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Mining and Quasi-Option Value
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
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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
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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
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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
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A Stochastic Model of Investment, Marginal q and the Market Value of theFirm
Abel, Andrew B. - 1984
This paper presents closed-form solutions for the investment and valuation of a competitive firm with a Cobb-Douglas production function and a constant elasticity adjustment cost function in the presence of stochastic prices for output and inputs. The value of the firm is a linear function of...
Persistent link: https://www.econbiz.de/10012477603
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Rationalizing Trading Frequency and Returns : Maybe Trading is Good for You
Bonaparte, Yosef - 2019
Barber and Odean study the relationship between trading activity and returns. They find that households who trade more have a lower net return than other households. They argue that these results cannot emerge from a model with rational traders and instead attribute these findings to...
Persistent link: https://www.econbiz.de/10012479787
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Making the Numbers? "Short Termism" & the Puzzle of Only Occasional Disaster
Repenning, Nelson P. - 2010
Much recent work in strategy and popular discussion suggests that an excessive focus on "managing the numbers" --delivering quarterly earnings at the expense of longer term investments--makes it difficult for firms to make the investments necessary to build competitive advantage. "Short termism"...
Persistent link: https://www.econbiz.de/10012462289
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Modeling the Long Run : Valuation in Dynamic Stochastic Economies
Hansen, Lars Peter - 2008
sensitivity and to impute long-term risk prices, I develop an associated perturbation technique. Finally, I use DVD methods to …
Persistent link: https://www.econbiz.de/10012464404
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Time Zones as Cues for Coordination : Latitude, Longitude, and Letterman
Hamermesh, Daniel S. - 2006
identify exogenous determinants of timing. We develop a theory illustrating conditions under which synchronicity will vary and …
Persistent link: https://www.econbiz.de/10012466315
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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