Showing 1 - 10 of 63
When all financial assets have risky returns, the mean-variance portfolio model is potentially subject to two types of bliss points. One bliss point arises when a von Neumann-Morgenstern utility function displays negative marginal utility for sufficiently large end-of-period wealth, such as in...
Persistent link: https://www.econbiz.de/10005832285
This paper tests the joint hypothesis of rational expectations and the expectations model of the term structure for three- and six-month Treasury bills. Previous studies are extended in three directions. First, common efficient markets-rational expectations tests are compared, and it is shown...
Persistent link: https://www.econbiz.de/10005778729
Persistent link: https://www.econbiz.de/10005192258
Coronary artery disease (CAD) has dominated mortality for most of the past century, not just in Europe and North America but worldwide. Treatments for CAD, both pharmaceutical and surgical, have become leading sectors of the healthcare economy. This paper focuses on the therapeutic landscape for...
Persistent link: https://www.econbiz.de/10011263491
Persistent link: https://www.econbiz.de/10005212987
Persistent link: https://www.econbiz.de/10010724540
Persistent link: https://www.econbiz.de/10005713151
The purpose of the present paper is to investigate the effects of expected inflation on the general level of common stock prices using a structural rather than a reduced-form approach. To this end, an aggregative partial-equilibrium structural econometric model of the U.S. equity market is...
Persistent link: https://www.econbiz.de/10005829809
This paper discusses the issue of consistent simple sum aggregation over assets within the context of expected utility maximizing investors. The first part of the paper extends the Hicks and Leontief aggregation theorems of consumer choice theory to the portfolio choice problem. Next, necessary...
Persistent link: https://www.econbiz.de/10005830328
The primary purpose of this paper is to demonstrate that decentralized investment management systems may not always be efficient. Specifically, within the context of a particular portfolio choice paradigm it is shown that a given decentralized investment management system is (weakly) efficient...
Persistent link: https://www.econbiz.de/10005061600