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The paper examines a game-theoretic evolutionary model of anasset market with endogenous equilibrium asset prices. Assetspay dividends that are partially consumed and partially rein-vested. The investors use general, adaptive strategies (portfo-lio rules), distributing their wealth between...
Persistent link: https://www.econbiz.de/10009022139
We develop a dynamic model of corporate investment and financing decisions in whichcorporate insiders have superior information about the firm's growth prospects. We show thatrms with positive private information can credibly signal their type to outside investors usingthe timing of corporate...
Persistent link: https://www.econbiz.de/10009305120
Some ten years ago, Michael Dooley (Dooley, 1997; Dooley, 2000) put forwardan insurance model of currency crises, which after some modifications gives a goodtheoretical basis for explanation of the overall dynamics of the post communist transformationand diversity across countries and periods. The...
Persistent link: https://www.econbiz.de/10009360479
The Bulgarian monetary system was established, immediately after independence.Having experienced it already under Ottoman rule, newly independent Bulgaria adopted thebimetallic standard. Without being a member of the Latin Monetary Union, it tried broadlyto follow the principles of the...
Persistent link: https://www.econbiz.de/10009360491
The aim of this paper is to provide new empirical evidence on the impact of international financialintegration on the long-run Real Exchange Rate (RER) in 39 developing countries belonging to threedifferent geographical regions (Latin America, Asia and MENA). It covers the period 1979-2004,...
Persistent link: https://www.econbiz.de/10009360505
According to the traditional view held in finance returns of assets are determined by complete rationality of decision …
Persistent link: https://www.econbiz.de/10005858207
This paper uses firm-level data on 162 large Hungarian enterprises to analyse the relationship betweenownership structure and corporate performance in 1998 and 1999. Cross-sectional regressions are runfor each of these years using the return on assets (ROA) as the measure of performance. Both...
Persistent link: https://www.econbiz.de/10005868253
This paper examines the impact of agency conicts on corporate nancing decisions. Werst build a dynamic contingent claims model in which nancing policy results from a trade-obetween tax benets, contracting frictions, and agency conicts. In our setting, partially-entrenched managers set the rms'...
Persistent link: https://www.econbiz.de/10005868708
This paper aims to open a new avenue for research in continuoustimenancial market models with endogenous prices and heterogenousinvestors. The main result is the derivation of the limit of a discretetimeevolutionary stock market model as the length of the time periodtends to zero.[...]
Persistent link: https://www.econbiz.de/10005868842
This paper studies the wealth dynamics of investors holding self-nancing portfolios in a continuous-time model of a nancial market.Asset prices are endogenously determined by market clearing. Wederive results on the asymptotic dynamics of the wealth distributionand asset prices for constant...
Persistent link: https://www.econbiz.de/10005868915