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Zikularitätsprobleme in der Unternehmensbewertung

Nippel, Peter - 1997

Alle modernen Verfahren der Unternehmensbewertung basieren auf der Diskontierung von risikobehafteten Größen …

Persistent link: https://www.econbiz.de/10011583020

Zukunftsorientierte Bestimmung von Kapitalkosten für die Unternehmensbewertung

Gebhardt, Günther; Daske, Holger - 2004

Der Bestimmung risikoadäquater Diskontierungssätze kommt bei der Unternehmensbedeutung eine zentrale Bedeutung zu. Wird zu deren Bestimmung in der praktischen Anwendung das CAPM verwendet, gilt es dabei, risikolose Zinssätze und Risikoprämien zu bestimmen, für die erwartete Renditen des...

Persistent link: https://www.econbiz.de/10010263304

A note on the computation of the equity premium and the market value of firm equity

Heer, Burkhard; Maußner, Alfred - 2010

Turnovsky (1995) derives in a continuous-time model of a decentralized economy that the correct specification of the firm's objective function is to maximize the initial value of its outstanding securities. The firm value is the discounted flow of real earnings. For the discrete-time version of...

Persistent link: https://www.econbiz.de/10010275839

Moment characterization of higher-order risk preferences

Ebert, Sebastian - 2010

It is often said that prudence and temperance play key roles in aversion to negative skewness and kurtosis, respectively. This paper puts a new perspective on these relationships and presents a characterization of higher-order risk preferences in terms of statistical moments. An implication is,...

Persistent link: https://www.econbiz.de/10010293372

An Experimental Investigation of Alternatives to Expected Utility Using Pricing Data

Morone, Andrea; Schmidt, Ulrich - 2006

Experimental research on decision making under risk has until now always employed choice data in order to evaluate the …

Persistent link: https://www.econbiz.de/10010296261

Empirical Tests of Intransitivity Predicted by Models of Risky Choice

Birnbaum, Michael H.; Schmidt, Ulrich - 2006

Recently proposed models of risky choice imply systematic violations of transitivity of preference. Five studies explored whether people show patterns of intransitivity predicted by four descriptive models. To distinguish ?true? violations from those produced by ?error,? a model was fit in which...

Persistent link: https://www.econbiz.de/10010296263

Income Distributions versus Lotteries Happiness, Response-Mode Effects, and Preference

Seidl, Christian; Camacho Cuena, Eva; Morone, Andrea - 2003

This paper provides a comparative experimental study of risky prospects (lotteries) and income distributions. The experimental design consisted of multi-outcome lotteries and n-dimensional income distributions arranged in the shapes of ten distributions which were judged in terms of ratings and...

Persistent link: https://www.econbiz.de/10010296309

Optimal choice and beliefs with ex ante savoring and ex post disappointment

Gollier, Christian; Muermann, Alexander - 2006

We propose a new decision criterion under risk in which people extract both utility from anticipatory feelings ex ante … and disutility from disappointment ex post. The decision maker chooses his degree of optimism, given that more optimism … the decision maker takes on less risk compared to an expected utility maximizer. This speaks to the equity premium puzzle …

Persistent link: https://www.econbiz.de/10010298342

More or less aggressive? Robust monetary policy in a New Keynesian model with financial distress

Gerke, Rafael; Hammermann, Felix; Lewis, Vivien - 2009

This paper investigates the optimal monetary policy response to a shock to collateral when policymakers act under discretion and face model uncertainty. The analysis is based on a New Keynesian model where banks supply loans to transaction constrained consumers. Our results confirm the...

Persistent link: https://www.econbiz.de/10010298839

Hidden regret in insurance markets: Adverse and advantageous selection

Huang, Rachel J.; Muermann, Alexander; Tzeng, Larry Y. - 2008

We examine insurance markets with two types of customers: those who regret suboptimal decisions and those who don.t. In this setting, we characterize the equilibria under hidden information about the type of customers and hidden action. We show that both pooling and separating equilibria can...

Persistent link: https://www.econbiz.de/10010303737

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