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Asymmetric Investment Rates
Bai, Hang; Li, Erica X. N.; Xue, Chen; Zhang, Lu - National Bureau of Economic Research - 2022
Integrating national accounting with financial accounting, we provide firm-specific estimates of current-cost capital stocks for the entire Compustat universe, as well as an array of estimates of investment flows, economic depreciation rates, and capital and investment price deflators. The...
Persistent link: https://www.econbiz.de/10013191052
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How Does the Market Value Unfunded Pension Liabilities?
Bulow, Jeremy I. - 1985
We lead off by discussing a number of theoretical reasons for expecting various relationships between a firm's unfunded pension liability and its market value. We then discuss our doubts about the methodology of earlier papers which studied the empirical relation between funding and market value...
Persistent link: https://www.econbiz.de/10012477480
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Donor Contracting Conditions and Public Procurement : Causal Evidence from Kenyan Electrification
Wolfram, Catherine D.; Miguel, Edward; Hsu, Eric; … - National Bureau of Economic Research - 2023
There is limited causal evidence on the effects of different public procurement regulations on project quality and value-for-money for projects funded by national governments and foreign aid donors. This paper uses policy and experimental variation to study how two key contracting...
Persistent link: https://www.econbiz.de/10014226145
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Market Valuation of Accrued Social Security Benefits
Geanakoplos, John - 2009
adjusting for risk. The traditional actuarial approach - the approach currently used by the Social Security Administration in … generating its most widely cited numbers - ignores risk and instead simply discounts "expected" future flows back to the present … using a risk-free rate. If benefits are risky and this risk is priced by the market, then actuarial estimates will differ …
Persistent link: https://www.econbiz.de/10012463479
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Consumption Risk and the Cost of Equity Capital
Jagannathan, Ravi - 2005
We demonstrate, using data for the period 1954-2003, that differences in exposure to consumption risk explains cross … calendar year return when computing the latter's exposure to consumption risk. We find strong support for our consumption risk …
Persistent link: https://www.econbiz.de/10012467661
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The Effects of Irreversibility and Uncertainty on Capital Accumulation
Abel, Andrew B. - 1995
When investment decisions cannot be reversed and returns to capital are uncertain, the firm faces a higher user cost of capital than if it could reverse its decisions. This higher user cost tends to reduce the firm's capital stock. Opposing this effect is the irreversibility constraint itself:...
Persistent link: https://www.econbiz.de/10012473506
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Optimal Investment with Costly Reversibility
Abel, Andrew B. - 1995
Investment is characterized by costly reversibility when a firm can purchase capital at a given price and sell capital at a lower price. We derive an explicit analytic solution for optimal investment by a firm facing costly reversibility. In addition, we derive a local approximation to the...
Persistent link: https://www.econbiz.de/10012473796
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Social Security and Demographic Uncertainty : The Risk Sharing Properties of Alternative Policies
Bohn, Henning - 1999
As the U.S. population ages, the growing retiree-worker ratio increases the burden of public retirement systems. Is it efficient to maintain a defined benefit social security system? Should PAYGO benefits be reduced and private retirement savings be encouraged? The paper examines these questions...
Persistent link: https://www.econbiz.de/10012471770
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Mitigating Demographic Risk Through Social Insurance
Green, Jerry R. - 1977
the seriousness of this type of risk in the current United States situation are presented. Sufficient conditions on the … structure of the economy for such intergenerational risk pooling to be mutually beneficial to all members of society are derived …
Persistent link: https://www.econbiz.de/10012478921
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Portfolio Allocation for Public Pension Funds
Pennacchi, George - 2010
This paper presents a dynamic model of a public pension fund's choice of portfolio risk. Optimal portfolio allocations … public pension fund management, we find evidence that funds chose greater overall asset - liability portfolio risk following …, pension plans take more risk when they have greater representation by plan participants on their Boards of Trustees …
Persistent link: https://www.econbiz.de/10012462201