fluctuations in a pure exchange economy à la Lucas, with infinitely-lived households, under the hypothesis of spirit of capitalism … capitalism through preferences for wealth. Preferences for wealth are the key element of this paper in a twofold aspect. First … with the strongest spirit of capitalism are also the rich in terms of endowments, heterogeneity in endowments heightens the …

Implied private company pricing line theory (IPCPL theory) is based on the fundamental assumption — taken from modern … asset pricing theory — that no arbitrage opportunities exist between pricing of privately- and publicly-held equity. More … specifically, IPCPL theory is based on the assumption that no arbitrage opportunities exist resulting from differences in equity …