Showing 1 - 10 of 22
Persistent link: https://www.econbiz.de/10010518695
Persistent link: https://www.econbiz.de/10010518697
We generalize the classical concept of a certainty equivalent to a model where an investor can trade on a capital market with several future trading dates. We show that if a riskless asset is traded and the investor has a CARA utility then our generalized certainty equivalent can be evaluated...
Persistent link: https://www.econbiz.de/10010317612
Persistent link: https://www.econbiz.de/10010518696
Persistent link: https://www.econbiz.de/10001972833
Persistent link: https://www.econbiz.de/10001734803
Persistent link: https://www.econbiz.de/10012110891
In the standard CAPM with a riskless asset we give a simple proof of existence of equilibria without assuming concavity of the investor's utility functions. Moreover, we give a uniqueness result using assumptions on the risk aversion of investors.
Persistent link: https://www.econbiz.de/10005840237
We analyze a general business tax in an uncertain economy. Our tax system allows for a time-dependent tax rate and to this end we incorporate a generalized allowance for corporate equity (ACE). The generalized allowance is given by a fraction of the product of interest rate and book value of the...
Persistent link: https://www.econbiz.de/10010317615
Persistent link: https://www.econbiz.de/10000561153