333

Market Valuation of Accrued Social Security Benefits

Geanakoplos, John - 2009

adjusting for risk. The traditional actuarial approach - the approach currently used by the Social Security Administration in … generating its most widely cited numbers - ignores risk and instead simply discounts "expected" future flows back to the present … using a risk-free rate. If benefits are risky and this risk is priced by the market, then actuarial estimates will differ …

Persistent link: https://www.econbiz.de/10012463479

An Exact Soultion for the Investment and Market Value of a Firm Facing Uncertainty, Adjustment Costs, and Irreversibility

Abel, Andrew B. - 1993

This paper derives closed-form solutions for the investment and market value, under uncertainty, of competitive firms with constant returns to scale production and convex costs of adjustment. Solutions are derived for the case of irreversible investment as well as for reversible investment....

Persistent link: https://www.econbiz.de/10012474539

Accounting for Price Endogeneity in Airline Itinerary Choice Models : An Application to Continental U.S. Markets

Lurkin, Virginie - 2016

Network planning models, which forecast the profitability of airline schedules, support many critical decisions, including equipment purchase decisions. Network planning models include an itinerary choice model that is used to allocate air total demand in a city pair to different itineraries....

Persistent link: https://www.econbiz.de/10012455950

Banking, Liquidity and Bank Runs in an Infinite-Horizon Economy

Gertler, Mark - 2013

We develop a variation of the macroeconomic model with banking in Gertler and Kiyotaki (2011) that allows for liquidity mismatch and bank runs as in Diamond and Dybvig (1983). As in Gertler and Kiyotaki, because bank net worth fluctuates with aggregate production, the spread between the expected...

Persistent link: https://www.econbiz.de/10012459533

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

Incentives and the Effects of Publication Lags on Life Cycle Research Productivity in Economics

Conley, John P. - 2011

We investigate how increases in publication delays have affected the life-cycle of publications of recent Ph.D. graduates in economics. We construct a panel dataset of 14,271 individuals who were awarded Ph.D.s between 1986 and 2000 in US and Canadian economics departments. For this population...

Persistent link: https://www.econbiz.de/10012461615