This paper analyzes the asset pricing implications of commonly-used portfolio management contracts linking the … compensation of fund managers to the excess return of the managed portfolio over a benchmark portfolio. The contract parameters …

portfolio in face of real and nominal risk. Current account deficits are financed by net capital flows which reflect … assets. This ensures stability of the world wealth distribution. An attractive feature of the model is that portfolio shares …

This Paper studies a consumption and portfolio choice problem of a long-lived investor who derives pleasure not only … consumption has a tremendous effect on portfolio choice. In particular, mean allocation to stocks is much lower under the proposed …

We develop a model that examines the capital structure and investment decisions of regulated firms in a setting that …

us to reject this view. In fact, a net capital inflow made possible to meet the demand for investment boosting economic …

This Paper documents four basic facts about investment goods and investment prices. First, investment has a very …, and transportation) are much less important for investment than for consumption. Third, the import content of investment …

When new technologies become available, it is not only essential that firms have the correct investment incentives, but … often also that consumers make the proper usage decisions. This paper studies investment and usage in a shared ATM network …. Because all banks coordinate their ATM investment decisions, there is no strategic but only a pure cost-saving incentive to …

the provision of long-term finance. This approach suggests that the separation between the analysis of investment and that …