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This paper attempts to develop a theory of statistical equilibrium based on an entropy-constrained framework, that …
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determinant of private consumption is analyzed, namely, by the consideration of wealth effects. It is also analyzed the potential … wealth effects associated to direct property are about 3.5 times superior to those associated to indirect property. Short … in income and in wealth and that the adjustment to long-run component is very slow, which constitutes an indicator that …
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Shareholders' wealth has become an important concept among investors in the globalized economy. Investors who have a … variety of options will be interested in evaluating the performance of corporate sector in terms of shareholders' wealth … before making any investments. Shareholders' wealth is measured in terms of Economic Value-Added (EVA). The present study …
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drive the economy. Adding wealth dispersion to aggregate risk aversion sufficiently summarizes the rich dynamics of the …
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We provide a model for why high beta assets are more prone to speculative overpricing than low beta ones. When investors disagree about the common factor of cash-flows, high beta assets are more sensitive to this macro-disagreement and experience a greater divergence-of-opinion about their...
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