In this study, the sole rational implementation of risk sharing is shown to require simultaneity of the presence, in markets of each of safe, high risk, and low risk assets. In context of the said implementation, market efficiency - which yet may deteriorate or improve - is optimized by searches...

This study provides formal theoretical evidence that, in of itself, and subsequent to the first day of trading, applications of the Gordon Growth Model to pricing of publicly traded equity incorporate informational `noise' and/or `shading of information' that, theoretically, are unbounded....

This study develops a general equilibrium model within which self revelation of ability - that is not accompanied by any signaling - is compatible with arrival at rational expectations equilibriums (REE). In the model, economic agents either are 'confident', 'overconfident', or 'under-confident'...

This study develops a new formal theoretical rubric for ranking of proxies for institutional factors that, conceptually, have taxonomy of either of facilitators of, or constraints on economic development. Illustrative implementations of the formal theoretical rubric reveal that spending on each...

Absent superior performance with respect to 'Portfolio Innovation Focus' (unexpected innovation), this study finds 'less experienced' ('competing') VCs, which only coinvest with other less experienced VCs, become less reputable than alternate less experienced ('non-competing') VCs who coinvest...

This paper provides evidence that venture capitalists' (VCs') market reputation consists of two components: an expected component derived from "expectations about VCs' ability to deliver relatively safe ventures to market" and an unexpected component derived from "unanticipated improvements in...

Suppose a firm that produces `manufactureds', and that is located in a `high (production) cost' country is granted a patent and seeks to protect itself against competition which feasibly emerges at expiration of patent protection. Formal theoretical predictions show setting up of production in...