A group of investors with heterogeneous risk preferences maximize their joint, weighted life-time utility from payouts … stock). The group's optimal investment policy is a time-varying weighted average of investors' optimal policies and …

difficulties and enhance its financial position within a time-period of practically any length. The methodology of the research …

incentives of US managers to adopt riskier business policies. Specifically, based on the agency problems between shareholders and … managers and between shareholders and creditors, a research framework is developed to identify the influence of low interest … rates on managers’ risk-taking incentives proxied by the sensitivity of executive compensation to stock return volatility …

important results: (i) Spot and forward rates are explicit functions of the number of policy meetings during the time to … maturity rather than the time to maturity itself. Consequently, the forward rate curve is step-shaped. (ii) In addition, there … are calendar time effects, i.e. the position within the policy cycle is also of importance, especially for short term …