Narrow search
Showing 1 - 10 of 801
Cover Image
On the Stability of Different Financial Systems
Fecht, Falko - 2003
Im vorliegenden Papier wird eine Ökonomie modelliert, in der Diamond/ Dybvig- Banken neben einem Finanzmarkt … Anlagemöglichkeiten am Finanzmarkt haben. Ist der Anteil dieser Haushalte vergleichsweise gering, so entsteht ein Finanzsystem, das sich … nicht am sekundären Finanzmarkt partizipieren, handeln private Haushalte sowohl am Primär- als auch am Sekundärmarkt …
Persistent link: https://www.econbiz.de/10010295758
Cover Image
Financial literacy: An essential tool for informed consumer choice?
Lusardi, Annamaria - 2008
Increasingly, individuals are in charge of their own financial security and are confronted with ever more complex financial instruments. However, there is evidence that many individuals are not well-equipped to make sound saving decisions. This paper demonstrates widespread financial illiteracy...
Persistent link: https://www.econbiz.de/10010298402
Cover Image
Liquidity and Ambiguity: Banks or Asset Markets?
Eichberger, Jürgen; Spanjers, Willy - 2007
We study the impact of ambiguity on two alternative institutions of financial intermediation in an economy where consumers face uncertain liquidity needs. The ambiguity the consumers experience is modeled by the degree of confidence in their additive beliefs. We analyze the optimal liquidity...
Persistent link: https://www.econbiz.de/10011422151
Cover Image
Konsumentensouveränität auf Vorsorgemärkten eingeschränkt: mangelnde "Financial Literacy" in Deutschland
Leinert, Johannes; Wagner, Gert G. - In: DIW Wochenbericht 71 (2004) 30, pp. 427-432
Mit der Einführung der privaten Riester-Rente und der privaten Versicherung des Zahnersatzes ist Deutschland - wie Bundespräsident Horst Köhler es formulierte - auf dem Weg, "eine neue Balance von Eigenverantwortung und kollektiver Absicherung" zu finden. Es ist zu vermuten, dass...
Persistent link: https://www.econbiz.de/10011601527
Cover Image
Investment, income, and incompleteness
Bick, Björn; Kraft, Holger; Munk, Claus - 2009
The utility-maximizing consumption and investment strategy of an individual investor receiving an unspanned labor income stream seems impossible to find in closed form and very difficult to find using numerical solution techniques. We suggest an easy procedure for finding a specific, simple, and...
Persistent link: https://www.econbiz.de/10010271456
Cover Image
On the Stability of Different Financial Systems
Fecht, Falko - 2003
An economy in which deposit-taking banks of a Diamond/ Dybvig style and an asset market coexist is modelled. Firstly, within this framework we characterize distinct financial systems depending on the fraction of households with direct investment opportunities that are less efficient than those...
Persistent link: https://www.econbiz.de/10010316242
Cover Image
Equilibrium asset prices and the wealth distribution with inattentive consumers
Finocchaiaro, Daria - 2010
This paper studies the effects of heterogeneity in planning propensity on wealth inequality and asset prices. I consider an economy populated by attentive and inattentive agents. Attentive agents plan their consumption period by period, while inattentive agents plan every other period....
Persistent link: https://www.econbiz.de/10010320790
Cover Image
A risk index for euro-denominated assets
Hansen, Jakob Lage - 2006
This paper introduces an index that captures risk premiums of euro denominated assets based on sub-indices reflecting various credit spreads, implicit volatilities and bonds' excess return over stocks. The index reflects one common factor that accounts for general shifts in risk premiums across...
Persistent link: https://www.econbiz.de/10010321230
Cover Image
Idiosyncratic coskewness and equity return anomalies
Chabi-Yo, Fousseni; Yang, Jun - 2010
In this paper, we show that in a model where investors have heterogeneous preferences, the expected return of risky assets depends on the idiosyncratic coskewness beta, which measures the co-movement of the individual stock variance and the market return. We find that there is a negative...
Persistent link: https://www.econbiz.de/10010279891
Cover Image
The equity premium and the volatility spread: The role of risk-neutral skewness
Feunou, Bruno; Fontaine, Jean-Sébastien; Tedongap, Roméo - 2009
We introduce the Homoscedastic Gamma [HG] model where the distribution of returns is characterized by its mean, variance and an independent skewness parameter under both measures. The model predicts that the spread between historical and risk-neutral volatilities is a function of the risk...
Persistent link: https://www.econbiz.de/10010279907