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We present a multi-period mean-variance optimization program which allows for a joint optimization of the balance and off-balance sheet. Our first finding is the proof of a conjecture of Li and Ng (cf. [LN00]), Leippold, Trojani and Vanini (cf. [LTV04], [LTV03]) about the equivalence of the...
Persistent link: https://www.econbiz.de/10005858386
This paper examines the characteristics of firms that voluntarily provide interim financial reports. Based on a sample of Swiss companies, where semi-annual reports became mandatory in 1997, I document that before interim reports became mandatory, analyst coverage, i.e. analysts demand for...
Persistent link: https://www.econbiz.de/10005856971
In this paper we look at the relationship between health and income as mediated by "lifestyle" choices; that is, a set … that there are substantial differences between the permanent and transitory income determinants - also in terms of the … direction of the effects. Moreover, we find that income effects often differ significantly in size and sometimes sign according …
Persistent link: https://www.econbiz.de/10011308440
market and non-market income as well as taxes and social security contributions. This income portfolio analysis is based on … have an even better relative income position than the autochthonous West German population. In general, we confirm the well … profit slightly. This is due to above average non-market income of "pure" immigrants. However, East Germans are still much …
Persistent link: https://www.econbiz.de/10011325994
hunger spend a larger fraction of income on food. Taken together, our results confirm that in addition to the well …
Persistent link: https://www.econbiz.de/10010204606
age of 30 and who have higher income. We also provide evidence of a positive selection into parenthood, whereby happier …
Persistent link: https://www.econbiz.de/10011457380
is entirely driven by an increase in mortality among low income individuals, who are more likely to experience liquidity …
Persistent link: https://www.econbiz.de/10010398876
We discuss and compare five measures of individual well-being, namely income, an objective composite well-being index …, a measure of subjective well-being, equivalent income, and a well-being measure based on the von Neumann …
Persistent link: https://www.econbiz.de/10010423769
We use personality traits to better understand the relationship between income and life satisfaction. Personality … traits mediate the effect of income on life satisfaction. The effect of neuroticism, which measures sensitivity to threat and … usually observed concavity of the relationship: individuals with a higher neuroticism score enjoy extra income more than those …
Persistent link: https://www.econbiz.de/10010479011
Or Paradox Regained? The answer is Paradox Regained. New data confirm that for countries worldwide long-term trends in happiness and real GDP per capita are not significantly positively related. The principal reason that Paradox critics reach a different conclusion, aside from problems of data...
Persistent link: https://www.econbiz.de/10011450390