We consider a random utility extension of the fundamental Lucas (1978) equilibrium asset pricing model. The resulting structural model leads naturally to a likelihood function. We estimate the model using U.S. asset market data from 1871 to 2000, using both dividends and earnings as state...

A curious ownership structure is found in Northern Europe – foundations that own <p> and operate business companies. The foundations are non-profit entities, they have no <p> members and no owners, and they cannot be dissolved, but regard it as a goal in itself <p> to run a business. In many cases...</p></p></p>

We investigate the possibility of an arbitrage free model for the term structure of interest rates where the yield curve only changes through a parallel shift. We consider HJM type forward rate models driven by a multidimensionalWiener process as well as by a general marked point process. Within...

We establis necessary and sufficient conditions for a linear taxation system to be neutral - within the multi-period discrete time "no arbitrage" model - in the sense that valuation is invariant to the exact sequence of tax rates, realization dates as well as immune to timing options attempting...

na

Indledning <p> Folketinget har ved lov nr. 1294 af 20. december 2000 ændret pensionsafkastbeskatningsloven. <p> Formålet med denne artikel er, at <p> • Redegøre for hovedpunkterne i ændringen og regeringens begrundelse for lovændringen. <p> • Analysere den ny lovs hensigtsmæssighed ud fra en...</p></p></p></p>

Danske erhvervsvirksomheder har adgang til den såkaldte momsafløftning. Momsafløftning består i, <p> at erhvervsvirksomheder kan undlade at betale moms af leverede varer, som de ikke får betaling for. <p> En hovedkonklusion i denne artikel er, at momsafløftningsretten er samfundsøkonomisk...</p></p>

An improved method for measuring and testing long-run returns is proposed. The method adjusts <p> for the right-skewed distribution of long-run buy-and-hold by decomposing average cross-sectional <p> buy-and-hold returns into mean components and volatility components. The method is <p> applied to initial...</p></p></p>

Human beings construct meaning. We use meaning and complexes of meaning to understand ourselves, each other, and the world around us. We can coordinate our expectations, beliefs, and actions socially when we share meaning or a complex structure of meaning, e.g. a world-view, paradigm, theory, an...

The management of a research project is full of uncertainty and complexity. Research has substantial elements of creativity and innovation and predicting the outcome of research in full is therefore very difficult. In addition, the relationship between the research project manager and the...