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dominate, in that public releases increase uncertainty about fundamentals. In some cases, public releases can create or …
Persistent link: https://www.econbiz.de/10012770589
This paper proposes a simple index of the welfare significance of uncertainty in the public goods resulting as policy … function of the coefficient of relative risk aversion, the variance in the measure of environmental service associated with …
Persistent link: https://www.econbiz.de/10012978519
information concerning product risk, and mandatory and voluntary disclosure rules are equivalent …
Persistent link: https://www.econbiz.de/10012778097
Insurance induces a well-known tradeoff between the welfare gains from risk protection and the welfare losses from … the tradeoff simultaneously, allowing for a relationship between moral hazard and risk protection. An important feature of …, and stoplosses that alter moral hazard as well as risk protection relative to no insurance. I illustrate the properties of …
Persistent link: https://www.econbiz.de/10013106070
International consumption risk sharing studies have largely ignored their models' counterfactual implications for asset … returns although these returns incorporate direct market measures of risk. In this paper, we modify a canonical risk … variance of equity returns and the risk-free rate requires persistent consumption risk, leading to three main findings: (1 …
Persistent link: https://www.econbiz.de/10013110190
structure is relevant in many applications. We develop the theory underlying optimal menus of non-linear schedules and prove …
Persistent link: https://www.econbiz.de/10012759520
, survival ambiguity is welfare improving because it allows competitive insurance companies to pool risk across survival types …
Persistent link: https://www.econbiz.de/10012950059
Uncertainty about the timing of retirement is a major financial risk with implications for decision making and welfare … retirement dates ranges from 4.28 to 6.92 years. We develop a quantitative model to assess the impact of this risk. Individuals … would give up 2.6%-5.7% of total lifetime consumption to fully insure this risk and 1.9%-4.0% of lifetime consumption simply …
Persistent link: https://www.econbiz.de/10012983656
We study a market with free entry and exit of firms who can produce high-quality output by making a costly but efficient initial unobservable investment. If no learning about this investment occurs, an extreme "lemons problem" develops, no firm invests, and the market shuts down. Learning...
Persistent link: https://www.econbiz.de/10013109447
In this paper we present a comprehensive comparison of IPO placement methods in over 50 countries. We find that out of the three primary methods, fixed price public offers, auctions, and book building, auctions are least popular with issuers. Since auctions allow for price discovery while...
Persistent link: https://www.econbiz.de/10013139898