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Voluntary Participation and Intergenerational Risk Sharing in a Funded Pension System
Beetsma, Roel; Romp, Ward; Vos, Siert J. - Tinbergen Instituut - 2011
We explore the feasibility of a funded pension system with intergenerational risk sharing when participation in the system is voluntary. Typically, the willingness of the young to participate depends on their belief about the future young's willingness to do so. We characterise equilibria with...
Persistent link: https://www.econbiz.de/10011256605
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The Benefits of Being Economics Professor A (and not Z)
Praag, C. Mirjam van; Praag, Bernard M.S. van - Tinbergen Instituut - 2007
Alphabetic name ordering on multi-authored academic papers_new, which is the convention in theeconomics discipline and various other disciplines, is to the advantage of people whose lastname initials are placed early in the alphabet. As it turns out, Professor A, who has been afirst author more...
Persistent link: https://www.econbiz.de/10011256691
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First Author Determinants: An Empirical Analysis
Praag, Mirjam van; Praag, Bernard M.S. van - Tinbergen Instituut - 2006
This discussion paper resulted in a publication in 'Economica', 2008, 75(300), pages 782-796.<P> Alphabetic name ordering on multi-authored academic papers_new, which is the convention in theeconomics discipline and various other disciplines, is to the advantage of people whose lastname initials...</p>
Persistent link: https://www.econbiz.de/10011257586
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Generational Accounting, Solidarity and Pension Losses
Teulings, Coen N.; Vries, Casper G. de - Tinbergen Instituut - 2003
The stock market collapse led to political tensions between generations due to the fuzzy definition of the property rights over the pension funds’ wealth. The problem is best resolved by the introduction of generational accounts. Modern consumption and portfolio theory shows that the younger...
Persistent link: https://www.econbiz.de/10011255727
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Corporate Social Responsibility, Negative Externalities, and Financial Risk: The Case of Climate Change
Busch, Timo; Lehmann, Nils; Hoffmann, Volker H. - Tinbergen Instituut - 2012
Certain types of corporate social responsibility (CSR) activities can generate an ‘insurance-like’ benefit for firms (Godfrey, 2005). Thus far, this risk management hypothesis has been verified for the effects of firm-specific negative events. We argue that this insurance-like benefit of...
Persistent link: https://www.econbiz.de/10011256908
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The Political Origin of Pension Funding
Perotti, Enrico; Schwienbacher, Armin - Tinbergen Instituut - 2007
inflationaryshocks due to war damage devastated middle class savings in some countries in the firsthalf of the XX century. This shaped …
Persistent link: https://www.econbiz.de/10011256647
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Private Equity Waves
Smit, Han; Berg, Ward A. van den - Tinbergen Instituut - 2006
rationally explain the cyclical pattern of investment flows into private equity. The net benefit of private equity over public … equity is i) uncertain and ii) agents have private information about the benefits of their investment. When these … distinguishing characteristics determine investment behavior in private equity markets, rational investment waves may arise …
Persistent link: https://www.econbiz.de/10011256663
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Rhineland exit?
Bovenberg, Lans; Teulings, Coen N. - Tinbergen Instituut - 2007
We argue in favour of the shareholder model of the firm for three main reasons. First, serving multiple stakeholders leads to ill-defined property rights. What sounds like a fair compromise between stakeholders can easily evolve in a permanent struggle between the stakeholders about the ultimate...
Persistent link: https://www.econbiz.de/10011256667
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Decision Making in Incomplete Markets with Ambiguity -- A Case Study of a Gas Field Acquisition
Zhao, Lin; Wijnbergen, Sweder van - Tinbergen Instituut - 2014
consistently underestimate the value of project flexibility and in general lead to overly conservative investment decisions in the …
Persistent link: https://www.econbiz.de/10011256690
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Acquisitions as a Real Options Bidding Game
Smit, Han T.J.; Berg, Ward A. van den; Maeseneire, Wouter De - Tinbergen Instituut - 2004
This paper uses a unified treatment of real options and game theory to examine value appropriation in takeovers within a competitive environment of imperfect information. The integrated model considers a potential target as a shared real option on a bundle of resources. Competing potential...
Persistent link: https://www.econbiz.de/10011256936