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A framework which allows for the joint testing of the adaptive and rational expectations hypotheses is presented. We assume joint normality of expectations, realizations and variables in the information set, allowing for parsimonious interpretation of the data; conditional first moments are...
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We combine a survey and an experiment with real pay-out among Peking University students to measure and validate individual risk attitudes. The experiment involves choosing between a cash payment and playing a lottery. The survey questions ask for the reservation price of a hypothetical lottery...
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-equity conflict is alleviated by the fact that most investment decisions are made by risk-averse managers who are not as well … diversified as shareholders. This paper investigates the debt-equity conflict in firms in which the managers have an unobservable … managers undertake actions that increase the market's perception of them as being highly risk-averse. Consequently, such …
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We present first evidence how individual risk preferences shape entrepreneurial investment among the very wealthy using novel survey data from the top of the wealth distribution, which have been added to the 2019 German Socio-economic Panel Study. The data include private wealth balance sheets,...
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Experteninterviews, seit langem sind sie in der Forschungspraxis etabliert, doch erst in jüngster Zeit werden sie intensiver methodisch diskutiert. In diesem Buch werden die theoretischen Grundlagen, die methodische Praxis und konkrete Anwendungsfelder von sozialwissenschaftlichen...
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