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A Comparative Analysis of IPO Proceeds Under Alternative Regulatory Environments: A Comment.
Brisley, Neil - In: Economics Bulletin 7 (2003) 1, pp. 1-7
We clarify and reinterpret the results of Benveniste and Wilhelm (1990) concerning the effect of a uniform price restriction on the proceeds of an IPO. If regular institutional investors are, on average, at least as well informed as ordinary retail investors then our corrected version of...
Persistent link: https://www.econbiz.de/10005196448
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Rational expectations and ambiguity: A comment on Abel (2002)
Zimper, Alexander; Ludwig, Alexander - In: Economics Bulletin 4 (2006) 2, pp. 1-15
Abel (2002) proposes a resolution of the riskfree rate and the equity premium puzzles by considering pessimism and doubt. Pessimism is characterized by subjective probabilistic beliefs about consumption growth rates that are stochastically dominated by the objective distribution. The subjective...
Persistent link: https://www.econbiz.de/10005416970
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A Comparative Analysis of IPO Proceeds Under Alternative Regulatory Environments: A Comment.
Brisley, Neil - In: Economics Bulletin 7 (2003) 1, pp. 1-7
We clarify and reinterpret the results of Benveniste and Wilhelm (1990) concerning the effect of a uniform price restriction on the proceeds of an IPO. If regular institutional investors are, on average, at least as well informed as ordinary retail investors then our corrected version of...
Persistent link: https://www.econbiz.de/10010630091
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Rational expectations and ambiguity: A comment on Abel (2002)
Zimper, Alexander; Ludwig, Alexander - In: Economics Bulletin 4 (2006) 2, pp. 1-15
Abel (2002) proposes a resolution of the riskfree rate and the equity premium puzzles by considering pessimism and doubt. Pessimism is characterized by subjective probabilistic beliefs about consumption growth rates that are stochastically dominated by the objective distribution. The subjective...
Persistent link: https://www.econbiz.de/10010835899
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Is trust an ambiguous rather than a risky decision?
Corcos, Anne; Pannequin, François; Bourgeois-gironde, Sacha - In: Economics Bulletin 32 (2012) 3, pp. 2255-2266
According to an early approach, the decision to trust in the one-shot anonymous trust game is intuitively tantamount to … investors in the trust game. They found no correlation: trust decision cannot be viewed as a risky decision. However, since the … probabilities of possible returns are unknown, we argue that trust behavior may correlate more specifically with ambiguity aversion …
Persistent link: https://www.econbiz.de/10011278612
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Financial Confidence Among Retirees: The Role of Financial Advice and Planning Duration
Chatterjee, Swarnankur; Salter, John R.; Harness, … - In: Economics Bulletin 31 (2011) 1, pp. 315-323
This paper examines the factors contributing to the financial confidence of retirees using the 2008 wave of a new nationally representative proprietary dataset of retirees. The results indicate that income, risk tolerance, duration of pre-retirement financial planning, and the utilization of...
Persistent link: https://www.econbiz.de/10008788576
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Anatomy of production functions: a technological menu and a choice of the best technology
Matveenko, Vladimir - In: Economics Bulletin 30 (2010) 3, pp. 1906-1913
Jones (2005) proposed microfoundations for the Cobb-Douglas production function. We show that Jones' technological menu is a special case of a concept of support set discussed by Matveenko (1997) and Rubinov, Glover (1998) by use of a duality approach. We use this approach to clarify the...
Persistent link: https://www.econbiz.de/10008461067
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Asymmetric Preferences for Monetary Policy Rules in the Visegrad Four and the Financial Crisis
Ikeda, Taro - In: Economics Bulletin 30 (2010) 3, pp. 2160-2188
This paper analyses asymmetric preferences for the monetary policies of the Visegrad Four (the Czech Republic, Hungary, Poland, and Slovakia). We extend Surico's (2007) asymmetric preference model to a small open economy in order to consider the exchange rate for a monetary policy framework as...
Persistent link: https://www.econbiz.de/10008466290
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Monetary policy should be aggressive -result of the flattening phillips curve-
Masuda, Kazuto - In: Economics Bulletin 28 (2008) 12, pp. 0-0
As International Monetary Fund(2006) suggested, the inflation rate is less sensitive to business cycles in 1990s than before 1990s in the world. The so called Âgflattening Phillips curveÂh becomes the global phenomenon. If this phenomenon is dominant in the world, how does it affect the...
Persistent link: https://www.econbiz.de/10008468877
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The Keynesian multiplier and the Pigou effect under substitution between private and public consumption
Corchón, Luis Carlos - In: Economics Bulletin 30 (2010) 1, pp. 829-836
In this paper we present a fixprice model in which private and public consumption show some degree of substitution. We offer formulae for the Keynesian multiplier which depend on this degree of substitution. We also show that there is a Pigou effect and that, sometimes, this effect is larger...
Persistent link: https://www.econbiz.de/10008540648