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 …

-to-book to operating leverage, duration, exposure to investment-specific technology shocks, and analysts' risk ratings derive … types of cash flow risk and consumption risk exposure are due to the market-to-value component. Overall, our evidence casts …

brand equity grounded in economic theory. Using the Euler equations from the firm's maximization problem I derive closed …

arises in economic downturns because of the risk-enhancing investment/financing behavior of firms with a net worth below the …-to-market equity can identify those with large exposure to aggregate risk, and therefore dominates book leverage as a proxy for equity … risk. The numerical analysis of the book-to-market equity effect and financial leverage effect (market or book) on the …

A new methodology for equity valuation arises from the perspective of managers' supply of capital assets. Under q-theory …

We develop a rational theory of liquidity sentiments in which the market outcome in any given period depends on agents …' expectations about market conditions in future periods. Our theory is based on the interaction between adverse selection and resale …

growthopportunities to firm value, which affects firms' exposures to capital-embodied productivityshocks and risk premia. We thus provide …