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In this paper we document that realized variation measures constructed from high-frequency returns reveal a large degree of volatility risk in stock and index returns, where we characterize volatility risk by the extent to which forecasting errors in realized volatility are substantive. Even...
Persistent link: https://www.econbiz.de/10010366935
In this paper, we study the relationship between income inequality and stock market returns. We develop a quantitative … general equilibrium model that links shifts in both labour and capital income inequality to stock market variables. An …
Persistent link: https://www.econbiz.de/10011916413
In recent years there has been a growing interest in the impact of inequality on economic growth. Both theoretical and … part of the literature that considers inequality detrimental to growth, more recent studies have challenged this result and … found a positive effect of inequality on growth. This paper contributes to the debate by using meta-analytical techniques to …
Persistent link: https://www.econbiz.de/10011349190
Persistent link: https://www.econbiz.de/10009784942
This study explores global inequality in health status, and decomposes it into within- andbetween-country inequality … with usingincomes across time or place to compare welfare. Our calculation of world height inequalityindicates that in … contrast with similar research on income inequality, within-country variation is thesource of most inequality, rather than the …
Persistent link: https://www.econbiz.de/10011317439
distribution of health in a population contributes to income inequality and is itself a product of that inequality. The evidence … difficult to gauge the magnitude of the contribution this makes to income inequality. Variation in exposure to health risks … inequality. If material advantage can be excercised within the domain of health, then economic inequality will generate health …
Persistent link: https://www.econbiz.de/10010224791
Contingent Convertible bonds (CoCos) are debt instruments that convert into equity or are written down in times of distress. Existing pricing models assume conversion triggers based on market prices and on the assumption that markets can always observe all relevant firm information. But all...
Persistent link: https://www.econbiz.de/10011818282
-biased technological progress and use cross-country panel data on inequality and GDP to test these ideas. A one-year increase in the level …
Persistent link: https://www.econbiz.de/10011325967
Section 4 we demonstrate that in this extended setup Probit - estimation on panel data sets does not pose a specific problem …Mundlak (1978) proposed the addition of time averages to the usual panel equation in order to remove the fixed effects …
Persistent link: https://www.econbiz.de/10011337153
Persistent link: https://www.econbiz.de/10010191294