Showing 1 - 10 of 68
The paper aims to establish the framework for linking underground space projects and the urban microclimate, in order to construct an interdisciplinary research framework. Based on the combination of underground space, urban form and the urban microclimate, the impacts of underground space on...
Persistent link: https://www.econbiz.de/10011084978
This paper extends the Lucas (1978) model to a setting in which investors have heterogeneous beliefs about the structure of a dividend process. By assuming that all investors have logarithmic preferences and different subjective discount rates, we can obtain a closed-form representation of the...
Persistent link: https://www.econbiz.de/10012761332
The optimal contracts in portfolio delegation under general preferences are characterized when the underlying state variable is not contractible, and the principal must rely on the final returns of portfolios to design the compensation schemes for the fund manager. We show that the optimal...
Persistent link: https://www.econbiz.de/10012707145
We develop an equilibrium model in a two-country, two-good, pure exchange economy in which investors with logarithmic utility functions have heterogeneous beliefs about exogenously given output or endowment processes. We obtain closed-form representations of real exchange rate and of stock...
Persistent link: https://www.econbiz.de/10012756268
We develop an equilibrium model in a two-country, two-good, pure exchange economy in which investors with logarithmic utility functions have heterogeneous beliefs about exogenously given output or endowment processes. We obtain closed-form representations of real exchange rate and of stock...
Persistent link: https://www.econbiz.de/10012721465
This paper extends the Lucas (1978) model to a setting in which investors have heterogeneous beliefs about the structure of a dividend process. By assuming that all investors have logarithmic preferences and different subjective discount rates, we can obtain a closed-form representation of the...
Persistent link: https://www.econbiz.de/10012733394
The optimal contracts in portfolio delegation are characterized when the underlying state variable is not contractible and the principal must rely on the final wealth of portfolios to design compensation schemes for the fund manager. We show that finding the optimal contracts for general utility...
Persistent link: https://www.econbiz.de/10012734051
There is a large and growing literature on how to model the dynamics of the default-free term structure to fit the observed historical data. Much less is known about how best to model the dynamics of defaultable yield curves. This paper develops a class of defaultable term structure models that...
Persistent link: https://www.econbiz.de/10012778535
Persistent link: https://www.econbiz.de/10005425146
Investigations of the existence of residential peer effects in higher education has shown mixed results. Using data from a Chinese college, we find no evidence of robust residential peer effects. Using the same data we find evidence that females respond to peer influences, whereas males do not,...
Persistent link: https://www.econbiz.de/10005383759