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Household Willingness to Pay for Organic Products
Griffith, Rachel; Nesheim, Lars - C.E.P.R. Discussion Papers - 2008
We use hedonic prices and purchase quantities to consider what can be learned about household willingness to pay for baskets of organic products and how this varies across households. We use rich scanner data on food purchases by a large number of households to compute household specific lower...
Persistent link: https://www.econbiz.de/10005662137
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The Valuation Channel of International Adjustment
Ghironi, Fabio; Lee, Jaewoo; Rebucci, Alessandro - C.E.P.R. Discussion Papers - 2015
position through the “valuation channel” of external adjustment, namely capital gains and losses on the country’s external … assets and liabilities. We examine this valuation channel theoretically in a dynamic equilibrium portfolio model with … quantities in the definition of net foreign assets, we can characterize the first-order dynamics of both valuation effects and …
Persistent link: https://www.econbiz.de/10011266533
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International Financial Adjustment
Gourinchas, Pierre-Olivier; Rey, Hélène - C.E.P.R. Discussion Papers - 2005
stabilizing valuation effects contribute as much as 31% of the external adjustment. Our theory also has asset-pricing implications … to two years ahead and net exports at longer horizons. The exchange rate affects the trade balance and the valuation of …
Persistent link: https://www.econbiz.de/10005662073
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Slow Moving Capital
Mitchell, Mark; Pedersen, Lasse Heje; Pulvino, Todd - C.E.P.R. Discussion Papers - 2007
We study three cases in which specialized arbitrageurs lost significant amounts of capital and, as a result, became liquidity demanders rather than providers. The effects on security markets were large and persistent: Prices dropped relative to fundamentals and the rebound took months. While...
Persistent link: https://www.econbiz.de/10005788922
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Stock Valuation and Learning about Profitability
Pástor, Luboš; Veronesi, Pietro - C.E.P.R. Discussion Papers - 2002
We develop a simple approach to valuing stocks in the presence of learning about average profitability. The market-to-book ratio (M/B) increases with uncertainty about average profitability, especially for firms that pay no dividends. M/B is predicted to decline over a firm's lifetime due to...
Persistent link: https://www.econbiz.de/10005791675
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Predatory Trading
Brunnermeier, Markus K; Pedersen, Lasse Heje - C.E.P.R. Discussion Papers - 2004
This Paper studies predatory trading: trading that induces and/or exploits other investors’ need to reduce their positions. We show that if one trader needs to sell, others also sell and subsequently buy back the asset. This leads to price overshooting and a reduced liquidation value for the...
Persistent link: https://www.econbiz.de/10005791996
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The Euro is Good After All: Evidence from Corporate Valuations
Bris, Arturo; Koskinen, Yrjö; Nilsson, Mattias - C.E.P.R. Discussion Papers - 2003
In this Paper we study the changes in corporate valuation induced by the formation of Economic and Monetary Union (EMU …
Persistent link: https://www.econbiz.de/10005123881
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Was There A Nasdaq Bubble in the Late 1990s?
Pástor, Luboš; Veronesi, Pietro - C.E.P.R. Discussion Papers - 2004
this uncertainty was unusually high in the late 1990s. We calibrate a stock valuation model that includes this uncertainty …
Persistent link: https://www.econbiz.de/10005123974
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Demand-Based Option Pricing
Garleanu, Nicolae Bogdan; Pedersen, Lasse Heje; … - C.E.P.R. Discussion Papers - 2005
We model the demand-pressure effect on prices when options cannot be perfectly hedged. The model shows that demand pressure in one option contract increases its price by an amount proportional to the variance of the unhedgeable part of the option. Similarly, the demand pressure increases the...
Persistent link: https://www.econbiz.de/10005067592
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Vog: Using Volcanic Eruptions to Estimate the Health Costs of Particulates and SO2
De Paula, Áureo; Halliday, Timothy J.; Lynham, John - C.E.P.R. Discussion Papers - 2015
Kilauea volcano is the largest stationary source of SO2 pollution in the United States of America. Moreover, the SO2 that the volcano emits eventually forms particulate matter, another major pollutant. We use this exogenous source of pollution variation to estimate the impact of particulate...
Persistent link: https://www.econbiz.de/10011252621